Latest news with #fiscalyear
Yahoo
3 days ago
- Business
- Yahoo
Florida Legislature reaches preliminary budget agreement
The Brief Legislative leaders in Florida say they've reached a budget deal that includes nearly $2 billion in tax relief. The agreement paves the way for lawmakers to negotiate full spending details next week. A final vote is expected by June 16, just in time for the July 1 fiscal deadline. TALLAHASSEE, Florida - The Florida Legislature has tentatively reached a budget agreement, Florida House speaker Daniel Perez told state leaders in a memo late Friday. What we know After weeks of stalled negotiations, Florida House Speaker Daniel Perez and Senate President Ben Albritton announced late Friday that they've agreed on a budget framework for the 2025–2026 fiscal year. By the numbers The $900 million plan eliminates the tax on commercial leases, a long-pursued priority for business groups, and includes $350 million in permanent sales-tax exemptions aimed at helping Florida families. It also allocates $250 million to debt reduction and $750 million to the state's rainy-day fund. What they're saying House Speaker Daniel Perez, R-Miami, and Senate President Ben Albritton, R-Wauchula, issued memos that indicated they expect to pass a budget for the 2025-2026 fiscal year on June 16. The memos came after weeks of behind-the-scenes talks aimed at trying to kick-start the conference negotiating process. "I appreciate everyone's patience during this unusual and protracted allocation process. I am pleased to inform you that we have reached an agreement with the Florida Senate," Speaker Perez said in the memo, adding that the budget conference would begin next week. "We will also be taking up a joint resolution to amend the Florida Constitution to raise the cap on the Budget Stabilization Fund (BSF) from 10% to 25% and require an annual payment ($750 million) into the BSF until the cap has been reached," he said. "In total, the framework set forth in these allocations provides for a fiscally responsible, balanced budget that reduces state spending, lowers per capita spending, and reduces the growth of state bureaucracy," Albritton wrote in his memo. "The budget authorizes early payoff of state debt, accounts for significant, broad-based tax relief, and builds on historic state reserves for emergencies," he added. The backstory The budget impasse stems from deep divisions between the House and Senate over how to cut taxes. The House initially pushed a $5 billion plan that would have slashed the state's sales-tax rate, while the Senate favored targeted tax holidays and commercial-lease tax reductions. Although leaders said on May 2 that they'd agreed to a $2.8 billion tax cut package, that tentative deal fell apart publicly when Perez accused Albritton of backing out. Albritton countered that senators felt a blanket sales-tax cut wouldn't be felt meaningfully by Floridians. Big picture view The delay in passing a budget highlights ongoing friction within Florida's Republican-led government, particularly when it comes to fiscal priorities. With a $117 billion proposed state budget, decisions around tax policy reflect competing visions of how best to ease the cost burden on residents and stimulate the economy. The current deal leans on more targeted tax relief, signaling a shift toward smaller-scale benefits rather than across-the-board cuts. Dig deeper Among the negotiated agreements that Speaker Perez noted in his memo: $2.25 billion in recurring revenue reductions Elimination of the business rent tax ($900 million) Permanent sales tax exemptions ($350 million) $250 million in debt reduction The Florida House will convene on Thursday, June 5 at 9 a.m. The House Budget will convene that same day in the afternoon. Florida Gov. Ron DeSantis unveiled his budget proposal in February and tasked the Florida Legislature to take it up quickly. However, state lawmakers had to extend their talks as they were unable to reach an agreement. Among Gov. DeSantis' budget wishes: Repeal of the state's business rent tax Creation of a new venture capital tax credit program, funded at $100 million A 14-day back-to-school sales tax holiday on school supplies, clothing, and computers Two 14-day disaster preparedness sales tax holidays on hurricane supplies A one-month summer sales tax holiday on outdoor recreation items A 7-day tool time sales tax holiday on tools Second Amendment sales tax holiday between Memorial Day and Fourth of July on ammunition, firearms, and accessories A two-month boating fuel tax holiday on gas A year-long exemption of the mortgage tax A 2-year delay of the natural gas fuel tax set to start Jan. 1, 2026 What we don't know The memos released by legislative leaders did not specify which items will be covered by the $350 million in sales-tax exemptions. They also omitted any reference to the property-tax relief that Gov. Ron DeSantis had previously championed. The lack of detail leaves questions about how the exemptions will be structured and which families or income brackets may benefit most. What's next Conference committees will start meeting on Tuesday to negotiate details of the different parts of the budget, such as education, healthcare and criminal justice. Unresolved issues will go Thursday to House Budget Chairman Lawrence McClure, R-Dover, and Senate Appropriations Chairman Ed Hooper, R-Trinity, for further negotiations. The fiscal year will start July 1, which, if a budget passes June 16, will give Gov. Ron DeSantis two weeks to use his line-item veto authority. STAY CONNECTED WITH FOX 35 ORLANDO: Download the FOX Local app for breaking news alerts, the latest news headlines Download the FOX 35 Storm Team Weather app for weather alerts & radar Sign up for FOX 35's daily newsletter for the latest morning headlines FOX Local:Stream FOX 35 newscasts, FOX 35 News+, Central Florida Eats on your smart TV The Source House Speaker Daniel Perez issued a statement late Friday, May 30. Gov. Ron DeSantis unveiled his budget goals in February 2025.
Arab News
5 days ago
- Business
- Arab News
Pakistan projects 3-4 percent inflation next month ahead of June 10 budget
KARACHI: Pakistan expects inflation to pick up to between 3 percent and 4 percent in June, the Finance Ministry said in its monthly economic report released Thursday, as the country prepares to announce its federal budget for the fiscal year 2025-26 on June 10, a date that falls during the Eid Al-Adha holidays. The ministry said consumer price inflation was projected to ease between 1.5 percent and 2 percent year-on-year in May, following months of steady decline driven by monetary tightening and a drop in food and energy prices. However, it noted that inflationary pressures could resurface slightly next month due to seasonal factors and base effects. 'Improved weather conditions, better crop yields and a stable exchange rate have helped reduce inflation to a historical low,' the report said, adding that 'inflation is projected to remain between 1.5-2.0 percent in May, with a possible rise to 3.0-4.0 percent by June 2025.' The State Bank of Pakistan, in its half-yearly report last month, forecast average inflation for the fiscal year ending June 2025 to remain within 5.5 percent to 7.5 percent, reflecting easing cost pressures across key commodities. Finance Adviser Khurram Schehzad on Thursday confirmed the official timeline for the country's fiscal announcements in a social media post aimed at dispelling speculation about possible delays due to the Eid Al-Adha holidays. 'The dates are firm,' he said on platform X. 'As communicated earlier, the upcoming Federal Budget FY26 is on schedule to be announced on June 10, 2025. Similarly, the upcoming Pakistan Economic Survey FY25 is scheduled to be announced on June 9, 2025.' Pakistan's macroeconomic outlook has improved in recent months, supported by a stronger current account balance, improved remittances and falling inflation. However, authorities remain cautious as they seek to build on recent economic stabilization, steer the country toward gradual growth and reaffirm their commitment to ongoing economic reforms. With input from Reuters
Zawya
6 days ago
- Business
- Zawya
Kuwait could issue debut debt tranche before Eid
With plans to borrow up to $20 billion during the current fiscal year, Kuwait could issue its first tranche of debt very soon possibly even before the Eid al-Adha holidays— after the OPEC oil producer last week authorised its multi-billion sovereign wealth fund, and the central bank to borrow funds. The Ministry of Finance has approved the Kuwait Investment Authority (KIA) to borrow in major foreign currencies on global markets, while the Central Bank of Kuwait (CBK) has been authorised to raise debt in domestic markets. 'All the signs are that the first issuance will come soon, maybe even before Eid al-Adha,' Justin Alexander, Director, Khalij Economics, told Zawya. He noted that the issuance could proceed despite less-than-ideal market conditions, including rising US Treasury yields driven by tariffs, a Moody's downgrade, and fiscal concerns surrounding US President Donald Trump's 'Big Beautiful Bill.' 'However, it's not clear that things will get better as the year progresses, so I expect there will be a sizable debut issuance, maybe around the $5 billion range, but it could easily be double that--Saudi Arabia and Qatar have made $10 billion-plus issuances in the past,' Alexander added. The green light for the KIA and CBK follows Finance Ministry Undersecretary Faisal Al-Muzaini's announcement last week that Kuwait plans to borrow between 3 and 6 billion dinars (approximately $10–20 billion) from international and local markets during the 2025/2026 fiscal year. Public debt In March, Kuwait issued a public debt decree, allowing the government to issue financial instruments with maturities of up to 50 years and setting a debt ceiling of KWD 30 billion ($98 billion) in major convertible foreign currencies. According to Fitch Ratings, this represents around 62% of the country's GDP. S&P Ratings projects that gross general government debt will rise to about 17% of GDP by 2028, up from 3% in 2024. Kuwait, which holds around 7% of the world's hydrocarbon reserves, relies on oil revenues for up to 87% of its income. OPEC+ production cuts have reduced Kuwait's oil exports and, consequently, its revenue. A think tank has suggested that Kuwait may need an average oil price of $100 per barrel to finance its growing budget deficit in the coming years. Junaid Ansari, Director of Investment Strategy and Research at Kuwait-based Kamco Invest, believes the borrowing plan is not a direct response to falling oil prices but part of a broader long-term strategy. 'The strategy is aimed at having a presence in the debt market, develop a sovereign yield curve and provide a basis for firms in the country to raise funds. We believe that all governments in the GCC are aiming to delink debt issuances with the changes in oil prices to have a much more stable, sustainable and long-term fiscal strategy. It would also be positive for the sovereign rating as it removes ambiguity with respect to government's funding plans,' he said. Alexander noted that Kuwait could have continued using fiscal maneuvers to tap the Reserve Fund for Future Generations managed by the KIA by selling assets to it. 'But it's much cleaner to use debt financing, especially since borrowing costs are likely lower than the KIA's internal rate of return,' he said. Kuwait's last debt issuance was in 2017, just before the previous debt law expired. Efforts to pass a new law allowing a return to debt markets had been stalled for years due to political gridlock between parliament and the cabinet. Despite Kuwait's strong sovereign ratings (AA- by Fitch and A+ by S&P, both with stable outlooks) and low public debt levels, challenges remain. These include a lack of predictability and transparency, and weak implementation of fiscal reforms. Investor interest is high Still, Alexander said investor interest in Kuwait remains high. 'Although there are plenty of concerns about Kuwait, its very low debt stock and huge pool of foreign assets mean that investors are likely to be very comfortable holding Kuwaiti debt. The spreads will be tight, closer to Abu Dhabi than Saudi Arabia (which has the same average rating as Kuwait but a far weaker net asset position), but demand should be solid as a diversification play for those investing in regional debt.' According to S&P Global, Kuwait's debt stood at about 3% of GDP at the end of 2024, primarily comprising a $4.5 billion Eurobond maturing in 2027. Domestic debt is minimal, at around 0.1% of GDP. (Reporting by Brinda Darasha; editing by Seban Scaria)
Bloomberg
22-05-2025
- Business
- Bloomberg
BT Sees Earnings Flat This Year as Competition in UK Rises
BT Group Plc forecast flat earnings growth for this fiscal year, in line with analysts' estimates, after cutting jobs and as the UK telecommunications company refocused on its home market. Adjusted earnings before interest, taxes, depreciation and amortization are forecast at £8.2 billion ($11 billion) to £8.3 billion for the fiscal year ending next March, compared to £8.21 billion in the previous year, the company said in a statement on Thursday. That compares with the £8.26 billion average analyst forecast compiled by Bloomberg.
Argaam
17-05-2025
- Business
- Argaam
Commerce Ministry urges companies to submit 2024 financials
The Ministry of Commerce called on companies to submit their 2024 financial statements no later than June 30, 2025, to avoid financial penalties in accordance with the Companies Law. Companies should prepare their statements at the end of each fiscal year in line with the accounting standards approved in the Kingdom, the ministry clarified, adding that the financials should be submitted within six months of the fiscal year's end, in accordance with Article 17 of the Companies Law. The ministry noted that the responsibility for submitting the statements lies with the company's chairman, general manager, or chairman, depending on the company's legal structure.
