Latest news with #budgetdeficit
Yahoo
an hour ago
- Business
- Yahoo
Las Vegas HOA faces $30M shortfall
Setting foot in Sun City Summerlin one can see lush grass, full pools, and active clubhouses. So how is the homeowners association facing a $30 million budget deficit? Inside the Starlight Theatre, the Sun City Summerlin Community Association voted on a new plan to find a sufficient strategy to tackle a deficit discovered in a 4-year budget study. The neighborhood's reserve is required to maintain at a certain level due to state law. 'Our funding percent did drop from 70% to 45% over the last five years,' Mitzi Mills, the Sun City Summerlin Association executive director, said. 'Primarily because of inflation on manufactured items and equipment needed for a community this size.' Mills pushed back against the $29,265,699 figure sent to 8 News Now by residents citing a 2024 reserve budget assessment. '[The HOA] is an association with third party documented assets of $40,318,493,' she said. 'We currently have—going into our 2026 budget—$18,222,915 just in our Reserve Fund account to maintain these assets which have useful lives ranging from 5 to 30 years. This means that our reserve account is 45 percent funded.' The effort and assessment have caused concern for some residents who spoke with 8 News Now anonymously and on camera, like Rob Kirkwood. 'The state law says that you should have adequate resources, sufficient to pay for future expenses,' Kirkwood said. 'This board, I think, got too aggressive and trying to hit that 70 percent number sooner than they need.' In previous stories, 8 News Now has found HOA damage costs which caused some residents to move and others to ask for city intervention. The costs and concerns in Sun City Summerlin appear to mainly surround a one-time $5,000 cost to new homeowners. The New Owner Reserve Assessment (NORA) which is negotiable during sale was originally set to $1,839 according to a petition in district court which sought to stop it in January. On Mar. 31, District Court Judge Carli Kierny found the HOA had authorization to increase the NORA for new homeowners. Kirkwood said the NORA increase is too much, pointing to the oddity in jump in budget assessment from 2019 to 2024. '[The HOA] put in there that $30 million was what the 2024 reserve study specialist calculated that they needed by 2029 in contributions in order to hit a 70% figure,' he said. 'Now contrast that with the 2019 study, that one had a lot less expenses, and I think that was more like a 15 million, which is still a large amount for the next four years, but it jumped up substantially in the 2024 reserve study.' Inflation was cited as a possible reason by the HOA for the increase in overall costs in the budget between 2019 and 2024. Mills told 8 News Now the maintenance pertains to many aspects of the neighborhood. 'We have three golf courses, four fitness centers, four community centers, and a theatre,' she said. 'There are 7,781 homes in the community and the owners assessments pay for their exclusive use of all of the areas except the golf courses and restaurants.' Mills said the between the miles of landscaped parkways and park areas residents know what they are signing up for and the cost is not hidden. 'The total cost to live here annually and use all of the facilities and amenities is $2,257.92 a year,' she said. 'And in comparison to other 'city sized' communities living in Sun City Summerlin is a bargain.' Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
CTV News
19 hours ago
- Business
- CTV News
Federal government posts $43 billion deficit between April '24 and March
The Peace Tower on Parliament Hill is pictured from the West Gate in Ottawa on Monday, May 6, 2024. THE CANADIAN PRESS/Sean Kilpatrick The federal government says it ran a budgetary deficit of $43.2 billion between April 2024 and this past March. The deficit compared with $50.9 billion for the same stretch in the 2023-2024 fiscal year. According to the Finance Department's monthly fiscal monitor, revenue for the 10-month period totalled $494.8 billion, up from $444.8 billion a year earlier. Program expenses excluding net actuarial losses amounted to $480.3 billion, up from $440.6 billion, boosted by increases across all major categories. Public debt charges totalled $53.7 billion, up from $47.5 billion. Net actuarial losses were $4.02 billion, down from $7.56 billion a year earlier. This report by The Canadian Press was first published May 30, 2025.
Yahoo
a day ago
- Business
- Yahoo
Winston-Salem/Forsyth County Schools letter outlines 2 proposals to deal with deficit
FORSYTH COUNTY, N.C. (WGHP) — The Winston-Salem/Forsyth County Schools superintendent sent a letter to the Forsyth County Board of Commissioners on Thursday. It included two possible ways to pay off the $42 million budget deficit. The school district overspent by about 5.3%. It's a deficit that Forsyth County commissioners like Gloria Whisenhunt shared their frustrations about during a Thursday meeting. 'I've never seen anything this bad. I really have not, and I don't know how they can expect our property owners to solve their problems. They talked about how some of them aren't sleeping at night. Well, some of us aren't sleeping at night either,' Whisenhunt said. Of the $42 million the school district owes, according to a spokesperson, about $18 million is owed to the state, and there's $24 million in local funds that need to be repaid. The letter Tricia McManus sent to county leaders detailed two options on how they could get out of the financial hole. The first option would include a one-time payment of $32.1 million, which county leaders would have to give them. The funds would go towards the $42 million shortfall. If county commissioners deny the first option, the second includes setting aside $14.1 million out of the proposed $180 million the district is asking county leaders for the next fiscal year. A spokesperson for the school system said the $14.1 million would go towards the $24 million owed in local funds. When it comes to paying back the state, district leaders plan to negotiate a payment plan. When FOX8 asked how the school district plans to pay the remaining debt, a spokesperson said they're still figuring that out. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
CTV News
a day ago
- Business
- CTV News
Ottawa school boards watching proposed legislation that gives power to Education Ministry
Trustees at the OCDSB were told they will need to make some difficult choices to avoid a fifth year of budget deficits. CTV's Natalie van Rooy reports. Trustees at the OCDSB were told they will need to make some difficult choices to avoid a fifth year of budget deficits. CTV's Natalie van Rooy reports. The Minister of Education announced broad legislation at Queen's Park on Thursday that could change the future of how school boards operate in Ontario, making it easier to allow the province to take over boards that it believes are acting irresponsibly. The province says this is necessary to address financial mismanagement and to ensure school boards are putting resources into educating children, but critics are raising concerns about the possibility of taking away power from local trustees and putting it into the hands of officials at Queen's Park. 'This is for every board across the province of Ontario. It removes an antiquated and old, outdated system,' said education minister Paul Calandra. 'What it should have is the authority to step in when boards aren't doing what they're doing, what they're supposed to be doing, and when they have gone off the rails, either financially, or on other matters that are important to students, parents and teachers.' The move would also eliminate third-party investigations and recommendations, allowing the province to make the decision to put boards under supervision. 'I think it's really important for there to be an opportunity for the minister to hear from school boards before the decision is made and to only take over a board where the board is clearly refusing to carry out its responsibilities in accordance with the applicable legislation,' said Lynn Scott, the chair of the Ottawa Carleton District School Board (OCSDB). The Elementary Teachers' Federation of Ontario (ETFO) says it's not an education reform, but authoritarianism that's designed to deflect blame, suppress dissenting voices, and tighten political control over a public education system this government has failed to adequately fund. Meanwhile the Ottawa Catholic School Board (OCSB) said in a statement, 'It remains committed to responsible governance, transparency, and decisions that serve the best interests of our students, staff and school communities. We recognize the Ministry of Education's intent is to ensure that school boards across Ontario operate effectively and in alignment with provincial expectations, which is what we have always done as an organization.' The province made the announcement amid a financial investigation into the OCDSB, raising questions about what could happen when the imminently expected report is released. 'We look forward to seeing what the findings are and to working with the province to make sure that any deficiencies are corrected moving forward,' said Scott. Parents with children at schools within the board also weighing in. 'It sort of comes as a surprise to hear that while we're waiting for those results, we're now being told that going forward we won't have third party involvement,' said Michelle Bertram, a parent in Ottawa. 'That's my first question, is with the timing. I'm just surprised because we have been told wait for the results of those investigations done by third parties.'
Bloomberg
2 days ago
- Business
- Bloomberg
Juicy Carry Is Fueling a ‘Pain Trade' for Colombia Peso Bears
Slumping oil prices, a widening budget deficit and a leftist leader pushing for lower interest rates: At first glance, it's the perfect setup for currency traders to bet against Colombia. Yet the Colombian peso has risen nearly 3% against the dollar this month, leading the pack among Latin American currencies and extending its year-to-date advance.
