Latest news with #GeneralFund
CBS News
2 hours ago
- Business
- CBS News
Maryland sports wagering brings in $7.2 million for state in July
Maryland's sports wagering market generated $7.25 million in state contributions in July, according to Maryland Lottery and Gaming. During the month sports betters wagered more than $364,075,296, and won back $319,514,522 in prizes. Mobile betting dominated the market, accounting for $357.5 million in wagers compared to $6.55 million at retail sportsbooks. In July, $5.47 million went to the Blueprint for Maryland's Future Fund, which supports public education, and $1.78 million from mobile wagering was directed to the state's General Fund. Last month, sport wagering operators began paying a higher tax rate to the state. Retail operators pay 15% of their taxable win to the Blueprint Fund. Mobile operators pay 15% to the Blueprint Fund plus 5% to the General Fund, for a combined rate of 20%. Since sports wagering launched in December 2021, Maryland has collected $182.85 million for the Blueprint Fund and $1.78 million for the General Fund. The state has also received $4.67 million from expired prizes, which are allocated to the Problem Gambling Fund. The Blueprint was originally passed by the Maryland General Assembly in 2021 to reform education funding and support schools with high poverty and underserved students. In March, Maryland's House of Delegates voted to change parts of the 10-year education plan, which is funded through fiscal year 2027, but projected to cause a $1.1 billion deficit in 2028. Democratic leaders said their version protects a long-term education plan that's starting to pay off during a crucial time for public schools, the Banner reported. The Banner said the legislation no longer carries some of the reforms sought by Moore, including a multi-year pause on a plan to increase planning time for teachers. Delegates opted for only a one-year pause instead. According to the Banner, state delegates also rejected Moore's proposed cuts to planned increased per-pupil funding for students in poverty and those learning English, and freezing funding levels for community schools which offer extra services to students and their families in high-poverty neighborhoods. Currently, Maryland lawmakers have been working to eliminate a $3 billion budget deficit. In July, Gov. Moore announced a state hiring freeze, voluntary employee buyouts, and the elimination of vacant positions within state government. Maryland's approved budget for fiscal year 2026 introduced new taxes and major reductions in state spending. The plan includes $2.3 billion in cuts.
Los Angeles Times
11 hours ago
- Business
- Los Angeles Times
A second act for empty office space? How skyscrapers in downtown L.A. could ease the housing crisis
The transformation of a sleek, granite-clad office tower on the edge of the 110 Freeway into deluxe apartments is about to begin, and developer Garrett Lee thinks the nearly 40-year-old building can be competitive with downtown L.A.'s much newer upmarket housing. A mock-up of an apartment assembled in the L.A. Care tower on 7th Street reveals high ceilings, tall windows and sweeping views of the city that speak to the appeal of urban living. It could also be a harbinger of what's to become of other fancy office towers. With downtown's office rental market mired in high vacancies and falling values, stakeholders are clamoring for more city support to convert high-rises to housing that would help address the city's persistent housing shortage. Among the suggested targets for conversion are elite Financial District towers that commanded top rents before offices were shut down by COVID-19 pandemic stay-at-home orders, leaving many buildings more than one-third vacant. Failure to make at least some of them into housing could be financially catastrophic for taxpayers, according to a new study commissioned by the Central City Assn. of Los Angeles, a downtown business advocacy group that says the city should consider giving developers financial incentives to convert their buildings. Office values have fallen dramatically in recent sales, and many owners are seeking public reappraisals of their buildings in hope of reducing their property taxes. When assessed values of buildings are reduced, so are the taxes collected by the county and shared with the city, school districts and other public entities. 'Declining assessed values are likely to translate into significant losses in General Fund revenue' for the city, according to the report by BAE Urban Economics, a Berkeley real estate consulting firm. Efforts to create a second act for underused office towers that were the height of corporate prestige a generation ago are part of a larger drama playing out in a financial center that has lost much of its shine in the years since the pandemic started. Restaurants and shops have struggled with the departure of many workers while homelessness and a sense that sidewalks aren't safe have risen and helped lead to the departure of some office tenants. Downtown L.A. has 54 office buildings that are at immediate risk of devaluation and could result in nearly $70 billion in lost value over the next 10 years, the report said, creating a potential loss of $353 million in property tax revenues. Buildings potentially would have more value as apartments or condominiums and could make a dent in expected tax losses. Converting just 10 big office buildings to housing would boost their combined assessed property value over a decade by $12 billion, adding $46 million in tax revenue and creating more than 3,800 residential units, the report said. Meanwhile, demand for housing in downtown L.A. has held steady even as the need for offices has waned. Occupancy in apartments has remained about 90% for more than a year, slightly higher than the level before the pandemic. And unlike most neighborhoods in Los Angeles County, downtown has seen a monumental housing construction boom in recent years. In the last decade, 22% of the new housing in the city has been built downtown, where city planning policies encourage dense development, according to the DTLA Alliance business improvement district. To be sure, downtown will retain its identity as a white-collar business center even as its housing component grows. At 56.5 million square feet, downtown is one of the largest office markets in the country and is an important economic engine for the city, said Nella McOsker, president of the Central City Assn. Business leaders in the association will continue to support efforts to refill office buildings with workers, she said, even as they encourage the conversion of some buildings to housing. 'We're not giving up on folks coming into the office in large numbers,' McOsker said, 'but we need to always evolve.' The BAE Urban Economics report does not identify the 10 buildings used to calculate the financial effects of converting them to housing, but previous discussions of prime candidates have included some of the most prominent towers on the city skyline that were built in the latter part of the 20th century. Among them are 777 Tower and Union Bank Plaza, both on Figueroa Street, and Gas Company Tower at the foot of Bunker Hill near Pershing Square. The list of conversion candidates is confidential because publicizing them might 'put a scarlet letter around their neck' when most are 'actually very good office buildings,' said John Adams, a managing principal at Gensler. The architecture firm selected potential candidates for conversion, which have recently faced financial straits and low occupancy. The Gas Company Tower was sold to Los Angeles County last year for about $200 million, a steep drop from its $632-million valuation in 2020. The 777 Tower traded a year ago for $120 million, a 70% drop from its 2013 sale price, according to real estate data provider CoStar. Union Bank Plaza, a 40-story tower completed in 1967, is an attractive candidate in part because it has a retail complex at the base that would be a good amenity for residents as well as office tenants, Adams said. The 55-story 777 Tower, completed in 1991, was designed by architect César Pelli, who designed some of the world's tallest buildings including the Petronas Towers in Kuala Lumpur, Malaysia. Part of its appeal is that it has separate banks of elevators for different tiers of floors, Adams said, which could make it easier to convert some floors to housing while others remain offices. With renovations, residents could have a separate lobby entrance from office workers. Many early 20th century office buildings downtown have already been converted to apartments and hotels, but housing advocates are now eyeing the newer generation of towers that dominated the office market in the last three decades. Among them are ripe candidates to become residences, mostly built from the 1970s to 1990s, Adams said. Their 'slick glass-and-marble aesthetic' is visually appealing, he said, and they were built in a way that the outer skins can be modified to include balconies and operable windows. 'These towers are hackable,' Adams said. The city is close to adopting a new building code that will make it easier for developers to get approvals to convert offices built after 1975. A previous code for conversions that focused on buildings erected before that year, when construction standards were less stringent, led to a boom in office, apartment, condo and hotel conversions starting in the early 2000s. Newer buildings such as the L.A. Care tower are 'night and day' more attractive to convert to housing than the midcentury buildings Lee's company, Jamison Properties, has converted in the past, he said. Downtown's Class A buildings have more modern systems such as elevators and electrical service, and may require fewer upgrades to meet seismic standards than older structures. The city recently determined that Jamison Properties did not need to perform a structural retrofit of the L.A. Care tower at 1055 W. 7th St., Lee said. Los Angeles County officials, meanwhile, have declared that Gas Company Tower is seismically safe, but are reviewing bids to perform more than $230 million worth of proactive upgrades 'to ensure that the building performs optimally in the decades ahead,' a representative said. The highest hurdle for private landlords considering turning an office building into apartments or condos is typically financial; it often costs more to acquire and convert a building than can be justified by expected rents. City leaders should consider offering financial incentives such as those found in other cities to bridge the gap to profitability, the report said, citing programs in other central business districts. New York, Washington and Boston have property tax abatement programs, for example. San Francisco offers transfer tax exemptions, and Chicago uses tax-increment financing to encourage some redevelopments. In Canada, Calgary offers direct grants. The Central City Assn. wants the city to consider financial incentives for conversions, even though it is experiencing budget shortfalls, McOsker said. As of May, the city faced a nearly $1-billion budget shortfall. McOsker suggested that the city form a team to focus on conversions and perhaps do it at a scale 'well outside of downtown Los Angeles.' Helping turn unused offices into housing is important to city officials, said Rachel Freeman, deputy mayor of business and economic development. 'We have a deep need for more housing at all levels of affordability,' she said. 'Adaptive reuse has the potential to be a tool to help achieve our goals towards housing production and also the revitalization of our core urban centers.' Zoning and building codes should be 'more supportive' of the process, she said, adding that the mayor's office also is open to the idea of financial incentives for builders. For the vibrancy of downtown and other core business centers also facing falling office values, Freeman said, 'there is a cost to doing nothing.'
Business Wire
25-07-2025
- Business
- Business Wire
FHLBank Chicago Celebrates Grand Opening of the Harry and Jeanette Weinberg Residences at Woodale Crossing
BROWN DEER, Wis.--(BUSINESS WIRE)--Representatives from the Federal Home Loan Bank of Chicago (FHLBank Chicago), CIBC Bank USA, Jewish Family Services (JFS), and local dignitaries joined together on July 24 at the grand opening of the Harry and Jeanette Weinberg Residences at Woodale Crossing, a new affordable and supportive senior housing development in Brown Deer, Wis. FHLBank Chicago awarded a $1 million Affordable Housing Program (AHP) General Fund grant through member CIBC Bank USA to assist with construction. Woodale Crossing features 56 high-quality, affordable apartments for adults aged 55 and older, with 25% of the units designated for residents with disabilities who have experienced homelessness. The development includes on-site supportive services provided by JFS, helping residents maintain stability, wellness, and independence. 'CIBC is proud to support a development that expands access to affordable housing that addresses the unique needs of older adults and residents with disabilities,' said Adam Rogers, Managing Director at CIBC Bank USA. 'Woodale Crossing proactively creates more affordable housing in our community.' AHP grants subsidize the acquisition, new construction, or rehabilitation of rental or owner-occupied housing. Delivered in partnership with FHLBank Chicago financial institution members, these forgivable grants help address ongoing housing supply challenges by expanding access to quality affordable housing in many communities. 'Woodale Crossing reflects what's possible when housing is designed with long-term wellbeing in mind,' said Katie Naftzger, SVP and Community Investment Officer at FHLBank Chicago. 'We are proud to partner with CIBC and JFS to support a development that meets both housing and service needs in a meaningful way.' In 2024, FHLBank Chicago awarded $48 million in AHP General Fund grants to 35 affordable housing projects, helping create over 1,300 new or rehabilitated housing units. FHLBank Chicago will announce 2025 grant awardees this fall. 'Affordable housing remains inaccessible to many of my constituents and Americans nationwide. I am thankful to the leaders and partners who made these important investments and helped respond to a critical need in our community. These new residences will give more seniors and people with disabilities in Brown Deer the stability and security of a high-quality, affordable home,' said Rep. Gwen Moore (WI‑4). JFS led the development with support from financial partners, community stakeholders, and FHLBank Chicago's AHP General Fund. Other partners included the Wisconsin Housing and Economic Development Authority (WHEDA), National Equity Fund, the Harry and Jeanette Weinberg Foundation, Otto Bremer Trust, Bader Philanthropies, and Milwaukee County. 'Woodale Crossing was designed to support residents in living independently while having access to services that help them thrive,' said Daniel Fleischman, Vice President of Housing and Residential Services at JFS. 'This community reflects our belief that stability, respect, and access to care should be part of every housing solution.' For additional information about FHLBank Chicago's AHP General Fund, please visit About the Federal Home Loan Bank of Chicago FHLBank Chicago is a regional bank in the Federal Home Loan Bank System. FHLBanks are government-sponsored enterprises created by Congress to ensure access to low-cost funding for their member financial institutions, with a focus on providing solutions that support the housing and community development needs of members' customers. FHLBank Chicago is a self-capitalizing cooperative, owned by its Illinois and Wisconsin members, including commercial banks, credit unions, insurance companies, savings institutions and community development financial institutions. To learn more about FHLBank Chicago, please visit About Jewish Family Services (JFS) For 158 years, Jewish Family Services (JFS) has provided critical support services to thousands of individuals, families and children in the greater Milwaukee area. JFS offers quality community-based programs that improve the health, personal well-being and levels of independence of persons with intellectual and developmental disabilities, physical disabilities, age related disabilities, mental health issues and families with low household incomes. JFS' services are not exclusive to the Jewish community; individuals representing all religions, races, and ethnicities, are eligible to participate in JFS programs. Their geographic service areas include Milwaukee, Ozaukee, Waukesha, and Washington counties with the vast majority of individuals residing in the city of Milwaukee.
Yahoo
06-06-2025
- Automotive
- Yahoo
Deputy Governor, TDOT Commissioner steps away after seven years
NASHVILLE, Tenn. (WJHL) — Governor Bill Lee announced Friday that Deputy Governor and Commissioner of the Tennessee Department of Transportation (TDOT) Butch Eley is stepping away from his role in the third quarter of 2025 after nearly seven years of leadership. Eley has been a key figure in advancing infrastructure, financial stewardship and government modernization across the state, according to a news release. 'It has been the honor of a lifetime to serve Governor Lee and the people of Tennessee,' Eley said in the release. 'From building long-term systems that better serve Tennesseans, to navigating some of our state's toughest challenges, I'm deeply proud of what we've accomplished. This moment marks not an end, but a pause—a chance to ensure a smooth transition and reflect on how I can continue to make an impact in new ways.' Local agencies warn of DMV text message scam Eley described the decision as a transition to step away from government to spend more time with his family. Under his role as TDOT Commissioner, Eley reportedly launched the following initiatives: Introduced Tennessee's first Public-Private Partnership (P3) initiatives to modernize project delivery and increase innovation by engaging the private sector. Pioneered alternative delivery models to improve project speed and efficiency, improving service for taxpayers. Created the first-ever fiscally constrained 10-year project plan, bringing unprecedented transparency and accountability to state transportation investments. Secured dedicated, recurring General Fund dollars for transportation for the first time in TDOT's history to ensure an additional and sustainable revenue stream to help meet Tennessee's infrastructure needs in the decades to come. Led the single-largest infrastructure investment in state history with the I-55 bridge over the Mississippi replacement project. Commenced the state's first performance-based maintenance contract, engaging the private sector with outlined metrics to establish clear and objective standards for how our roads should look to motorists. 'Since I decided to run for Governor, Deputy Governor Eley has served as one of my most trusted advisors,' Governor Bill Lee said in the release. 'I turned to him to manage our state departments as chief operating officer after my first inauguration, and then to steward our state's finances as finance and administration commissioner during the worst global economic decline since the Great Depression. In my second term, Butch stepped into a new role to prepare Tennessee's infrastructure for generations to come, ensuring we continue to accommodate our state's extraordinary economic growth. I've entrusted him with some of the most difficult challenges facing our state, and he has consistently overachieved. Butch has served the people of Tennessee with the highest level of excellence, and God has blessed Maria and me with a lifelong friend. I thank him for his unwavering leadership.' 'None of this work has been mine alone,' Eley said in the release. 'It's been the result of an extraordinary Governor, supportive and engaged teams, and a shared commitment to making government work better for the people we serve. Leadership is about stewardship—and I believe the systems, improvements, and processes we've built are strong enough to thrive for years to come.' Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
03-06-2025
- Business
- Yahoo
City Council begins 2026 budget process
Jun. 3—During its work session Monday night, the Austin City Council took the first steps toward its 2026 budget with Director of Administrative Services Tom Dankert laying out the timeline for the process as well as a request for direction from the council on where best to focus their efforts. While nothing definitive is decided in these very early steps, Dankert did lay out a trio of questions for council to consider, which include staffing levels, fund balance usage and the 2026 tax levy. Pertaining to the first question, the city is looking at an estimated increase in employee investment of a little over $1.185 million and includes wages and benefits, though Dankert in his presentation pointed out that the estimate does not include changes due to Compensation and Classification re-evaluations. He also pointed out that all eight of the city's bargaining unit contracts will expire on Dec. 31. Point two is asking council members to keep in mind its staffing as it pertains to General Fund expenditures. 2024 expenditures accounted for 49% or just over $10.4 million, which falls just outside of the city's internal police of 42-48% of expenditures, but the Minnesota Office of State Auditor advises cities to stay within the 35-50% range. Putting this into context, new staff would require permanent funding which would have an impact on the budget and could create issues if that funding isn't there. Finally, the third question brought into play three areas that could have impacts one way or the other regarding the 2026 tax levy. The first is a spot of good news in that the Flats on 21 apartment complex no longer has access to tax abatements after it expires this year, which will add $48,000 of new tax base to the city books. However, at the same time the city — like every other governmental entity — will have to consider the impacts of inflationary costs regarding things like materials, vehicles, utilities and more. Further complicating the process is that the State Legislature has thus far failed to clear its own budget, bringing into play a likely special section to get it sorted out. Further adding to this is that one version of the state's budget included a possible reduction in Local Government Aid of approximately $300,000. This will impart a level of uncertainty in the City Council's work as any work done between now and the finalization of the budget could be impacted depending on what they do at the state level. Even though the council didn't make any concrete recommendations regarding the budget Monday night, it did hold a discussion and vote on the possibility of creating a budget committee that Council Member Jason Baskin argued could help the council stay on top of the process throughout in a timely fashion. Ultimately, it failed by a vote of 4-2 (Baskin had to leave before the vote) with some members fearing the optics of doing work behind closed doors, even though ideas would still be brought to regular council meetings for public conversation as the whole council. Council Members Mike Postma and Jeff Austin voted in favor of it while Rebecca Waller, Paul Fischer, Oballa Oballa and Laura Helle voted against. Still, the conversation did prompt the idea of holding more council meetings during the process that would maintain the spirit of what Baskin proposed. As for the timeline itself, department heads will receive budget documents and direction by June 16 and are expected to return those documents by July 11. Further budget refinement will take place with the council following that with a goal of setting a proposed tax levy and preliminary budget at the Sept. 15 meeting. State law requires these figures to be approved by Sept. 30. The Truth in Taxation Hearing will take place sometime between Nov. 25 and Dec. 12 with the final adoption slated for Dec. 15.
