Financial problems – R43DSFRS http://r43dsfrs.com/ Tue, 22 Nov 2022 14:20:27 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://r43dsfrs.com/wp-content/uploads/2021/07/icon-1.png Financial problems – R43DSFRS http://r43dsfrs.com/ 32 32 Cost of living crisis: Calls for better financing options for British Muslims as new study finds they struggle to pay their bills https://r43dsfrs.com/cost-of-living-crisis-calls-for-better-financing-options-for-british-muslims-as-new-study-finds-they-struggle-to-pay-their-bills/ Tue, 22 Nov 2022 13:48:10 +0000 https://r43dsfrs.com/cost-of-living-crisis-calls-for-better-financing-options-for-british-muslims-as-new-study-finds-they-struggle-to-pay-their-bills/ O According to research by the Muslim Census, one in five Muslims living in the UK have struggled to pay household bills and have been dependent on a food bank since August 2021. The organization surveyed 1,568 Muslims and noted that 65% of respondents had to take out some form of loan in order to […]]]>
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According to research by the Muslim Census, one in five Muslims living in the UK have struggled to pay household bills and have been dependent on a food bank since August 2021.

The organization surveyed 1,568 Muslims and noted that 65% of respondents had to take out some form of loan in order to manage their day-to-day expenses and bills, while almost a third missed a meal. last year to afford it.

The new research, which was published this month by the Independent Organization to Work for the Interests of Muslims in the UK, noted that some Muslims living in the UK struggle to keep a roof over their heads. their head. 45% said they had missed or been late paying their rent or mortgage at some point in the past year.

“What we have seen is that inflation is rising, wages are not maintaining their real value and there is a backdrop of huge increases in gas and electricity prices,” Usmaan Mufti, Head of Muslim Census Research, told the Evening Standard.

He added: “The Institute of Fiscal Studies noted that the annual inflation rate for the percentage of poorer households is somewhat higher. This is three percent more than for the richest 10% of households.

“The majority of Britain’s Muslim population lives at the intersection of working-class, urban and low-income communities.

“They have fewer liquidated assets, they have less capacity to absorb these rising costs, and data suggests that half of the Muslim population is in poverty, compared to 18% or one in five of the general population of the United Kingdom. United.”

This likely means the Muslim population is disproportionately represented in the UK’s poorest 10% of households, he said.

Disregarding the ethical considerations that Muslims must make when it comes to managing their finances makes their situation worse, he said. He said Islamic mortgages are generally more expensive than conventional mortgages.

“One of the interesting things we found was that homeowners with Islamic mortgages seem to be disproportionately affected. One of the findings we had was that over half of Muslims with Islamic mortgages had to choose to pay one bill at the expense of another, thus not paying a bill,” Mufti said.

“That’s nearly 20% more than homeowners with conventional mortgages,” he added.

The difference between conventional and Islamic mortgages is that the latter do not involve interest on loans, which is prohibited by Islamic law. Instead, it relies on a partnership model in which profits are split according to pre-agreed distributions and losses are shared in proportion to contribution.

“Muslims’ ethical considerations may have an impact, but it may indicate the need for affordable alternatives to traditional financial products,” Mufti said.

During Ramadan, food banks have seen an increase in the number of Muslims requiring assistance.

Mr Mufti said: “It is incumbent on the Muslim community but also on policy makers to respond and develop these solutions for us. Of course, not just policymakers but existing financial institutions, to explore options that cater to Muslim communities and cater to other communities that may not want to take interest-bearing financial products.

Earlier this year, a Treasury-backed interest-free loan pilot program was tested. The Interest Free Loan Scheme (NILS) was rolled out to the rest of the UK in September in the hope of supporting up to 20,000 people.

He said there were concerns about the lack of “transparency and openness in the Muslim community, to be able to talk about their financial situation”. Spaces where financial matters can be discussed without judgment are needed and 73% of survey respondents said they would be willing to attend some of these sessions.

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Oil prolongs concerns over falling demand as geopolitical risks ease https://r43dsfrs.com/oil-prolongs-concerns-over-falling-demand-as-geopolitical-risks-ease/ Thu, 17 Nov 2022 06:11:41 +0000 https://r43dsfrs.com/oil-prolongs-concerns-over-falling-demand-as-geopolitical-risks-ease/ Content of the article (Bloomberg) – Oil extended losses as investors focused on worries about the demand outlook after geopolitical tensions eased. Content of the article West Texas Intermediate slid to $84 a barrel after closing down 1.5% on Wednesday. China is grappling with a rise in Covid cases, while JPMorgan Chase & Co. predicts […]]]>

Content of the article

(Bloomberg) – Oil extended losses as investors focused on worries about the demand outlook after geopolitical tensions eased.

Content of the article

West Texas Intermediate slid to $84 a barrel after closing down 1.5% on Wednesday. China is grappling with a rise in Covid cases, while JPMorgan Chase & Co. predicts the United States will enter a “mild” recession next year due to rising interest rates. A stronger dollar added to the bearish headwinds.

Content of the article

NATO and Polish leaders said there was no indication a missile that hit the country’s border with Ukraine was an intentional attack by Russia, allaying fears it could lead to an escalation of war in Europe. The Druzhba pipeline that carries Russian oil west has also restarted after a power outage.

There was little price reaction after US government data showed commercial inventories fell by 5.4 million barrels last week, the biggest weekly drop since August. Yet the outlook for global supply remains uncertain, with the European Union set to sanction flows of Russian crude from December.

Content of the article

“As geopolitical risks have eased somewhat, demand concerns have once again taken center stage in the oil market,” said Warren Patterson, head of commodities strategy at ING Groep NV. “Chinese demand remains a concern.”

China’s daily Covid cases rose again on Wednesday and are approaching the record high reached during Shanghai’s worst massive outbreak earlier this year. Oil prices remain under pressure as the country continues to lock down entire regions, according to a note from Citigroup Inc.

The widely watched time gaps remain in a bullish backward pattern, but they have narrowed over the past few sessions. Brent’s quick spread – the difference between its two closest contracts – was $1.19 a barrel forward, down from $1.86 at the start of the month.

Elements, Bloomberg’s daily energy and commodities newsletter, is now available. Register here.

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Divided over war in Ukraine, G-20 summit struggles over economic agenda https://r43dsfrs.com/divided-over-war-in-ukraine-g-20-summit-struggles-over-economic-agenda/ Sun, 13 Nov 2022 16:52:15 +0000 https://r43dsfrs.com/divided-over-war-in-ukraine-g-20-summit-struggles-over-economic-agenda/ Comment this story Comment BALI, Indonesia – Twenty of the world’s most powerful men and women will gather here this week as the global economy weakens by the day, developing countries face a looming debt crisis and war which is raging in Europe. The Group of 20 Leaders summit is expected to do very little […]]]>

Comment

BALI, Indonesia – Twenty of the world’s most powerful men and women will gather here this week as the global economy weakens by the day, developing countries face a looming debt crisis and war which is raging in Europe.

The Group of 20 Leaders summit is expected to do very little about this.

To say expectations are low for the annual meeting – which will draw President Biden and Chinese President Xi Jinping, as well as European leaders and emerging powers such as India and Brazil – would be an understatement.

A gathering that began at the invitation of President George W. Bush in 2008 and helped coordinate the global response to the worst financial crisis since the 1930s has turned into a rudderless talk shop that may even have some difficult to produce an official press release.

“The main attraction of the G-20 is its ability to force the leaders of countries in one place and at the same time to interact. The actual outcome of the G-20 will likely be very unsatisfactory, if there is a consensus outcome,” said Douglas Rediker, founder of International Capital Strategies, an investment advisory firm in Washington, DC. trajectory for a long time.

Biden’s Asian summit partners hit by U.S. rate hikes, Chinese slowdown

The current situation of the G-20 contrasts with its initial strength.

At the second meeting of leaders, in London in April 2009, they agreed to collectively spend $5 trillion to stimulate global demand, provide an additional $1.1 trillion to the International Monetary Fund, and tighten financial regulation.

Five months later, when the leaders met for the third time in less than a year, President Barack Obama and his counterparts declared the G-20 “the premier forum for international economic cooperation.”

Since then, the group has been looking for a second act.

“The G-20 is not what it was in 2008, 2009. We miss that sense of common purpose,” said Matthew Goodman, senior vice president for economics at the Center for Strategic and International Studies at Washington.

In 2009, the United States, China and Russia worked together to prevent the financial crisis from plunging the world into a depression. In his memoir, Obama wrote that “probably the best news” he received at the London summit was China’s commitment to a major economic stimulus package.

This year, any notion of joint effort has become a victim of the growing rift between the United States, on the one hand, and Russia and China, the other. Russian President Vladimir Putin stays at home; his Minister of Foreign Affairs, Sergei Lavrov, will be present in his place.

But there will be a meeting between the US president and Xi, who are due to meet in person on Monday for the first time since Biden’s inauguration. They are expected to tackle disputes over Taiwan and american efforts to prevent China from acquiring advanced semiconductors.

For their part, European Union officials have sought to lower expectations, hinting ahead of the summit that leaders may be unable to muster the bare diplomatic minimum: a joint statement.

That’s what happened last month when G-20 finance ministers and central bank governors met in Washington. Discord over Russia’s invasion of Ukraine has thwarted efforts to produce an official communiqué, the standard diplomatic product that closes such talks. Instead, the Indonesian president released her own “summary,” which noted multiple divisions among members.

Institutions such as the G-20 are in trouble today because the ills of the global economy stem from the war in Ukraine, rather than the kind of financial problems that tipped the world into recession in 2009, according to Kristalina Georgievamanaging director of the International Monetary Fund.

“You cannot solve a geopolitical problem with economic policy measures,” she said. “It will be very difficult to bring the level of economic cooperation to the level it should be. … Ending the war in Ukraine is the single most powerful factor in restoring the global economy.

Yet the White House insisted this week that the G-20, whose members account for more than 80% of global economic output, remains effective.

“The president believes very centrally in the continued importance of the G-20,” said a senior administration official who briefed reporters on the meeting, speaking on condition of anonymity.

The summit is where “the world can come together to discuss the significant challenges we face”, he added.

Even if the whole group fails to agree on bold moves, the president expects productive one-on-one talks with other leaders. In addition to Xi, he is due to meet privately in Bali with the leaders of Indonesia, Italy and the UK. Main topics include plans for a previously announced global infrastructure initiative, soaring food and energy prices and the need to strengthen the IMF and World Bank.

The G-20 should also address its slow progress in tackling growing debt in the developing world.

In November 2020, the group agreed on a “common framework” designed to provide debt relief for some of the world’s poorest countries, which have borrowed heavily to fight the pandemic.

Two years later, only three countries participated. Officials have struggled to win support from China, the world’s largest public lender, and private sector financial institutions.

“The debt crisis is intensifying,” warned the United Nations Development Program last month, identifying 54 countries with serious debt problems, including Somalia, Argentina and Laos.

The main focus of the summit, however, is likely to be the fallout from Russia’s invasion of Ukraine, particularly the commodity price shock it triggered – issues on which agreement between the Russian government and the rest of the group is unlikely.

A key question is whether China will support Russia in the negotiations or seek to rally others to the Kremlin’s cause. Although Xi has yet to condemn Russia’s war in Ukraine, the Chinese leader came out against nuclear war – a remark that some diplomats took as an indirect warning to Putin – during a recent meeting with German Chancellor Olaf Scholz.

European officials say they have seen no evidence that Beijing will drop its support for Moscow. A senior EU official, speaking on condition of anonymity to discuss private conversations, said the Russian and Chinese sides appeared to be aligned at the G-20 preparatory meetings. This coordination brings “additional challenges in finding the capacity to have a joint statement,” the official said.

In turn, the Ukrainian standoff makes joint action on global economic diseases more difficult, even as they grow in number. Growth is slowing or expected to slow in the United States, Europe, the United Kingdom and China, while high food and energy bills resulting from the conflict in Ukraine push poor countries in Africa, the Middle East and Asia to take on more debt.

Inflation nears four-decade highs in most advanced economies, and markets struggle to adjust a new financial climateas the Federal Reserve and other major central banks raise interest rates.

“These challenges make global cooperation on financial stability issues as important today as it was after the global financial crisis,” Dutch central banker Klaas Knot wrote in a letter to leaders this week. Knot chairs the Financial Stability Board, created by the G-20 in 2009 to provide early warning of systemic risks.

Summers blasts IMF and World Bank for inaction in the face of growing danger

The creation of the leaders’ summit was a response to an economic emergency. But he also recognized the economic reality of the 21st century. Where once the United States and a handful of its allies accounted for the bulk of world trade, emerging economies, particularly Brazil, Russia, India, China and South Africa, have become increasingly important in the early 2000s.

These nations – which represent about 40% of the world’s population – had been promised for years a greater voice in the management of international institutions. Amid a global crisis that many attributed to financial excesses on Wall Street, the time seemed right for the global torch to pass to a larger group.

“When the G-20 was elevated to leadership, it was an acknowledgment that you can’t run the economy from a comfortable Western boardroom,” said Stewart Patrick, senior fellow at the Carnegie Endowment. for International Peace.

The irony is that the smaller, wealthier G-7 club was reinvigorated by Russia’s war in Ukraine after foundering during the Trump years. The United States and its European allies led the response to Russia’s invasion, rallying others to isolate Moscow and back Ukraine.

“The Biden administration has done a good job of rallying advanced market democracies,” Patrick said. “The difficulty has been trying to bring together a broader coalition.”

Lynch reported from Bali; Rauhala reported from Brussels. Beatriz Rios in Brussels contributed to this report.

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Financial abuse of older adults a growing problem for credit unions | Credit Union Journal https://r43dsfrs.com/financial-abuse-of-older-adults-a-growing-problem-for-credit-unions-credit-union-journal/ Wed, 09 Nov 2022 17:14:00 +0000 https://r43dsfrs.com/financial-abuse-of-older-adults-a-growing-problem-for-credit-unions-credit-union-journal/ An elderly member of a credit union recently received a phone call informing her that her personal computer was locked and that she would need to wire money to regain control. “She wired $200,000 because she thought she didn’t have access to her computer. It was a shocking lesson,” said Cynthia Hagan, director of compliance […]]]>

An elderly member of a credit union recently received a phone call informing her that her personal computer was locked and that she would need to wire money to regain control.

“She wired $200,000 because she thought she didn’t have access to her computer. It was a shocking lesson,” said Cynthia Hagan, director of compliance and fraud risk at Vizo Financial Corporate Credit Union, with assets of $7 billion, in Greensboro, North Carolina.

Such cases of financial abuse of older adults are of growing concern to credit unions and other financial institutions. Elder fraud is responsible for more than $3 billion in losses each year, according to the Federal Bureau of Investigation.

Last year, the most common financial crimes with victims over the age of 60 involved “tech support” scams. There were nearly 14,000 reported cases nationwide in 2021, the FBI said.

“Your members rarely come in and admit they’ve been taken advantage of. It’s embarrassing,” said Cynthia Hagan, director of compliance and fraud risk at Vizo Financial Corporate Credit Union.

And those are just the ones that have been reported. Hagan said there is a big stigma attached to being exploited, and so elderly victims often remain silent. Adding to the stigma, most of these crimes are committed by someone the victim trusts, such as a family member or caregiver, according to Hagan, who spoke at the recent CrossState Credit Union conference. Association. CU Reality Check Conference in Hershey, Pennsylvania.

“Your members rarely come in and admit they’ve been taken advantage of. It’s embarrassing,” Hagan said.

Bret Fisher, the new CEO of Achieve Credit Union in Elyria, Ohio, said financial abuse of seniors was on the rise for its members, both from outside scam artists and “vile” family members.

“This is truly one of the most heartbreaking situations we have to deal with in the financial industry,” he said.

Time is the single greatest resource the $179 million credit union devotes to trying to prevent such abuse, Fisher said. He spends a lot of time making sure his security and management educate themselves on the various scams, situations, and red flags that can identify potential abuse situations. Then he devotes time to the next step, which is making sure his staff knows how to have “tough and delicate” conversations with his members.

“The goal being for the member to start realizing the potential abuse and then come to terms with what is happening so that we can then help them take appropriate action,” Fisher said.

One of the hardest parts of elder abuse is trying to get the victim to communicate what’s going on, Fisher said. Credit unions and banks can usually uncover a problem by simply having a conversation, asking the right questions, and maintaining an open and friendly relationship with its members.

“However — and this is the tragic part — sometimes members just can’t believe they’re being taken advantage of and refuse to take action,” Fisher said. “And in some of those cases, it’s hard to help.”

Hagan said some of the warning signs of elder financial abuse include sudden changes in a will or other financial document, or unexplained disappearance of funds.

Credit unions have a responsibility to advocate for these victims, she said. “We play a pivotal role to completely avoid financial loss.”

Michel Poulos, who recently retired as CEO of Michigan First Credit Union in Lathrup Village, Michigan, said there have always been frauds perpetrated against members, but the methods of doing so have changed over the years.

“As more and easier to use electronic channels become available, fraudsters are simply adapting to the new channels,” said Poulos, who had been CEO of the $1.5 billion asset credit union. dollars over the past 22 years.

The credit union has plenty of safeguards in place to help, as well as fraud-aware members, Poulos said. But he warned that scammers rely on members choosing to share personal account information, despite being warned not to.

“Ultimately, fraud prevention requires members to be diligent in protecting their information,” he said. “Without that, it’s difficult for any financial institution to fully protect them.”

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Financial crisis prevents KP from financing 28 projects in the tribal belt https://r43dsfrs.com/financial-crisis-prevents-kp-from-financing-28-projects-in-the-tribal-belt/ Sun, 06 Nov 2022 20:41:08 +0000 https://r43dsfrs.com/financial-crisis-prevents-kp-from-financing-28-projects-in-the-tribal-belt/ PESHAWAR: Khyber Pakhtunkhwa (KP) government failed to fund 28 Industries Department development projects under ADP [Annual Development Program] in the tribal belt due to the ongoing financial crisis. The provincial government has allocated 1.3 billion rupees for industry department projects in seven tribal districts in the current fiscal year ADP, of which the department has […]]]>

PESHAWAR: Khyber Pakhtunkhwa (KP) government failed to fund 28 Industries Department development projects under ADP [Annual Development Program] in the tribal belt due to the ongoing financial crisis.

The provincial government has allocated 1.3 billion rupees for industry department projects in seven tribal districts in the current fiscal year ADP, of which the department has used only 216 million rupees in the first quarter of the year.

The KP government had included 50 ongoing and new projects for the department in the ADP from which no funds could be released for two of the three projects of the Khyber Pakhtunkhwa Economic Zones Development and Management Corporation (KPEZMDC) . Similarly, no funds were released for the other three Department of Industry projects included in the ADP. The documents show that three projects launched under the public-private partnership (PPP) also failed to receive funds.

According to documents from the provincial finance department, the provincial government was also unable to release funds for 16 of the seventeen projects of the Technical Education and Training Authority (TEVTA), while the funds could only be provided to one project.

Sources from the KP Finance Department said that these projects were launched under the Accelerated Implementation Program (AIP) which also includes Insaf Rozgar Program, Economic Zones in Tribal Districts, Free Microfinance Program and the development of small industry in the tribal belt, for which most of the funds have been provided by the federal government.

According to sources, the provincial government was supposed to release funds for most of these programs, but the federal government stopped the transfer of funds to the province due to a severe financial crisis. Acting Governor and KP Assembly Speaker Mushtaq Ahmed Ghani has made it clear that the province’s financial situation has been deteriorating since the federal government stopped funding the province.

Sources from the Planning and Development Department (P&D) said that currently more than 70% of the projects included in the province’s ADP have been stopped. The sources said that due to financial difficulties, most major plans have been excluded from the province’s current ADP.

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New tool examines financial cost of Virginia’s opioid crisis https://r43dsfrs.com/new-tool-examines-financial-cost-of-virginias-opioid-crisis/ Fri, 04 Nov 2022 09:45:03 +0000 https://r43dsfrs.com/new-tool-examines-financial-cost-of-virginias-opioid-crisis/ According to the Opioid Cost Calculator, the Virginia counties with some of the highest financial burdens are Fairfax County at $251,803,959, Richmond at $216,315,353, and the City of Virginia Beach at $199,838,514. (Jim Gimpel/Adobe Stock) RICHMOND — A new tool calculates the financial impact of Virginia’s opioid crisis. The opioid cost calculator developed by the […]]]>
According to the Opioid Cost Calculator, the Virginia counties with some of the highest financial burdens are Fairfax County at $251,803,959, Richmond at $216,315,353, and the City of Virginia Beach at $199,838,514. (Jim Gimpel/Adobe Stock)

RICHMOND — A new tool calculates the financial impact of Virginia’s opioid crisis.

The opioid cost calculator developed by the Virginia Department of Health and Virginia Commonwealth University, demonstrates the monetary impacts of the opioid epidemic on Virginians in 2020. It tracks different categories such as lost workforce, healthcare, crime, household costs, and state and federal costs. In total, the state sets a price of $3.5 billion. Derek Chapman, acting director of the Center on Society and Health at Virginia Commonwealth University, identified the most significant costs of the state’s opioid crisis.

“In fact, the biggest costs of that $3.5 billion come from households,” Chapman said. “So it’s the loss of labor productivity, the lost labor costs of people who are unable to work, not obviously because of death, but also unable to work because of of opioid addiction.These lost labor costs amounted to $2.3 billion.

Chapman said there are some things you can’t put a dollar amount on, like the value of those lives lost to an opioid overdose. However, according to the Opioid Cost Calculator, labor losses associated with overdoses was $1.9 billion.

Although the opioid cost calculator is still relatively new, the teams that have worked on it are hopeful for its future. Lauren Yerkes, senior injury and violence prevention epidemiologist at the Virginia Department of Health, said this as a way to keep the conversation about the opioid crisis alive. She hopes this will inform people on how to work with policy makers in their communities on how to reduce the burden of opioid costs. Yerkes talked about what comes next.

“We hope to continue to have as many people watching and seeing the Opioid Cost Calculator,” Yerkes said. “Right now, we recognize that we are in 2022 and 2020 data is on the cost calculator, so our next step is to provide even more recent data in the future.”

She wants the cost calculator to include the impact of the COVID-19 pandemic on the opioid crisis. Given that opioid overdoses increased early in the pandemic, Yerkes added that this would further increase costs. According to the National Institute on Drug Abuse, more than 68,000 people have died from opioid overdoses nationwide.

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Free legal advice tested to help those facing financial hardship https://r43dsfrs.com/free-legal-advice-tested-to-help-those-facing-financial-hardship/ Tue, 01 Nov 2022 10:06:35 +0000 https://r43dsfrs.com/free-legal-advice-tested-to-help-those-facing-financial-hardship/ Free early legal advice for thousands of people struggling with debt, housing and social assistance Legal advice to prevent people from going into further debt and having to appear in court Launch of a five-month pilot test phase in Manchester and Middlesbrough The pilot project in Middlesbrough and Manchester extends the reach of legal aid […]]]>
  • Free early legal advice for thousands of people struggling with debt, housing and social assistance
  • Legal advice to prevent people from going into further debt and having to appear in court
  • Launch of a five-month pilot test phase in Manchester and Middlesbrough

The pilot project in Middlesbrough and Manchester extends the reach of legal aid funding to more people who previously would not have been eligible for free legal advice, to help them solve problems before they arise. become more complex or expensive.

The aim is to ensure that people have a better chance of resolving legal problems quickly, preventing them from escalating into new difficulties.

Currently, many people do not access legal advice until it is too late, leading to further problems, such as the need to appear in court, increased debt and even homelessness. The pilot project will explore whether these problems can be avoided by providing legal advice earlier.

The pilot counseling will be offered to people struggling with housing, paying bills or experiencing problems with their benefits, with no means or merit test required. To understand the difference the pilot service makes, pilot participants will either receive up to three hours of free legal advice and assistance or be referred to existing advice services.

Justice Minister Lord Bellamy KC said:

Early legal advice can be invaluable for people who find themselves in difficult and stressful situations, helping those in difficulty to avoid further debt or ending up in court.

Through this pilot project, we are paving the way for more people to receive free legal advice, at an earlier time so that their problems can be resolved before they escalate.

A legal advisor can explain issues such as council tax arrears and provide further information on housing rights and the Universal Credit application process, if needed.

Invitations to the program will be sent to people who have fallen behind in council tax payments from Manchester City Council and Middlesbrough Council. Guests will then be asked to complete a confidential survey to determine if they have a legal issue that requires assistance.

After the initial 5-month testing phase, the Department of Justice will review the evidence gathered during the evaluation and use it to inform the design of a future larger-scale pilot.

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Palmer Lake’s Major Financial Troubles Will Likely Lead to Higher Water Rates | New https://r43dsfrs.com/palmer-lakes-major-financial-troubles-will-likely-lead-to-higher-water-rates-new/ Fri, 28 Oct 2022 22:00:00 +0000 https://r43dsfrs.com/palmer-lakes-major-financial-troubles-will-likely-lead-to-higher-water-rates-new/ Palmer Lake water customers will likely see their bills rise in the near future as the city seeks to increase revenue from its stand-alone water company, which is expected to be underfunded in 2023. The “inadvertent” incorrect billing of 15 water accounts and the city’s failure to increase water rates by 3% per year starting […]]]>

Palmer Lake water customers will likely see their bills rise in the near future as the city seeks to increase revenue from its stand-alone water company, which is expected to be underfunded in 2023.

The “inadvertent” incorrect billing of 15 water accounts and the city’s failure to increase water rates by 3% per year starting in January 2020, as stipulated by a 2019 city resolution, caused the budget shortfall, according to administrative and financial documents.

Staff are “working through the issues now” and “will bring options to the (board of directors) for consideration,” Deputy City Clerk Julia Stambaugh said via email this week.

Stambaugh reported in a Sept. 29 city memo that the water billing issues had been resolved. It was unclear how long the city had incorrectly billed the water accounts in question.

But now bloated loan repayments coming in 2024 and a ‘significant rise’ in the cost of infrastructure materials means the city’s water fund won’t have enough money in its planned 2023 budget. , according to the financial documents.

And the locals are worried.

“(The water company) is not being run in a way to sustain itself,” said Marty Brodzik, resident and planning commissioner. “…It’s a snowball rolling down the hill.”

Part of the problem, Brodzik said, is that the city is still repaying loans it received from itself and the Colorado Water Resources and Power Development Authority. The entity provides state and federal loans to Colorado governments to pay for water, wastewater and other types of infrastructure projects.

In 2009, the city received a loan from Colorado Water Resources of approximately $1.86 million, to be paid in full by December 2031, to construct a water storage reservoir. In 2018, it received another loan of around $1.1 million, repayable in full by 2048, to build a second water storage reservoir. In 2019, Palmer Lake loaned its water fund an additional $500,000 from its general fund, which must be repaid by 2039, to cover cost overruns, according to the city’s Sept. 29 memo.

The remaining balance on the 2009 loan is approximately $772,000 and the remaining balance on the 2018 loan is approximately $954,000. The city plans to pay $104,970.98 in 2023 on the 2009 loan and an additional $68,168.30 in 2023 on the 2018 loan, Stambaugh said.

Palmer Lake water customers only paid interest on the 2019 loan – $10,000 per year. But in 2024, repayments will increase to $19,374, then to $38,748.12 per year from 2025 as residents begin to repay principal.

Why the city lent money to its water company from its general fund and did not transfer the money to the water fund was unclear. Stambaugh said there was no record to explain the previous administration’s actions and former Palmer Lake Mayor John Cressman, reached by phone Friday, said he was unaware of the reasoning.

A 2023 budget proposal for the Palmer Lake water utility shows the city also expects a cost overrun of $327,127 in 2022.

“Think of all this debt they have. Now they’ve gone over budget in just one year of operation. It’s not sustainable,” Brodzik said.

It is also unclear what might happen if the water bottom cannot sustain itself, as required by law. Stambaugh said the city is “looking at (its) options.”


Colorado Springs City Council approves $1.56 billion budget for utilities, plans water and sewage increases

The city could consider financing options for its water company through the Colorado Department of Local Affairs and the Colorado Department of Public Health and Environment through revolving fund grants and loans from the City. state, said Colorado Municipal League executive director Kevin Bommer. That could include money from the $1.2 trillion Infrastructure Investment and Jobs Act the federal government passed last November, he said.

Palmer Lake can also use American Rescue Plan Act funds to address its water and wastewater issues, Bommer said — an option the city has taken.

Palmer Lake received a total of $752,290 over two years: $376,145 in 2021 and the remaining half of $376,145 in 2022, Stambaugh said. The city transferred that money to its water company to pay for water infrastructure improvements, including an emergency tie line to a water main that the nearby town of Monument is building. to build, for technology upgrades at the Palmer Lake processing plant and for distribution line upgrades, she said.

Those federal dollars could not be used to pay off loans, Stambaugh said.

Brodzik questioned that decision, saying those ARPA funds could have stayed in Palmer Lake’s general fund to help pay for road, police and fire improvements — especially since voters in Palmer Lake are submitting their ballots for the upcoming Nov. 8 election. City asks residents to decide next month whether to raise property taxes to about $1.3 million in 2023 and whether to allow recreational marijuana sales in town to help pay fire, police, roads and parks services.


El Paso County Republican election judges who were removed by the president are now seeking an appeal

The tax increase will not help the water fund’s problems and means “the general fund will get more money whether it needs it or not,” Brodzik said. “But water tariffs will continue to rise too.”

Brodzik said she wanted a solid solution that included a loan repayment plan with the least amount of interest charged to residents, to build up the water company’s capital improvement fund “so that in the event rain, they don’t have to worry about getting a loan,” and determining how much water tariff and water usage needs to be collected annually to “operate within the budget “.

Stambaugh said the city is considering its next steps, including raising water rates, user fees and faucet fees, as well as analyzing the company fund’s rates of business. water “to improve funding for infrastructure improvements”.

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Winnipeg’s NFI group talks about supply chain issues and financial losses – Winnipeg https://r43dsfrs.com/winnipegs-nfi-group-talks-about-supply-chain-issues-and-financial-losses-winnipeg/ Tue, 25 Oct 2022 21:11:18 +0000 https://r43dsfrs.com/winnipegs-nfi-group-talks-about-supply-chain-issues-and-financial-losses-winnipeg/ By Keesha Harewood World News Posted on October 25, 2022 5:11 p.m. Decrease article font size Increase article font size A bus manufacturing company in Winnipeg says supply shortages turn into financial losses. NFI Group Vice President of Strategy and Investor Relations Stephen King told 680 CJOB on Tuesday morning that a lack of specialty […]]]>

A bus manufacturing company in Winnipeg says supply shortages turn into financial losses.

NFI Group Vice President of Strategy and Investor Relations Stephen King told 680 CJOB on Tuesday morning that a lack of specialty parts is making it more difficult to fulfill orders on time.

Read more:

Canada announces plans to ease regulations bogging down supply chains

“It impacts our ability to complete vehicles and to be fair to suppliers, part of that is not so much their challenge, it’s their subcontractor. They can’t get the parts into the component that we install on our vehicle, which creates downward pressure on the supply chain.

King also said the supply shortage is causing other groups to try to source parts, putting even more pressure on the supply chain.

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He added that NFI Group is processing more orders than ever.

“It’s so frustrating for everyone involved because we have such demand, demand for our products, services… from government and public transport, so when we look, ‘hey okay, we we just need to overcome this…challenge’, and then things will grow quite rapidly as we capitalize on this demand.

King said these issues could persist well into 2023, but hopes the situation will normalize in the second half of the year.


Click to play video: “Supply chain issues continue to impact Manitobans”


Supply chain issues still affect Manitobans


© 2022 Global News, a division of Corus Entertainment Inc.

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Editorial: Another step forward for the ambulance service https://r43dsfrs.com/editorial-another-step-forward-for-the-ambulance-service/ Fri, 21 Oct 2022 18:50:12 +0000 https://r43dsfrs.com/editorial-another-step-forward-for-the-ambulance-service/ Proposed by administrator on Fri, 21/10/2022 – 14:41 There are no other entities where elected officials in the region would open their checkbooks twice in a year. The Ely Area Ambulance Service has been rescued twice by local governments and most recently by Ely-Bloomenson Community Hospital.The first time was for a building that would provide […]]]>

Proposed by administrator on Fri, 21/10/2022 – 14:41

There are no other entities where elected officials in the region would open their checkbooks twice in a year. The Ely Area Ambulance Service has been rescued twice by local governments and most recently by Ely-Bloomenson Community Hospital.
The first time was for a building that would provide a garage for ambulances and housing for employees. This was a $461,000 undertaking that improved morale and response time. But for Morse, Fall Lake and Ely, it was a $150,000 commitment in the middle of a fiscal year. The town of Winton also contributed $11,000.
A few months later, the nonprofit board that runs the ambulance announced that it was in serious financial trouble, with a projected loss of more than $260,000. Again government entities were asked to put money on the tables and again they delivered. The burden was eased by the donation of $62,500 from the hospital, such as Morse, Fall Lake and Ely. Winton invested $3,380.
This will financially keep the ambulance afloat through 2023, so when one of us calls 911 or needs transportation to another hospital, our local ambulance can be there when we need it. .
A meeting of the Ambulance Joint Powers Committee last week muddied some funding issues, but ultimately an agreement was reached to move forward with the financial contribution.
What was encouraging were the words of the hospital CEO, Patti Banks, who is working to help right the ship and get the ambulance back on track, not only financially but also operationally. This was good news for all present.
It’s a lot to ask a volunteer, non-profit board of directors to oversee the operation of an ambulance service. Ely Hospital must be a collaborative partner every step of the way. Due to Covid, administrative turnover and other issues, the non-profit board had no recourse but local governments for life support.
The healing of problems is now prescribed and will soon be administered. The future of how the ambulance service will operate is likely to change from what it is today. Elected officials have been willing to help, but care must be taken that this is not due process.

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