
Walkersville cuts stormwater projects, uses money from savings to fill budget gap
The town's commissioners voted 4-1 Wednesday night to approve the fiscal year 2026 budget, which begins July 1.
The budget keeps the town's property tax rate of 14 cents per $100,000 of assessed value the same.
Commissioners Tom Gilbert, Betsey Whitmore Brannen, Russ Winch, and Chris Ragen voted in favor of the budget, with Commissioner Bob Yoder opposed.
Yoder said he opposed the proposal because the town should have looked at other expenses to eliminate rather than continuing to take money from savings.
The commissioners had faced a $921,548 deficit to balance the town's proposed $6.2 million budget.
The proposed budget had $2 million for the town's agreement with the Maryland State Police to provide police protection for the town.
But the latest estimate from Maryland State Police was $1.83 million, Town Manager Sean Williams said.
After including $70,000 to cover possible overtime costs for the troopers, the additional savings could provide $100,000 in savings, Williams said.
The commissioners also voted to eliminate $400,000 out of a proposed $500,000 in stormwater projects, and put the money toward the deficit.
Many of the stormwater projects are still in the administrative or developmental stages, and the $500,000 isn't likely to be spent in the upcoming fiscal year, Williams said.
The town will transfer $421,548 from about $5.8 million in available savings to cover the rest of the deficit.
Yoder, who was elected to the board in September, criticized the decision to draw from savings, pointing to the town's 'astronomical' payments for police and almost $1.2 million in capital projects.
The town cannot continue to spend more than it takes in, he said.
'We have to make decisions now, and stop kicking the can down the road,' he said.
Former Commissioner Mary Ann Brodie-Ennis was the only member of the public to speak at a public hearing before the budget vote, and expressed concern about taking money from reserves again.
Brodie-Ennis, who lost her re-election bid in the September election, said she was also concerned last year, when the commissioners voted to take $1.3 million from savings.
Commissioner Tom Gilbert said he shares some concerns about dipping into savings to fill out the budget, and thinks the town will soon have to look at increasing its tax rate.
Winch said that, of all of the municipalities in Maryland, Walkersville's tax rate is the 16th lowest in the state.
Looking at the town's needs and growth, its expenses will continue to increase, he said.
'I think we've hit that point where we're going to have to have a step increase in taxes,' he said.
Whitmore Brannen said she agreed with Yoder that the town will have to look at cutting some capital expenses.
Ragen noted that the town voted last year to raise water rates by 20% that year and 3% each of the next four years.
After the budget vote, the commissioners approved a motion by Yoder to form a subcommittee to talk about the future of public safety in the town.
The vote was 4-1, with Gilbert, Whitmore Brannen, Ragen, and Yoder in support and Winch opposed.
Winch said the town knows its options: stay with MSP, create its own police force, or sign a contract with the Frederick County Sheriff's Office for police coverage.
Burgess Chad Weddle agreed that the town has examined the issue three or four times over the years.
'We've looked at various things at different times,' he said.
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"Cybersecurity is a clear 2nd/3rd derivative play on the AI Revolution with PANW in the driver's seat to gain market/mind share in the cybersecurity landscape," Wedbush analyst Dan Ives wrote in a note ahead of earnings. Ives added, "the continued shift to the cloud [is] putting the company in a strong position to accelerate deal flow as more strategic enterprise AI projects take hold over the coming year." Goldman's Kostin says S&P 500 earnings surge past expectations Bloomberg reports: Read more here. Bloomberg reports: Read more here. Walmart, Target quarterly results on deck next week The focus turns to retailers next week as heavyweights Walmart (WMT), Target (TGT), Lowe's (LOW), and Home Depot (HD) report results. Investors will be listening for changes in consumer behavior as tariffs and inflation remain top concerns for households. Earlier this earnings season, Amazon CEO Andy Jassy noted that the company wasn't seeing diminishing demand or meaningful price increases. Similarly, Mastercard CEO Michael Miebach said consumer spending remains healthy. However, recent data showed retail sales rose by less than expected in July. And some companies, particularly fast-casual restaurants, noted their customers were pulling back. With that mixed picture in the backdrop, the earnings calendar next week should provide additional insights from some of the big brands Americans shop. Here's what's on deck: Monday Palo Alto Networks (PANW), Blink Charging (BLNK) Tuesday Home Depot, Xpeng (XPEV), Medtronic (MDT), La-Z-Boy (LZB), Toll Brothers (TOL) Wednesday Target, Lowe's, Baidu (BIDU), TJX Companies (TJX), Estée Lauder (EL) Thursday Walmart, Intuit (INTU), Zoom Communications (ZM), Workday (WDAY), Ross Stores (ROST) Friday BJ's Wholesale (BJ) The focus turns to retailers next week as heavyweights Walmart (WMT), Target (TGT), Lowe's (LOW), and Home Depot (HD) report results. Investors will be listening for changes in consumer behavior as tariffs and inflation remain top concerns for households. Earlier this earnings season, Amazon CEO Andy Jassy noted that the company wasn't seeing diminishing demand or meaningful price increases. Similarly, Mastercard CEO Michael Miebach said consumer spending remains healthy. However, recent data showed retail sales rose by less than expected in July. And some companies, particularly fast-casual restaurants, noted their customers were pulling back. With that mixed picture in the backdrop, the earnings calendar next week should provide additional insights from some of the big brands Americans shop. Here's what's on deck: Monday Palo Alto Networks (PANW), Blink Charging (BLNK) Tuesday Home Depot, Xpeng (XPEV), Medtronic (MDT), La-Z-Boy (LZB), Toll Brothers (TOL) Wednesday Target, Lowe's, Baidu (BIDU), TJX Companies (TJX), Estée Lauder (EL) Thursday Walmart, Intuit (INTU), Zoom Communications (ZM), Workday (WDAY), Ross Stores (ROST) Friday BJ's Wholesale (BJ) With Nvidia's Q2 earnings in sight, Trump deal could boost outlook Nvidia's (NVDA) deal with President Trump to give the US government a 15% cut of H20 chip revenue in China adds an interesting wrinkle to the company's earnings. China has responded by urging companies not to use the chips. Yahoo Finance's Daniel Howley writes that the payment, which could face legal challenges, won't show up in Nvidia's Q2 report but could boost its Q3 outlook if the administration moves quickly. Howley notes: Read more here. Nvidia's (NVDA) deal with President Trump to give the US government a 15% cut of H20 chip revenue in China adds an interesting wrinkle to the company's earnings. China has responded by urging companies not to use the chips. Yahoo Finance's Daniel Howley writes that the payment, which could face legal challenges, won't show up in Nvidia's Q2 report but could boost its Q3 outlook if the administration moves quickly. Howley notes: Read more here. McGraw Hill posts profitable quarter in first post-IPO earnings report McGraw Hill (MH) stock gained 2% after reporting its first quarterly results since going public. It traded around $13.61 on Thursday afternoon. In July, shares opened at $17 apiece in the company's IPO. Total revenue increased 2.4% year over year to $535.7 million. The education solutions company also swung to a $0.5 million profit, compared to its $9.4 million loss a year ago. Market share gains, enrollment, and continued demand for digital learning solutions fueled the higher education business, which saw revenue jump 14.1% year over year. Revenue for the K-12 segment, however, declined 1.4%. These two business units make up the bulk of McGraw Hill's business. The smaller international business noted weakness, with an 11.7% decrease in revenue, while sales in the global professional business held steady. For 2026, McGraw Hill sees revenue in a range of $1.98 billion to $2.04 billion. Listen to the earnings call here. McGraw Hill (MH) stock gained 2% after reporting its first quarterly results since going public. It traded around $13.61 on Thursday afternoon. In July, shares opened at $17 apiece in the company's IPO. Total revenue increased 2.4% year over year to $535.7 million. The education solutions company also swung to a $0.5 million profit, compared to its $9.4 million loss a year ago. Market share gains, enrollment, and continued demand for digital learning solutions fueled the higher education business, which saw revenue jump 14.1% year over year. Revenue for the K-12 segment, however, declined 1.4%. These two business units make up the bulk of McGraw Hill's business. The smaller international business noted weakness, with an 11.7% decrease in revenue, while sales in the global professional business held steady. For 2026, McGraw Hill sees revenue in a range of $1.98 billion to $2.04 billion. Listen to the earnings call here. Quantum Computing stock slips as losses accelerate Quantum Computing (QUBT) CEO Yuping Huang said that the company continued to make progress in growing commercial traction in the second quarter, but the industry is still focused on reaching technology milestones. Second quarter revenue totaled approximately $61,000, compared to $183,000 in the same period a year ago. The company reported a net loss of $36.5 million, or $0.26 per share. In Q2 2024, Quantum Computing posted a net loss of $5.2 million, or $0.06 per share. Quantum Computing stock fell 2.3% after hours in what's been a whipsaw year for quantum stocks. In June, the stock spiked 25% in one day after Nvidia CEO Jensen Huang said quantum computing "is reaching an inflection point." But the industry is still in its infancy. The other big quantum player, Rigetti Computing (RGTI), reported a technology breakthrough in its recent results but also big losses. "We are talking of a market that's hundreds of billions of dollars a decade or two from now," Rigetti CEO Subodh Kulkarni told Market Domination Overtime. "But right now, we are clearly in the R&D stage. We clearly need to perfect the technology to get to that big milestone in about four years, which we call quantum advantage." Read more about quantum computing here. Quantum Computing (QUBT) CEO Yuping Huang said that the company continued to make progress in growing commercial traction in the second quarter, but the industry is still focused on reaching technology milestones. Second quarter revenue totaled approximately $61,000, compared to $183,000 in the same period a year ago. The company reported a net loss of $36.5 million, or $0.26 per share. In Q2 2024, Quantum Computing posted a net loss of $5.2 million, or $0.06 per share. Quantum Computing stock fell 2.3% after hours in what's been a whipsaw year for quantum stocks. In June, the stock spiked 25% in one day after Nvidia CEO Jensen Huang said quantum computing "is reaching an inflection point." But the industry is still in its infancy. The other big quantum player, Rigetti Computing (RGTI), reported a technology breakthrough in its recent results but also big losses. "We are talking of a market that's hundreds of billions of dollars a decade or two from now," Rigetti CEO Subodh Kulkarni told Market Domination Overtime. "But right now, we are clearly in the R&D stage. We clearly need to perfect the technology to get to that big milestone in about four years, which we call quantum advantage." Read more about quantum computing here. Applied Materials stock sinks as policy uncertainty weighs on Q4 guidance Applied Materials (AMAT) recorded an earnings beat for the July quarter but said that the "dynamic" policy environment is creating uncertainty for the business. That led the chip equipment maker to issue a revenue forecast of $6.7 billion for the fourth quarter, below what the Street was expecting. 'We are expecting a decline in revenue in the fourth quarter driven by both digestion of capacity in China and nonlinear demand from leading-edge customers given market concentration and fab timing,' CFO Brice Hill said. 'We are navigating and adapting to the near-term uncertainties by leveraging our robust supply chain, global manufacturing footprint and deep customer relationships.' The company, whose clients include Taiwan Semiconductor and Intel, posted record revenue of $7.30 billion in Q3, up 8% year over year, surpassing estimates for $7.2 billion. Earnings per share of $2.48 also beat estimates by $0.12. Applied Materials stock fell 11% in after-hours trading. Read more here. Applied Materials (AMAT) recorded an earnings beat for the July quarter but said that the "dynamic" policy environment is creating uncertainty for the business. That led the chip equipment maker to issue a revenue forecast of $6.7 billion for the fourth quarter, below what the Street was expecting. 'We are expecting a decline in revenue in the fourth quarter driven by both digestion of capacity in China and nonlinear demand from leading-edge customers given market concentration and fab timing,' CFO Brice Hill said. 'We are navigating and adapting to the near-term uncertainties by leveraging our robust supply chain, global manufacturing footprint and deep customer relationships.' The company, whose clients include Taiwan Semiconductor and Intel, posted record revenue of $7.30 billion in Q3, up 8% year over year, surpassing estimates for $7.2 billion. Earnings per share of $2.48 also beat estimates by $0.12. Applied Materials stock fell 11% in after-hours trading. Read more here. Earnings and revenue beats lift Dillard's stock Dillard's (DDS) stock rose 7% on Thursday after the department store chain reported revenue and profit beats for the quarter. Net income fell to $72.8 million compared to $74.5 million a year ago, but earnings per share rose $0.07 year over year after the Arkansas-based company bought back stock. Revenue of $1.53 billion beat Wall Street estimates of $1.52 billion, according to S&P Global Market Intelligence. Earnings per share of $4.66 also topped estimates of $4.00 per share. Total retail sales were flat, with strength in juniors' and children's apparel as well as ladies' accessories and lingerie. The weakest performing category was home and furniture. Other major retailers, including Walmart (WMT), Target (TGT), and Macy's (M), will report second quarter results in the coming weeks, providing a more in-depth look into consumer spending habits. Dillard's stock is up 23% year to date. It has climbed 78% since its April 8 low. Dillard's (DDS) stock rose 7% on Thursday after the department store chain reported revenue and profit beats for the quarter. Net income fell to $72.8 million compared to $74.5 million a year ago, but earnings per share rose $0.07 year over year after the Arkansas-based company bought back stock. Revenue of $1.53 billion beat Wall Street estimates of $1.52 billion, according to S&P Global Market Intelligence. Earnings per share of $4.66 also topped estimates of $4.00 per share. Total retail sales were flat, with strength in juniors' and children's apparel as well as ladies' accessories and lingerie. The weakest performing category was home and furniture. Other major retailers, including Walmart (WMT), Target (TGT), and Macy's (M), will report second quarter results in the coming weeks, providing a more in-depth look into consumer spending habits. Dillard's stock is up 23% year to date. It has climbed 78% since its April 8 low. Advance Auto Parts stock sinks 14% on gloomy financial outlook Advance Auto Parts (AAP) stock sank 14% on Thursday morning after issuing a downbeat profit forecast. The Raleigh, N.C.-based company beat Wall Street's earnings estimates but lowered its full-year earnings per share outlook to $1.20-$2.20 from its previous range of $1.50-$2.50. Advance Auto Parts attributed this change to a higher net interest expense related to its recent senior notes offering. In the earnings call, executives noted that approximately 40% of the company's cost of goods is exposed to tariffs at a blended rate of 30%. During the quarter, Advance Auto Parts saw lower transactions but higher tickets, as prices increased by 2%. The company noted that its competitors are also raising prices in a similar fashion. "If you look at the maybe lower to mid-income cohorts, they are more pressured than others right now," CFO Ryan Grimsland said about the price impacts of tariffs. "The wages aren't necessarily fully keeping up with some of the inflation that's in there. And so there are trade-offs that they're making. And we're still seeing that. It'd be interesting to see how that plays out in the back half of the year." Advance Auto Parts (AAP) stock sank 14% on Thursday morning after issuing a downbeat profit forecast. The Raleigh, N.C.-based company beat Wall Street's earnings estimates but lowered its full-year earnings per share outlook to $1.20-$2.20 from its previous range of $1.50-$2.50. Advance Auto Parts attributed this change to a higher net interest expense related to its recent senior notes offering. In the earnings call, executives noted that approximately 40% of the company's cost of goods is exposed to tariffs at a blended rate of 30%. During the quarter, Advance Auto Parts saw lower transactions but higher tickets, as prices increased by 2%. The company noted that its competitors are also raising prices in a similar fashion. "If you look at the maybe lower to mid-income cohorts, they are more pressured than others right now," CFO Ryan Grimsland said about the price impacts of tariffs. "The wages aren't necessarily fully keeping up with some of the inflation that's in there. And so there are trade-offs that they're making. And we're still seeing that. It'd be interesting to see how that plays out in the back half of the year." Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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Trump has pledged to ‘lead a movement to get rid of' voting by mail. Will Utah be a target?
Eva Przybyla, front, and Nicholas Wells process ballots at the Salt Lake County Government Center in Salt Lake City on Election Day, Tuesday, Nov. 5, 2024. (Photo by Spenser Heaps for Utah News Dispatch) President Donald Trump this week vowed to 'lead a movement to get rid of' voting by mail ahead of the 2026 midterm elections. 'WE WILL BEGIN THIS EFFORT, WHICH WILL BE STRONGLY OPPOSED BY THE DEMOCRATS BECAUSE THEY CHEAT AT LEVELS NEVER SEEN BEFORE, by signing an EXECUTIVE ORDER to help bring HONESTY to the 2026 Midterm Elections,' the president said in a post on Truth Social Monday. Trump, who has long opposed voting by mail, continued to claim, without evidence, that it's fraught with fraud. Utah has been the only red state among eight that have conducted universal by-mail elections, including six Democratic strongholds and one swing state — a fact that some conservatives here have balked at, while others have defended the state's by-mail system as a popular, convenient and safe voting method. After Trump's post, Utah's top election official, Lt. Gov. Deidre Henderson, a Republican, issued a short statement on social media without addressing the president directly. Utah Legislature approves bill to require voter ID, phase out automatic voting by mail by 2029 'The constitutional right of individual states to choose the manner in which they conduct secure elections is a fundamental strength of our system,' Henderson said. The president, however, asserted that states should do what the federal government wants. 'Remember, the States are merely an 'agent' for the Federal Government in counting and tabulating the votes,' Trump said. 'They must do what the Federal Government, as represented by the President of the United States, tells them, FOR THE GOOD OF OUR COUNTRY, to do.' Another high-ranking Republican and member of GOP legislative leadership — Senate Majority Assistant Whip Mike McKell, R-Spanish Fork — disagrees. McKell told Utah News Dispatch in an interview Tuesday that, like Henderson said, states have the right to choose how to administer their elections, and that he'd push back on an effort to completely undo voting by mail. 'In Utah, we're in a good place. I think there's strong support for vote by mail. There's also strong support for security,' McKell said. He added that's 'the needle we tried to thread' earlier this year when the 2025 Utah Legislature passed a bill that he sponsored to require voter ID and eventually phase out automatic voting by mail in this state by 2026. The aim of that bill, he said, was to preserve voting by mail as an option for Utah voters while also adding a new layer of security. Even though local polls have shown a vast majority of Utahns remain confident in their elections, Gallup polling shows trust nationally has decreased especially among a faction of Republican voters since 2006 as elections have become more polarized. After Trump lost the 2020 election, he ramped up rhetoric to cast doubt on election security and voting by mail. Asked about Trump's comments this week, McKell reiterated it's a matter of states rights. SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX 'It is a federalism issue,' he said. 'If it's not enumerated in the (U.S.) Constitution, it's reserved for the states. That's article 10. I think states have the right to dictate how they run their elections.' McKell also defended Utah's track record as a state that has used voting by mail for years, starting with optional pilot programs that counties opted into before moving to universal voting by mail. 'In the state of Utah, Republicans have done really well with vote by mail. We elect Republicans,' he said, also noting that Trump in 2024 won the red state handily. 'There's generally broad support for vote by mail, especially among rural voters and elderly voters in Utah.' He added that 'it's OK if there's some tension between the federal government and state government,' but he argued the Constitution clearly reserves elections for states to control and administer. Pressed on how he'd respond to pressure from the Trump administration to get rid of voting by mail, McKell said, 'I would resist a movement that didn't originate in the state,' adding that he responds to his constituents, not the federal government. 'If there's a movement to change vote by mail, it needs to come from — it must come from — the state,' he said. 'It's a state issue. The states need to be in control of their own elections. Right now, I don't feel like there's a reason to eliminate vote by mail. I think we do a good job.' Utah election audit finds no 'significant fraud,' but raises concern over voter roll maintenance Not all Republicans in Utah embrace voting by mail, however, Earlier this year, McKell's bill was the result of a compromise between the House and Senate to more drastically restrict the state's universal vote-by-mail system. Asked whether Trump's comments could further inflame skepticism around the security of voting by mail in Utah, McKell said it's nothing new. 'We saw these comments before, and even going into the last legislative session, there were folks that opposed vote by mail.' But McKell said multiple state audits 'have shown that our elections are safe and secure,' while legislators have also made efforts to continually improve the system where issues have cropped up, like in voter roll maintenance. It remains to be seen whether Trump's comments could fan some Republican lawmakers' appetite to go after voting by mail during their next general session in January, but McKell said typically every year there's a slew of election bills for legislators to sort through. Asked whether he plans to make any tweaks to his 2025 bill, McKell said he's still talking with clerks about any possible changes. 'I feel like we did strike a really appropriate balance, but that doesn't mean we shouldn't look at ways to make it better,' he said, adding that he doesn't have any specific proposals yet, 'but that could change as we get closer to the legislative session.' SUPPORT: YOU MAKE OUR WORK POSSIBLE