April 26, 2013 |
Pension funds are probably not among the top five worries for most nonprofit hospital executives, but a Standard & Poor's report this week showed a negative trend that could be trouble for financially struggling hospitals. The pension funds in the S&P study had, on average, 69.4 percent of the money they needed to meet their future pension obligations in fiscal 2012, down from 72.6 percent the year before and down from 90 percent in 2007. Most of last year's drop was caused by a decline in the rate used to adjust future obligations for the expected growth in investment values, the S&P said.
March 3, 2013
Gov. Christie's $32.9 billion budget shows sincere concern for New Jersey's most vulnerable citizens and continues his efforts to stabilize finances, but it disappoints on the environment and education. Christie swallowed his partisan pride and agreed to expand Medicaid, offered new housing for the disabled, and bolstered his efforts to treat, rather than incarcerate, nonviolent drug offenders. But the governor needs to push his compassion up a notch by restoring the earned income tax credit for low-income workers and agreeing to increase the state's minimum wage by more than the dollar he proposed.
February 17, 2013
In the Region Philly airport gets state cash Philadelphia International Airport said Friday that it has been awarded a $5.1 million state grant to make upgrades to airport mechanical facilities and airfield taxiways. Gov. Corbett announced the grants to 10 Pennsylvania airports for safety enhancements and improvements. The funds, approved by the State Transportation Commission, came from the Pennsylvania capital budget. - Linda Loyd AARP opposes utility plan AARP Pennsylvania announced it will oppose changes approved Thursday by a unanimous Pennsylvania Public Utility Commission that it says will make default electricity service more volatile and costly.
February 9, 2013 |
Philadelphia schools and the municipal pension fund would get at least $2 million a year if Penn National Gaming Inc. succeeds in its bid to build a South Philadelphia casino, Steve Snyder, senior vice president of corporate development, told City Council on Thursday. For the first time, officials of the Wyomissing, Pa., gaming company publicly spelled out its unique casino proposal - one of six under consideration by the state's Gaming Control Board for the city's second gaming license.
February 8, 2013 |
Philadelphia schools and the municipal pension fund would get at least $2 million a year if Penn National Gaming Inc. succeeds in its bid to build a South Philadelphia casino, Steve Snyder, senior vice president of corporate development told City Council members Thursday. For the first time, officials for the Wyomissing, Pa. gaming company publicly spelled out its unique casino proposal - one of six now under consideration by the state's Gaming Control Board for the city's second gaming license.
February 4, 2013
Politics becomes amusing when liberalism becomes theatrical with high-minded gestures. Chicago's government, which is not normally known for elevated thinking, is feeling so morally upright and financially flush that it proposes to rise above the banal business of maximizing the value of its employees' and retirees' pension-fund assets. Although seven funds have cumulative unfunded liabilities of $25 billion, Chicago will sacrifice the growth of those assets to the striking of a political pose so pure it is untainted by practicality.
January 25, 2013 |
Philadelphia's pension board voted unanimously Thursday to ask all the gun manufacturers, distributors, and retailers with which it has invested $15 million in city pension money to adopt a set of eight "Sandy Hook Principles" designed to reduce gun violence. The board established procedures to track compliance, and committed the pension system to dump gun-related investments within 15 months if the companies fail to comply. Among other items, the city wants the companies to support a federal system requiring background checks on all gun and ammunition sales and transfers; sales and possession restrictions to keep guns away from children, criminals and those with mental health issues; and a pledge to "reevaluate policies on sale, production, design or conversion of military-style assault weapons for use by civilians.
January 17, 2013 |
"We're going to build a big company," says Michael Phelan , the Chester County native whose six-year-old, Wilmington-based software firm, SevOne Inc. , has helped Comcast, Credit Suisse, Lockheed Martin, smartphone-makers, and other giants view, fix, and manage world-circling computer systems. SevOne said Tuesday that it has landed a fat $150 million investment from backers led by Boston-based Bain Capital - presidential candidate Mitt Romney's old firm - which counts Domino's Pizza , Gartner Group , and Sports Authority among its successes.
January 9, 2013
EVERY NEW superintendent releases a plan soon after taking office - a blueprint for how things will be different this time as he attempts to turn around our struggling schools. Superintendent William Hite's action plan for city schools, released Monday, calls for higher SAT scores, early literacy and placement of more students in advanced math. But his plan has something that recent superintendents haven't included in theirs: an acknowledgment that money is a problem. As he explains, "The School District of Philadelphia does not have the luxury to set its education agenda without regard for financial implications and sustainability, nor can it be successful if financial decisions are divorced from educational impact.
January 3, 2013 |
PROVIDENCE, R.I. - In Philadelphia, pension costs doubled in a single decade. Cities in Rhode Island dimmed streetlights, raised taxes and put off road repairs. Stockton, Calif., fell into bankruptcy. Unpaid bills from decades of retirement promises made to public workers, combined with a lackluster economy and steep Wall Street losses, have built up a financial mountain that threatens to overwhelm budgets and operations in cities and counties across the country. While it hasn't gotten the attention of the "fiscal cliff" in Washington, the pension crisis at City Hall could have similar effects as mayors are forced to raise taxes, cut government services or renege on retirement promises made to police officers, firefighters, teachers and other public workers.