BLOG: What Comes After the Fair Funding Formula?

first_img By: Sarah Galbally, Secretary of Policy and Planning BLOG: What Comes After the Fair Funding Formula? June 03, 2016 Like Governor Tom Wolf on Facebook: Facebook.com/GovernorWolfcenter_img Education,  Schools That Teach,  The Blog This week, Governor Wolf signed a bill that takes an important step in ensuring the basic education fair funding formula is permanent. Prior to this week, Pennsylvania was one of only three states that did not have such a formula in place, creating massive inequities in schools and hitting our most vulnerable students the hardest.Establishing a fair funding formula is a vital step in bettering our commonwealth’s education system. But this is not a cure-all for the challenges our schools face. In order to give students the education and skills they need to excel in a 21st-century economy, we need to make significant investments in our schools.Governor Wolf’s 2016-2017 Budget proposes that the state take its rightful share of the responsibility for funding our schools with real sources of revenue. Governor Wolf’s 2016-2017 Budget provides for:A $200 million increase in the Basic Education Subsidy.A $50 million increase in the Special Education Subsidy.A $60 million increase in high­-quality early childhood education.We also need to address Pennsylvania’s looming budget deficit. If we don’t invest in our schools and fix our deficit, we will be faced with a $1 billion cut to education that will lead to larger class sizes, teacher layoffs, and skyrocketing property taxes.Establishing a fair funding formula was a giant step towards improving Pennsylvania schools. But in order to give our students the opportunities they deserve, we need to fund our schools with real, sustainable revenue and address the commonwealth’s budget deficit. SHARE Email Facebook Twitterlast_img read more

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Buyers drive demand for smarter homes as development grows

first_imgMore from news02:37International architect Desmond Brooks selling luxury beach villa19 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag2 days agoMetricon single-storey display home at Gainsborough Greens.“Since October last year 100 per cent of our Designer by Metricon customers have chosen to build smart technology into their homes,” said Metricon Homes Queensland general manager Peter Ryan.“The Telsa Powerwall App gives homeowners the ability to manage the Tesla Powerwall’s status, solar panel production and their home’s energy consumption, delivering savings of over $20,000 over a ten year period.” A Metricon display at The Surrounds, Helensvale. One in four Aussie homes are now considered ‘smart’.ONE in four Australian houses are now considered ‘smart homes’ thanks to new homeowners who want the latest in technology to cut costs and look after the environment.According to a study by ServiceSeeking.com.au, demand for technology is on the rise, prompting builders to offer more tech-savvy systems for everything from solar power to airconditioning. center_img The company has display homes at four Gold Coast developments.Metricon’s airconditioning management system is also proving popular while additional connectivity includes touchscreens that lets homeowners check emails, play music and other activities.“We are hoping to offer a greater variety of optional upgrades as new technologies come onto the market,” Mr Ryan said.Metricon has four display homes at The Surrounds Helensvale, as well as displays at Gainsborough Greens in Pimpama, Hope Island’s Cova Estate and Coomera Retreat in Upper Coomera.last_img read more

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Accounting roundup: PIRC attack on FRC, watchdog funding changes, review work

first_imgThe Pensions & Investment Research Consultants (PIRC) has launched an unprecedented attack on the United Kingdom’s audit watchdog the Financial Reporting Council (FRC).In written evidence to the UK Parliament, PIRC’s head of governance and financial analysis, Tim Bush, called for the FRC to be broken up.“We believe the FRC in its current form is unsupportable,” he wrote.The submission urges legislators to split the FRC’s rule-making functions from its enforcement role. In support of its call, PIRC argues that the FRC has misunderstood or ignored the duty under s172 of the Companies Act 2006 for companies to publish a Strategic Report.“There is clear evidence with Section 172 and Section 414, and Section 393 and Part 23 of the Companies Act 2006 that the FRC is not adhering to the law.”The corporate governance advisors then go on to quote evidence given to the UK Parliament’s Business Energy and Industrial Strategy Committee by FRC chief Stephen Haddrill.“Frankly, we have not given sufficient thought or appreciation to the company’s wider responsibilities beyond the shareholder,” Mr Haddrill said during an oral evidence sesssion. He continued: “We do need to focus on that stakeholder issue. Section 172 has been there, but it has not borne on thinking in companies and it needs to.”The FRC told IPE that it strongly rejects the PIRC claims.In a rebuttal letter addressed to PIRC’s managing director Alan MacDougall, the FRC’s executive director, Paul George, wrote:“There are no specific legal requirements to report separately on the issues to which directors must have regard under s172 and how they have done so, which has led the FRC to recommend that a change in the law is required.“[W]e will be considering possible improvements to the Corporate Governance Code and the FRC’s Guidance on the Strategic Report but there may be some areas where legislative changes are required.”This latest spat is not the first time that the FRC has found itself under fire from long-term investor interests.Meanwhile, the under-fire watchdog has revealed a four-percent increase in its overall funding requirement to fund a major ramping-up of its activities.The FRC said it wants to spread the cost through an increase of 2.5-percent in levies on professional bodies and a 5-percent increase in its preparer levy.According to a draft plan and budget posted on its website, the FRC said it will “undertake thematic reviews of certain aspects of companies’ corporate reports and audits, where it believes there is scope for improvement and particular shareholder interest” during the coming year.The focus of the FRC’s review work will fall on significant accounting judgments and sources of estimation uncertainty, pensions disclosures and Alternative Performance Measures.“The FRC will write to a number of companies prior to their year-end, informing them that it will review disclosures in their next published reports, specifying the topic under review,” the FRC said.Interested parties have until 17 February 2017 to comment on the proposals.last_img read more

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UK charity denied permission to lower indexation in landmark case

first_imgThe BT Pension Scheme’s trustee board wants to ditch RPIPinsent Masons’ Scholefield said the next big test for the RPI/CPI debate related to the BT Pension Scheme. The UK High Court ruled against the trustee board of the BTPS earlier this year in relation to its attempt to switch from RPI to CPI for inflation-linked benefits, but the trustees appealed to the Supreme Court.“In the BT case, the wording is about whether RPI has become inappropriate,” Scholefield told IPE. “This is much more subjective. It’s a much more principles-based discussion than the issue that the Supreme Court had in [the Barnardo’s] case.”He added that the BT ruling would be “much more significant” for UK pension schemes, because if RPI was deemed to be “inappropriate” as a measure of inflation it could prompt schemes with more flexibility in their rules to move to alternative measures – which could potentially reduce liabilities. The UK Supreme Court has ruled that a charity cannot change the way it calculates inflation-linked uplifts to defined benefit (DB) pension payments.In the landmark ruling yesterday, judges unanimously ruled that children’s charity Barnardo’s could not shift its inflation measure from the UK retail prices index (RPI) to the consumer prices index (CPI). CPI is typically lower, meaning the change would have likely reduced future payouts.However, lawyers said the ruling was unlikely to set a precedent for many other UK schemes as it related to the particular wording of the Barnardo’s scheme rules.Stephen Scholefield, pensions partner at Pinsent Masons, said: “Those who were hoping for a fundamental rubbishing of pension schemes using RPI will be sadly disappointed. As ever, trustees and employers should think carefully about what their schemes rules actually say, even if this might not give the outcome they want.” Credit: Walter Baxter A Barnardo’s shop in Scotland“This is a rule of which the drafting is likely to have evolved over time. This means that some members will be entitled to RPI, some CPI, and some may be subject to a change to the index either at the discretion of the trustees, the employer, or both.”According to the judgment, the rules of the £688m (€790m) Barnardo’s scheme defined RPI as “the General Index of Retail Prices published by the Department of Employment or any replacement adopted by the trustees without prejudicing approval”.The rules also stated that pension payments should be increased in line with RPI “with an appropriate restatement… if the retail prices index has been replaced or rebased during the period”.The judges ruled that this meant the trustees could only move away from RPI if it was formally removed as a measure of inflation by the government. Although it is used less often than other measures, RPI remains an official UK statistic.A bigger case on the horizoncenter_img Jane Kola, partner at ARC Pensions Law, said: “The decision confirms that the index to be used to increase benefits in both deferment and in retirement depends on the exact wording of scheme rules as they apply to members.“There is no hard and fast rule that schemes can or can’t change their index. Schemes need to ensure that they have looked at all of their rules, not just the last set.last_img read more

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Camp Hill home sells under the hammer for $1.22m due to block size

first_imgThe home at 16 Halland Tce, Camp Hill, sold for $1,220,000.THE Camp Hill market is still proving hot with this modest Queenslander selling under the hammer for $1,220,000.Savvy investors bought the 16 Halland Tce property 40 years ago, but preferred not to disclose how much they paid for it.Place Bulimba lead agent Joanna Gianniotis said the auction was fast-paced, with seven registered bidders on the day.“There was an opening bid of $800,000 and the bids kept coming without stalling until reaching the final figure of $1,220,000,” Ms Gianniotis said. More from newsCrowd expected as mega estate goes under the hammer7 Aug 2020Hard work, resourcefulness and $17k bring old Ipswich home back to life20 Apr 2020The kitchen at 16 Halland Tce, Camp Hill.The home eventually sold to a professional couple who plan to renovate the residence, which was built in 1930.Ms Gianniotis said they were experiencing a shift in buyers moving away from smaller blocks, which was driving prices for bigger properties.“There is a huge demand for larger blocks, because we’re entering an era of families wanting to live back on larger blocks,” Ms Gianniotis said.“This home drew a lot of attention because of the sheer size of the block. It’s just so hard to get a 810sq m block.“And there are a lot of families out there looking to build their dream home.”Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 10:02Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -10:02 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD432p432p270p270p180p180pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenJune, 2018: Liz Tilley talks prestige property10:02last_img read more

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This waterfront suburb is chalking up the big deals with another home selling for more than $3 million

first_imgThe impressive entrance to 27 Piermont Place, Raby Bay.The home featured heavily in the realestate.com.au’s most viewed property listings in Queensland and was viewed on social media thousands of times.It has an impressive front entrance, which leads through to open plan living areas which flow through to a large alfresco dining area.There is also an outdoor kitchenette with bar fridges and ample bench space.The property also has an infinity pool on the canal side of the property. And beautiful landscaped gardens. 27 Piermont Place, Raby Bay has sold for $3.5 million.RABY Bay is continuing to chalk up the big deals with another multi-million sale done.A five-bedroom house at 27 Piermont Place, Raby Bay has sold in a deal worth $3.5 million. It follows a sale last month at 6 Sentinel Court, for $3.55 million. And the bedroom.“I sell a lot of luxury homes all over Brisbane this home stands out, it is just perfectly designed and perfectly built, it is just exceptional.’’Mr Juresic said Raby Bay was emerging as a luxury property precinct. More from newsParks and wildlife the new lust-haves post coronavirus16 hours agoNoosa’s best beachfront penthouse is about to hit the market16 hours agoThe kitchen has views out across the canal.It was marketed through Emil Juresic and Ben Stanton of NGU Real Estate in conjunction with Josh Sherwood.center_img There’s a home cinema. Even the pool has water views.Mr Juresic said the home was built only two years ago, but the owners had decided to move.The buyers came from Perth and Mr Juresic said they intended to make it their home as they had relatives in the area. “I think a lot of people are discovering what a beautiful hidden place in Brisbane, Raby Bay is,’’ he said.“It is just phenomenal, you can buy properties for good value, 30 to 35 minutes away from Brisbane.’’last_img read more

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Star Bulk Nabs 16-Strong Bulker Fleet

first_imgDry bulk shipping company Star Bulk Carriers Corp. has entered into a deal to acquire 16 vessels from entities affiliated with Augustea Atlantica SpA and York Capital Management in an all-share transaction.The 16-strong fleet includes five Newcastlemaxes / Capesize vessels, two Mini Capesize vessels, eight Post Panamax / Kamsarmax vessels and one Ultramax vessel of 4.5 years of average age, built mainly in Japan and Korea.Under the terms of the acquisition, Star Bulk has agreed to issue approximately 10.5 million common shares to the sellers, equal to approximately 14.1 pct of Star Bulk’s common shares after the closing of the acquisition.In addition, the Athens-based shipowner will assume debt of USD 310 million.The consideration to be paid will be determined based on the average vessel valuations by independent vessel appraisers and is subject to adjustments for cash, debt and capex on the closing date, the company explained.As informed, an entity affiliated with family members of the company’s CEO, Petros Pappas, is a passive minority investor in three of the 16 acquired vessels. “ Combined with attractive bank financing, we believe that the transaction will be accretive to our shareholders. Star Bulk will continue to be a consolidator in the dry bulk industry,” Petros Pappas, Chief Executive Officer of Star Bulk, commented.“The vessels will be acquired by a non-recourse fully-owned subsidiary of Star Bulk. Upon completion of the transaction, it is expected that Mr. Raffaele Zagari will join the Board of Directors of Star Bulk. I am confident that Raffaele with his 25 years of shipping experience, will be a valuable asset in the development of our company.” The acquisition is expected to be consummated in the second quarter of 2018 and remains subject to the execution of definitive finance agreements and customary closing conditions.The technical management of the 16 vessels will remain with an entity affiliated with Augustea Atlantica, while commercial management will be taken over by Star Bulk.On a fully delivered basis, Star Bulk will have a fleet of 90 vessels, with an aggregate capacity of 10.2 million dwt.last_img read more

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1 Injured in Franklin County Accident

first_imgFRANKLIN COUNTY, Ind. — One person was injured in a single vehicle accident in Franklin County on Wednesday.The Franklin County Sheriff’s Department responded to a 911 call regarding a personal injury crash just after 8:00 AM on Johnson Fork Road near Snow Hill Road.A vehicle being driven by Jeffery Offill, 55, of West Harrison, IN, was traveling southbound on Johnson Fork Rd.The vehicle left the west side of the roadway striking a cement drainage structure, causing the vehicle to roll over.The vehicle eventually came to rest on its passenger side in a creek.Offill was transported by ambulance to the University of Cincinnati hospital.last_img

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Merrell E. Webster, 72, Versailles

first_imgMerrell E. Webster, 72, of Versailles passed away at 12:40pm, Saturday, September 15, 2018 at his home. He was born at home on Plum Creek near Vevay in Switzerland County on December 11, 1945 the son of Melvin and Edna Scudder Webster. He was married to Jeraldine Otte on September 16, 1965 and his wife of 53 years survives. Other survivors include one son Michael (Sally) Webster of Versailles; one daughter Marsha (Tad) Brinson of Versailles; six grandchildren Erin (Jay) Hooten of Versailles, Sarah (Kevin) Swinney of Versailles, Emily (Levi) Speer of Holton, Jacob Brinson of Holton, Kelsey Brinson of Cleves, Ohio, and Abby Brinson of Versailles; 4 great-grandchildren; one sister Martha Riley of Madison; sister-in-law Millie Webster of Osgood and brother-in-law Tom Riley of Osgood. He was preceded in death by his parents, and his brother Damon Webster. Mr. Webster was a 1965 graduate of Cross Plains High School. Merrell played for the Wildcats basketball team and was named to the Ripley County all-star team his senior year. He was a former employee of Cummins Engine in Columbus, Bruns-Gutzwiller Construction in Batesville, and had also worked for Berry Materials in Versailles. Merrell also drove a bus for the South Ripley Schools and served four years on the South Ripley School Board, but his main occupation was being a farmer. He enjoyed rabbit hunting as well as fishing and was an avid fan of the Indianapolis Colts, Cincinnati Bengals, Cleveland Browns, and the Kentucky Wildcats. Merrell served six years with the US Army Reserves and was also a member of the St. Paul Lutheran Church at Olean. Funeral services will be held on Wednesday, September 19th at 11am at the Stratton-Karsteter Funeral Home in Versailles with Randy Thieman, minister of the Versailles Church of Christ officiating. Burial will be in the St. Paul Lutheran Cemetery at Olean. Visitation will be on Tuesday from 4pm to 8pm. Memorials may be given to the St. Paul Cemetery in care of the funeral home.last_img read more

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