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Aug042013

City of Miami hires county finance staff to stabilize troubling budget issues








Premier car cos bet high on finance offers to push sales






CHARLES RABIN / MIAMI HERALD STAFF crabin@MiamiHerald.com When Daniel Alfonso was named Miamis budget director in August 2011, he was greeted with a bare-bones city budget composed of a few pages of numbers a far cry from the 300-page spending breakdowns most cities offer residents. Thats basically what I was given, a spreadsheet, said Alfonso, now the citys chief financial officer. Im looking at the spreadsheet and all I could say was, wow. The city was the target of a federal investigation into its finances after years of debilitating budget deficits that cut reserves razor thin. Employee salaries and benefits were being slashed to balance the books, and top financial administrators were leaving at a furious pace.







Michigan Finance Authority revenue notes rates SP-1 -S&P






The schools' management said it ended fiscal 2013 with a $6 million deficit but expects to report a surplus of approximately $6 million in 2014 due to school closures and possible midyear budget cuts, S&P said. "The rating reflects a pledge of all state aid to be appropriated by the state of Michigan to the Detroit Public Schools starting with fiscal 2014," the rating company said. The Detroit Public Schools enrollment could fall by as much as 33 percent, and state aid will be sufficient to cover debt service, according to S&P.








Miami

Under Bullet finance, the customer has to pay a normal EMI for the 11 months of the year and a comparatively bigger amount at the year-end. The idea is to make him able to pay a higher sum when his company makes profit at the year end. Similarly, under Balloon finance, the customer has to pay a lump sum amount at the last EMI. Finance options are available at Mercedes too through its own finance arm, Daimler Finance.




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Aug042013

GE Capital Retail Finance Celebrates 80 Years of Consumer Financing








Finance Ministry launches manual on composite budgeting




Ministry of Finance

GE Capital is one of the worlds largest providers of credit. For over one million businesses, large and small, GE Capital provides financing to purchase, lease and distribute equipment, as well as capital for real estate and corporate acquisitions, refinancings and restructurings. For our 100+ million consumer customers, GE Capital offers credit cards, sales finance programs, home, car and personal loans and credit insurance. For more information, visit www.gecapital.com or follow company news via Twitter @GECapital . GE ( GE ) works on things that matter.







Serbian PM moves to oust finance minister, risking election






Dacic said the offer fell short. "Economy and finance are the most important issues for the future of Serbia and we need an additional impetus here," he said. "We have no time for mistakes." In response, Dinkic accused Dacic of "pure politicking" to cement his own position as premier. The nationalist SNS is riding high in opinion polls and stands to gain the most from a new election, which would likely cement its dominance of the Serbian political scene.










Also, the composite budget is to see to the effective allocation of resources to enhance service delivery of the various MMDAs. At the maiden conference for MMDA budget officers in Accra, a Deputy minister of finance, Mr Kwaku Ricket Hagan, explained that the various reforms by the ministry was to deal with challenges of public financial management to put such systems on a sound footing and propel the country for growth and also move it from the present low middle income status into a higher middle income bracket. He said the government was committed to ensuring that resources for decentralised functions were transferred through the composite budget process to MMDAs to improve service delivery. I assure you that government is taking the necessary steps to ensure that resources are disbursed in a more predictable and timely manner, he said.




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