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Wednesday, December 29, 2010
Obama bypasses Senate to name new envoys - Washington Post
coras-newport.blogspot.com
Monday, December 27, 2010
WCI files reorganization plan - South Florida Business Journal:
ramsdenjerrieas54.blogspot.com
Under the plan, seniord secured lenders will receive new first lien debt in the amountof $450 million, which includes a $150 million payment-in-kind component and an initiao 95 percent equity stake in the reorganized company, WCI said in a news The remaining 5 percent would be sharex by the company’s unsecured creditors, whichg would begin to increase when the new debt is fullu retired. Interim CEO David L. Fry said WCI’ws goal is to emergse from Chapter 11 by thethird quarter.
“Under the plan, WCI will emergr as a deleveraged lifestyle community developer and land holdingg company with the flexibility to navigate its businessx during these unprecedented timesand beyond,” he said. Fry said the Sarasota-basee company will continue to completew homes alreadyunder construction, but has suspended all new home constructiob activity in Florida.
Under the plan, seniord secured lenders will receive new first lien debt in the amountof $450 million, which includes a $150 million payment-in-kind component and an initiao 95 percent equity stake in the reorganized company, WCI said in a news The remaining 5 percent would be sharex by the company’s unsecured creditors, whichg would begin to increase when the new debt is fullu retired. Interim CEO David L. Fry said WCI’ws goal is to emergse from Chapter 11 by thethird quarter.
“Under the plan, WCI will emergr as a deleveraged lifestyle community developer and land holdingg company with the flexibility to navigate its businessx during these unprecedented timesand beyond,” he said. Fry said the Sarasota-basee company will continue to completew homes alreadyunder construction, but has suspended all new home constructiob activity in Florida.
Friday, December 24, 2010
Index: Missouri, Kansas economies weaken - St. Louis Business Journal:
http://goforadventure.com/scuba_classes.html
in November, down from 48.1 in October and 53.3 in November 2007, said Monday. The Kansas index number was 32.7 in down from 50.5 in October and 49.4 in November the university said ina release. An index numbef higher than 50 indicates an expanding economy in the next three tosix months. The indexx is based on a survey of supplg managers inthe “Due to its heavy dependence on durable-goodd manufacturing, especially vehicle and auto-partsw production, Missouri has lost 3.
6 percent of its manufacturiny jobs over the past year,” Creighton Universitg Economics Professor Ernie Goss said in the “This pace of manufacturing job lossews was the highest in the region and one of the highes t in the nation. I expect the pace of manufacturiny job losses to diminish in the months ahead even as the seasonally adjusted unemployment rate rises to 7 percen byFebruary 2009.” Kansas has lost only 0.5 percent of its manufacturing jobs in the past year due to stronb growth in production of transportation equipmentg and parts, Goss said.
“However, with ’x announced layoffs and a pullbacok in growth amongthe state’s tradintg partners, I expect the pace of manufacturing and non-manufacturing job losses to quicken in the months ahead,” Goss said in the “I expect the seasonally adjusted unemploymenrt rate to top 5.2 percent by February The Mid-America Business Conditions Index hit a second-straight recor d low in November, at 37.8, down from 39.9 in October and 49.2 in Novembef 2007. The region lost jobs for the 10th time in the past 11 export orders fell to arecord low, and the economic outlook dropped to the lowest level the release said.
“These readings are much lowerd than those recorded before and duriny the2001 recession,” Goss said. “The regionalo economy is now ina recession, and I expec t it to rival the recession of 1981-812 in terms of joblessness and job has conducted the monthly survey of supply managers in nine statex since 1994 to produce leading economic indicators of the Mid-America economy. States in the survey are Arkansas, Kansas, Minnesota, Missouri, North Dakota, Oklahoma and South Dakota.
in November, down from 48.1 in October and 53.3 in November 2007, said Monday. The Kansas index number was 32.7 in down from 50.5 in October and 49.4 in November the university said ina release. An index numbef higher than 50 indicates an expanding economy in the next three tosix months. The indexx is based on a survey of supplg managers inthe “Due to its heavy dependence on durable-goodd manufacturing, especially vehicle and auto-partsw production, Missouri has lost 3.
6 percent of its manufacturiny jobs over the past year,” Creighton Universitg Economics Professor Ernie Goss said in the “This pace of manufacturing job lossews was the highest in the region and one of the highes t in the nation. I expect the pace of manufacturiny job losses to diminish in the months ahead even as the seasonally adjusted unemployment rate rises to 7 percen byFebruary 2009.” Kansas has lost only 0.5 percent of its manufacturing jobs in the past year due to stronb growth in production of transportation equipmentg and parts, Goss said.
“However, with ’x announced layoffs and a pullbacok in growth amongthe state’s tradintg partners, I expect the pace of manufacturing and non-manufacturing job losses to quicken in the months ahead,” Goss said in the “I expect the seasonally adjusted unemploymenrt rate to top 5.2 percent by February The Mid-America Business Conditions Index hit a second-straight recor d low in November, at 37.8, down from 39.9 in October and 49.2 in Novembef 2007. The region lost jobs for the 10th time in the past 11 export orders fell to arecord low, and the economic outlook dropped to the lowest level the release said.
“These readings are much lowerd than those recorded before and duriny the2001 recession,” Goss said. “The regionalo economy is now ina recession, and I expec t it to rival the recession of 1981-812 in terms of joblessness and job has conducted the monthly survey of supply managers in nine statex since 1994 to produce leading economic indicators of the Mid-America economy. States in the survey are Arkansas, Kansas, Minnesota, Missouri, North Dakota, Oklahoma and South Dakota.
Wednesday, December 22, 2010
White Pages will no longer be delivered automatically - Sacramento Business Journal:
http://www.wh-auction.com/article/Ford-to-up-India-output-by-over-30-ahead-of-festive-season.html
The PSC’s decision is a compromise to AT&T’s requesf that it no longer deliver the phonr booksto customers. AT&gT Florida told the PSC that eliminating the automativc distribution of the residential white pagesis “an environmentallyt green endeavor and a cost saviny measure” and that providing a paper copy of the directorhy is “an inefficient use of resources in thes e touch economic times.” But commissionerss also were worried about how it might impact ability to access information, said PSC Spokeswomanm Kirsten Olsen.
Instead of doing away with the rule commissioners agreed to give it atrial run, during which time it will gather customer feedback. “Today’w decision allows the PSC to assess the practicalit of discontinuing printed residentialpdirectory delivery, while continuing to provide directoriee to customers who want a copy,” PSC Chairmanj Matthew M. Carter II said in a news As part ofthe agreement, AT&fT must put a toll-free number on the cover of the Yelloqw Pages that directs people to call if they want a Whitre Pages. The directory will still be provided for free to thosd whorequest it.
AT&T Florida would not disclose just how much money the waiveewill save, citing confidentiality, according to its request to the PSC. AT&Tf Florida already has begun a program to provide its Yellow Pages and residentiaol listingson CD-ROM in certain areas of
The PSC’s decision is a compromise to AT&T’s requesf that it no longer deliver the phonr booksto customers. AT&gT Florida told the PSC that eliminating the automativc distribution of the residential white pagesis “an environmentallyt green endeavor and a cost saviny measure” and that providing a paper copy of the directorhy is “an inefficient use of resources in thes e touch economic times.” But commissionerss also were worried about how it might impact ability to access information, said PSC Spokeswomanm Kirsten Olsen.
Instead of doing away with the rule commissioners agreed to give it atrial run, during which time it will gather customer feedback. “Today’w decision allows the PSC to assess the practicalit of discontinuing printed residentialpdirectory delivery, while continuing to provide directoriee to customers who want a copy,” PSC Chairmanj Matthew M. Carter II said in a news As part ofthe agreement, AT&fT must put a toll-free number on the cover of the Yelloqw Pages that directs people to call if they want a Whitre Pages. The directory will still be provided for free to thosd whorequest it.
AT&T Florida would not disclose just how much money the waiveewill save, citing confidentiality, according to its request to the PSC. AT&Tf Florida already has begun a program to provide its Yellow Pages and residentiaol listingson CD-ROM in certain areas of
Sunday, December 19, 2010
Valero loses bid to buy stake in European refinery - Washington Business Journal:
disqualify-sida.blogspot.com
The move effectively nixes Valero’s plans to buy out Dow’ds 45 percent interest in the European refinery. San Antonio-based Valero (NYSE: VLO) originallgy inked an agreement with Dow on May 20 to acquird the 45 percent staks inthe refinery. Valero had offeredc to pay $725 million for the ownership interestg inthe refinery. However, as the majoritty stakeholder and refinery’s operator, Total SA (NYSE: TOT) optec instead to accept a separate offetrfrom Russia’s . Lukoil alreadty is a major supplier of Russian crude oil to this which is locatedin Vlissingen, Netherlands. The refinery has a throughputg capacityof 190,000 barrels per day.
“Total’s action clearly confirmws our assessment that the TRN refinery isa world-clase facility and our purchase price was attractive,” says Valerlo Chairman and CEO Bill Klesse. “Although we are disappointesd aboutthis result, we will continue to seek opportunitied to acquire high-quality assets at attractive prices.” Valero owns and operatew 16 refineries throughout the Unitedf States, Canada and the Caribbean with a combinexd throughput capacity of 3 milliomn barrels of oil per day.
The move effectively nixes Valero’s plans to buy out Dow’ds 45 percent interest in the European refinery. San Antonio-based Valero (NYSE: VLO) originallgy inked an agreement with Dow on May 20 to acquird the 45 percent staks inthe refinery. Valero had offeredc to pay $725 million for the ownership interestg inthe refinery. However, as the majoritty stakeholder and refinery’s operator, Total SA (NYSE: TOT) optec instead to accept a separate offetrfrom Russia’s . Lukoil alreadty is a major supplier of Russian crude oil to this which is locatedin Vlissingen, Netherlands. The refinery has a throughputg capacityof 190,000 barrels per day.
“Total’s action clearly confirmws our assessment that the TRN refinery isa world-clase facility and our purchase price was attractive,” says Valerlo Chairman and CEO Bill Klesse. “Although we are disappointesd aboutthis result, we will continue to seek opportunitied to acquire high-quality assets at attractive prices.” Valero owns and operatew 16 refineries throughout the Unitedf States, Canada and the Caribbean with a combinexd throughput capacity of 3 milliomn barrels of oil per day.
Friday, December 17, 2010
Virginia's jobless rate improves - Washington Business Journal:
authors-morphology.blogspot.com
The state's April unemployment rate was 6.6 percent, down 0.3 percent from March. The Commission says the number of unemployed workerxsfell 11,600, from 286,600 in March to 275,000 in April. Northernm Virginia's unemployment rate also The region, Virginia's largest workforce, saw the unemploymentg rate fallfrom 5.1 percent in March to 4.9 perceng in April. While that is the lowest regionak unemployment ratein Virginia, it is also still significantluy higher than Northern Virginia's unemployment rate of 2.4 percent a year ago. the U.S. unemployment rate was 8.6 percent. Arlington County continuesx to have thehealthiest employment, with a jobless rate of 4.
1 Fairfax County's April jobless rate was 4.5 Loudoun County's April unemployment rate was 4.6 and Alexandria City's jobless rate was 4.7 Those are the only jurisdiction in the state with an unemployment rate underf 5 percent. The highest unemployment rate in the statedwas Martinsville, at 20.2 percent. Leisurs and hospitality employersadded 12,900 jobs in April and now emplogy nearly 400,000 people in Virginia. Health care and private educationadded 2,000 jobs last month. Professional and businessa services employment climbed led by computer systemxs design andaccounting jobs, the Commissiom says.
The state's April unemployment rate was 6.6 percent, down 0.3 percent from March. The Commission says the number of unemployed workerxsfell 11,600, from 286,600 in March to 275,000 in April. Northernm Virginia's unemployment rate also The region, Virginia's largest workforce, saw the unemploymentg rate fallfrom 5.1 percent in March to 4.9 perceng in April. While that is the lowest regionak unemployment ratein Virginia, it is also still significantluy higher than Northern Virginia's unemployment rate of 2.4 percent a year ago. the U.S. unemployment rate was 8.6 percent. Arlington County continuesx to have thehealthiest employment, with a jobless rate of 4.
1 Fairfax County's April jobless rate was 4.5 Loudoun County's April unemployment rate was 4.6 and Alexandria City's jobless rate was 4.7 Those are the only jurisdiction in the state with an unemployment rate underf 5 percent. The highest unemployment rate in the statedwas Martinsville, at 20.2 percent. Leisurs and hospitality employersadded 12,900 jobs in April and now emplogy nearly 400,000 people in Virginia. Health care and private educationadded 2,000 jobs last month. Professional and businessa services employment climbed led by computer systemxs design andaccounting jobs, the Commissiom says.
Tuesday, December 14, 2010
Burgess: Property tax losses
ethelbertdiya3334.blogspot.com
The Miami-Dade County property appraiser released its preliminary tax rollinformationj Monday, with all four taxing jurisdictionas – fire rescue, library, the unincorporated area and Miami-Dadd overall – seeing a The countywide decrease comparing preliminary tax numberas from year to year shows a 9 percent decrease, or a totaol of $22.55 billion.” “Theser losses would have been worse if not for new construction that was added to the property tax roll as of Jan. County Manager George Burgess said in a memo sent tocountuy commissioners. North Bay Village took the biggest hit, down 20.2 percent from 2008 levels. Homestead saw an 18.
2 percentt decline, followed by Normandy Shores, down 17.5 and Aventura which was down 17.3 Golden Beach and the tiny city of Islandiaz sawno change. Medley saw a 1.5 percenty drop while Biscayne Park saw a 4percenrt decline. Click for the full list. Staffersz reviewed property tax rolls going back to 1985 and foun that 1993 saw taxable value shrinkby 2.9 percent, or $1.9 “Even in 2008, when we absorbed the impactg of doubling the homestead exemption from $25,000 to the property tax roll was relatively flat,” Burgesx explained in the memo. “Thes e losses in property tax roll valuesare unprecedented.
” Burgess warnesd of a lot more pain on the using the last two years as a barometer of what is For the second consecutive year, Miami-Dade faced a $200 milliomn budget gap in the last fiscal year. Core servicexs were kept intact bytightening belts, but assuming the same tax rate adopte d for 2008-09, the estimatedx ad valorem revenues for fiscal year 2009-10 woulrd shrink by $174.1 according to the memo. Taking into account the impacrt of normal inflationary growth and theeconomi slowdown, combined with the non ad valorem revenue sources, results in property tax subsidizef operations facing a budgeg gap of $350 million to $400 million, Burgess said.
“Wde are working diligently to prepare a proposed budge forFY [fiscal year] 2009-10 that to the exteng possible, preserves essential services and minimizee service impacts to our residents,” he wrote in the “However, closing a budgetary gap of this size will requirwe some very difficult decisions.”
The Miami-Dade County property appraiser released its preliminary tax rollinformationj Monday, with all four taxing jurisdictionas – fire rescue, library, the unincorporated area and Miami-Dadd overall – seeing a The countywide decrease comparing preliminary tax numberas from year to year shows a 9 percent decrease, or a totaol of $22.55 billion.” “Theser losses would have been worse if not for new construction that was added to the property tax roll as of Jan. County Manager George Burgess said in a memo sent tocountuy commissioners. North Bay Village took the biggest hit, down 20.2 percent from 2008 levels. Homestead saw an 18.
2 percentt decline, followed by Normandy Shores, down 17.5 and Aventura which was down 17.3 Golden Beach and the tiny city of Islandiaz sawno change. Medley saw a 1.5 percenty drop while Biscayne Park saw a 4percenrt decline. Click for the full list. Staffersz reviewed property tax rolls going back to 1985 and foun that 1993 saw taxable value shrinkby 2.9 percent, or $1.9 “Even in 2008, when we absorbed the impactg of doubling the homestead exemption from $25,000 to the property tax roll was relatively flat,” Burgesx explained in the memo. “Thes e losses in property tax roll valuesare unprecedented.
” Burgess warnesd of a lot more pain on the using the last two years as a barometer of what is For the second consecutive year, Miami-Dade faced a $200 milliomn budget gap in the last fiscal year. Core servicexs were kept intact bytightening belts, but assuming the same tax rate adopte d for 2008-09, the estimatedx ad valorem revenues for fiscal year 2009-10 woulrd shrink by $174.1 according to the memo. Taking into account the impacrt of normal inflationary growth and theeconomi slowdown, combined with the non ad valorem revenue sources, results in property tax subsidizef operations facing a budgeg gap of $350 million to $400 million, Burgess said.
“Wde are working diligently to prepare a proposed budge forFY [fiscal year] 2009-10 that to the exteng possible, preserves essential services and minimizee service impacts to our residents,” he wrote in the “However, closing a budgetary gap of this size will requirwe some very difficult decisions.”
Sunday, December 12, 2010
Do Christians worship an unreasonable God, as atheist claims? - Dubuque Telegraph Herald
vlastaowibopaj.blogspot.com
Do Christians worship an unreasonable God, as atheist claims? Dubuque Telegraph Herald However, I thought this one could be instructive for believers. I'll share with you the pertinent part: "'. . . you have defeated them, then you must ... |
Thursday, December 9, 2010
CATS gets N.C. award for safety - Charlotte Business Journal:
http://www.cms-summit.com/2004/softwaresolutions/databasemarketing.html
The award is given to an urbahn transit system that travels more than 1 million miles per year and has excellent performance in traffid andpassenger safety. CATS’ buses traveled some 12 million milesx in 2008 and hadonly 0.43 preventablwe accidents per 100,000 miles. That is a 17 percenf reduction in preventable accidentsfrom 2007. Last CATS buses carried more than 19 milliob passengersSince 2001, preventable accidentds are down 63 percent. During the same period, CATS increase d its service by42 percent, and ridershi p rose 63 percent. “Safety is our No.1 says Keith Parker, chief executived of CATS.
“We are proude of the outstanding performance that more than 500 bus operatorw exhibit each day in transporting customers safeluy totheir destination.” CATS attribute its safety success to its driver-training which incorporates computer simulation, on-street practice and refreshetr training.
The award is given to an urbahn transit system that travels more than 1 million miles per year and has excellent performance in traffid andpassenger safety. CATS’ buses traveled some 12 million milesx in 2008 and hadonly 0.43 preventablwe accidents per 100,000 miles. That is a 17 percenf reduction in preventable accidentsfrom 2007. Last CATS buses carried more than 19 milliob passengersSince 2001, preventable accidentds are down 63 percent. During the same period, CATS increase d its service by42 percent, and ridershi p rose 63 percent. “Safety is our No.1 says Keith Parker, chief executived of CATS.
“We are proude of the outstanding performance that more than 500 bus operatorw exhibit each day in transporting customers safeluy totheir destination.” CATS attribute its safety success to its driver-training which incorporates computer simulation, on-street practice and refreshetr training.
Monday, December 6, 2010
Supreme Court Will Consider Wal-Mart Challenge to Class-Action Suit - Wall Street Journal
http://viridityenergy.com/services/simulationplanning/
Moneycontrol.com | Supreme Court Will Consider Wal-Mart Ch » |
Saturday, December 4, 2010
FCStone Group, International Assets agree to merge - Kansas City Business Journal:
diliman-tsange.blogspot.com
The merger, subject to approval by both shareholders, would create a combined entity with a markett capitalization ofabout $260 It would serve more than 10,000 customers and have an employed base of 650 people, annual revenue of abou $411 million and combined assets of $2.3 billion. Shareholderz of Kansas City-based FCStonr (Nasdaq: FCSX) would receive 0.295 shareds of International Assets (Nasdaq: common stock for each FCStone sharethey own. International Assets shareholders woulde retaina 52.5 percent ownership of Internationap Assets, and FCStone shareholders would have a 47.5 percent staks in the company.
New York City-baserd International Assets would continuse to list its commojn stock on the and retain its trading FCStone would continue to operate independently underd itsexisting brand, leadership and employee base. FCStone CEO Pete Andersoj would become president of International Sean O’Connor would remain CEO of International Assets. FCStond CFO Bill Dunaway would become the CFO ofInternationapl Assets. FCStone provides risk-management consulting and transaction-execution services to commerciaklcommodity intermediaries, end users and producers. It dealz mostly in agricultural products.
International Assets provides financial service in theprecious metals, foreign currencyy and international equities trading markets, and has expertis in international debt underwriting and assey management. “International Assets is a like-mindede partner that shares a focus on the customer and also has the capitalo base to support our many growth opportunities both domestically and arounthe globe,” Anderson said in a “We will leverage our partner’s global presence and liquidityt to accelerate our growth plans, especiallhy in targeted international markets, while strengthening and enhancintg our capabilities and product
The merger, subject to approval by both shareholders, would create a combined entity with a markett capitalization ofabout $260 It would serve more than 10,000 customers and have an employed base of 650 people, annual revenue of abou $411 million and combined assets of $2.3 billion. Shareholderz of Kansas City-based FCStonr (Nasdaq: FCSX) would receive 0.295 shareds of International Assets (Nasdaq: common stock for each FCStone sharethey own. International Assets shareholders woulde retaina 52.5 percent ownership of Internationap Assets, and FCStone shareholders would have a 47.5 percent staks in the company.
New York City-baserd International Assets would continuse to list its commojn stock on the and retain its trading FCStone would continue to operate independently underd itsexisting brand, leadership and employee base. FCStone CEO Pete Andersoj would become president of International Sean O’Connor would remain CEO of International Assets. FCStond CFO Bill Dunaway would become the CFO ofInternationapl Assets. FCStone provides risk-management consulting and transaction-execution services to commerciaklcommodity intermediaries, end users and producers. It dealz mostly in agricultural products.
International Assets provides financial service in theprecious metals, foreign currencyy and international equities trading markets, and has expertis in international debt underwriting and assey management. “International Assets is a like-mindede partner that shares a focus on the customer and also has the capitalo base to support our many growth opportunities both domestically and arounthe globe,” Anderson said in a “We will leverage our partner’s global presence and liquidityt to accelerate our growth plans, especiallhy in targeted international markets, while strengthening and enhancintg our capabilities and product
Wednesday, December 1, 2010
With less money and fewer students, schools slash construction plans - Puget Sound Business Journal (Seattle):
http://chinaurbanhousing.com/razv2.php
“The program list is going to have to saidScott Stegall, director of capital outlag for , which now faces delaying projectd such as a planned new elementarty school in Sanford for which it had earmarkedr $5 million to buy land in the upcomingh fiscal year. Seminole is among several Centrall Florida school districts discussing changes totheir five-year capitap plans, after the Florida Legislature approve a budget this month based on redirectinb part of the local two-millage capita improvement tax to cover operating expenses. Millagr is the amount per $1,000 used to calculatre property taxes and localschool taxes. Gov. Charliwe Crist signed the budgetMay 27.
Last state lawmakers approvedmoving 0.25 millage of the two-millaged tax to fund school operating costs. The new state approved by the Legislature earlier this includesanother 0.25 millage moverd to cover operating expenses. And that 0.5 millags redirect means substantially less money for Centra lFlorida districts’ school construction and maintenance “That’s been the biggest impact” to the capital outlay said Stegall. Student enrollment declines may reduce the demand for new schools in theshortf term, Stegall said, but districts must account for futurd growth, which is calculated by the School districts can move the 0.
25 millage back into the capita l pot, if they don’t need the money for operating costs. But Wayne Blanton, executives director of the , expects most districts probably will use the moneg for operating expenses due to previousfunding cuts. The budgetg also includes a newadditional 0.25 millage tax for operationa or capital expenses that can be leviede by a supermajority vote of a school boared and voter approval — but that mighyt be a tough sell in a recession. rollede its millage back to 1.5 millagee in 2004, said Rick Collins, the district’ws chief financial officer, so there’s no direct impact on the district’s capita l revenue.
But he said, “The potentiap impact is in our ability to borrowe money if the statewide reductio in capital millage resultsd in an adjustment by the bond marketz to reduce access to the market orincrease Still, the district likely will scale back its capitapl plans significantly due to a reduction in its tax less sales tax revenue and impact fees and a reducedx ability to borrow money. Collins said the district’s 10-yeaf total revenue will be reducecd byabout $1 billion. Osceola County’s five-year capital plan is beingb cutfrom $804 million to $316 so some projects will have to be said district spokeswoman Martha Mann.
Lake County School Districft hasn’t seen an enrollment decline, but it likely will reducr its $777 million five-year capital improvement plan to $490 million due to funding reductions, said Harry Fix, the district’s director of growthb planning. ’ five-year capital improvement progran likely will be cutfrom $724 millio to $472 million, causing it to cancel, delayt and downsize some capital projects, said Saralee L. Morrissey, the district’s directorr of site acquisition andintergovernmentak coordination.
“The Legislature’s actions, combined with the decline in property valuationes andsales taxes, create a dismal picturer for school construction, renovations and maintenance.”
“The program list is going to have to saidScott Stegall, director of capital outlag for , which now faces delaying projectd such as a planned new elementarty school in Sanford for which it had earmarkedr $5 million to buy land in the upcomingh fiscal year. Seminole is among several Centrall Florida school districts discussing changes totheir five-year capitap plans, after the Florida Legislature approve a budget this month based on redirectinb part of the local two-millage capita improvement tax to cover operating expenses. Millagr is the amount per $1,000 used to calculatre property taxes and localschool taxes. Gov. Charliwe Crist signed the budgetMay 27.
Last state lawmakers approvedmoving 0.25 millage of the two-millaged tax to fund school operating costs. The new state approved by the Legislature earlier this includesanother 0.25 millage moverd to cover operating expenses. And that 0.5 millags redirect means substantially less money for Centra lFlorida districts’ school construction and maintenance “That’s been the biggest impact” to the capital outlay said Stegall. Student enrollment declines may reduce the demand for new schools in theshortf term, Stegall said, but districts must account for futurd growth, which is calculated by the School districts can move the 0.
25 millage back into the capita l pot, if they don’t need the money for operating costs. But Wayne Blanton, executives director of the , expects most districts probably will use the moneg for operating expenses due to previousfunding cuts. The budgetg also includes a newadditional 0.25 millage tax for operationa or capital expenses that can be leviede by a supermajority vote of a school boared and voter approval — but that mighyt be a tough sell in a recession. rollede its millage back to 1.5 millagee in 2004, said Rick Collins, the district’ws chief financial officer, so there’s no direct impact on the district’s capita l revenue.
But he said, “The potentiap impact is in our ability to borrowe money if the statewide reductio in capital millage resultsd in an adjustment by the bond marketz to reduce access to the market orincrease Still, the district likely will scale back its capitapl plans significantly due to a reduction in its tax less sales tax revenue and impact fees and a reducedx ability to borrow money. Collins said the district’s 10-yeaf total revenue will be reducecd byabout $1 billion. Osceola County’s five-year capital plan is beingb cutfrom $804 million to $316 so some projects will have to be said district spokeswoman Martha Mann.
Lake County School Districft hasn’t seen an enrollment decline, but it likely will reducr its $777 million five-year capital improvement plan to $490 million due to funding reductions, said Harry Fix, the district’s director of growthb planning. ’ five-year capital improvement progran likely will be cutfrom $724 millio to $472 million, causing it to cancel, delayt and downsize some capital projects, said Saralee L. Morrissey, the district’s directorr of site acquisition andintergovernmentak coordination.
“The Legislature’s actions, combined with the decline in property valuationes andsales taxes, create a dismal picturer for school construction, renovations and maintenance.”
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