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NEWS
February 19, 2013
Anger at actions by Baltimore's mayors has taken various forms over the years, but rarely has it manifested itself in a music video. But on Feb. 11, the day Mayor Stephanie Rawlings-Blake was to give her State of the City address and outline some of her ideas for coping with the dire fiscal forecast consultants predicted for the city over the next decade, the Baltimore City Paper posted on its website a full-length parody of the Police classic "Roxanne,"...
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NEWS
April 17, 2014
The Sun's editorial page is not the part of the newspaper that normally gives me comfort; however, the paper's opinion on the deficit facing the city schools was a good job ("Seeing red over city schools budget," April 14). It was well thought out and got right to the heart of the matter vis-à-vis the current budget shortfall facing the city's schools. Andrew Colyer, Bel Air - To respond to this letter, send an email to talkback@baltimoresun.com . Please include your name and contact information.
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BUSINESS
By Jamie Smith Hopkins | jamie.smith.hopkins@baltsun.com | March 10, 2010
A raffle of a $1.6 million house in Baltimore County sounded good to some people - enough to sell 12,000 tickets at $100 a pop. But organizers needed about 20,000 ticket sales to make it worthwhile, and they were hoping for 35,000. So: no raffle. Reader Steve Scarborough told me he got a refund for the two tickets he bought, but "they kept $5.96 per ticket." "I suppose that could add up to a tidy profit for them even if they only sold half of the 35,000 tickets," he wrote in an e-mail.
NEWS
February 19, 2013
Anger at actions by Baltimore's mayors has taken various forms over the years, but rarely has it manifested itself in a music video. But on Feb. 11, the day Mayor Stephanie Rawlings-Blake was to give her State of the City address and outline some of her ideas for coping with the dire fiscal forecast consultants predicted for the city over the next decade, the Baltimore City Paper posted on its website a full-length parody of the Police classic "Roxanne,"...
NEWS
July 7, 1992
Blame it on the persistent recession, if you wish. Or the efforts of state political leaders to make a bleak situation look tolerable. Either way, there's no denying that Maryland's budget woes are still here -- already some $70 million in debt as the new fiscal year got under way July 1, with projections of a $240 million shortfall by the time the books close in late June next year.The cause of this latest flow of red ink is the state's creaking economy, still reeling from the onslaught of corporate layoffs during the recession.
NEWS
July 10, 1992
And you thought Maryland had problems with its $250 million budget deficit. Look at California's woes: an $11 billion flow of red ink as the fiscal year began July 1. That's equal to the entire gross national product of Ecuador or Tunisia.This huge deficit follows a $14 billion budget gap last year that was never really closed. It's so bad the state is handing out IOUs to workers and vendors. They haven't done that in the Golden State since the Depression.The situation in California is bleak.
NEWS
April 17, 2014
The Sun's editorial page is not the part of the newspaper that normally gives me comfort; however, the paper's opinion on the deficit facing the city schools was a good job ("Seeing red over city schools budget," April 14). It was well thought out and got right to the heart of the matter vis-à-vis the current budget shortfall facing the city's schools. Andrew Colyer, Bel Air - To respond to this letter, send an email to talkback@baltimoresun.com . Please include your name and contact information.
NEWS
By Robert B. Archibald and David H. Feldman | September 15, 2004
THE CLOSE of a president's term provides an ideal time to review his fiscal legacy and to compare it with his predecessor's. Let's ask which president, Bill Clinton or George W. Bush, left the nation's fiscal house in better order. When President Bush took office, the federal government had just run a budget surplus for 2000 of more than $236 billion. In the eight years of the Clinton administration, the burden of the national debt on the average American family of four had fallen by $9,200, measured in constant 2003 dollars.
NEWS
September 20, 1991
Bad news continues to dog Maryland's fiscal leaders. Now the state's current-year deficit is pegged at somewhere between $395 million and $450 million. That's on top of next year's predicted shortfall of nearly $800 million. Yet there still is no agreement on how to close this $1.25 billion budget gap, or when.It will take a combination of drastic program cuts, layoffs and higher taxes to put Maryland's state budget back in balance. The longer legislative leaders wait before acting, the higher the deficit -- and the shorter the fiscal time-frame to make meaningful spending cuts or tax changes.
NEWS
By Thomas W. Waldron and Thomas W. Waldron,Evening Sun Staff | September 27, 1990
Maryland is sinking further into red ink as new calculations place the state's budget deficit as high as $270 million. Officials blame a faltering economy for the growing deficit, which less than a month ago was estimated to be about $150 million."
BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | July 29, 2011
First Mariner Bancorp's bleeding increased during the second quarter as continued write-downs of real estate and bad loans left the Baltimore company with $11 million in losses. The 1st Mariner Bank parent, locked in a battle for survival, said Friday that its loss during April through June was more than double that of a year earlier. But the almost $4.7 million loss during the second quarter of 2010 would have been higher if not for a $3.8 million tax benefit during that period, the company said.
BUSINESS
By Jamie Smith Hopkins | jamie.smith.hopkins@baltsun.com | March 10, 2010
A raffle of a $1.6 million house in Baltimore County sounded good to some people - enough to sell 12,000 tickets at $100 a pop. But organizers needed about 20,000 ticket sales to make it worthwhile, and they were hoping for 35,000. So: no raffle. Reader Steve Scarborough told me he got a refund for the two tickets he bought, but "they kept $5.96 per ticket." "I suppose that could add up to a tidy profit for them even if they only sold half of the 35,000 tickets," he wrote in an e-mail.
NEWS
December 29, 2009
In an era of History Channel TV and gushers of new books, documentaries and movies on historical subjects, you'd think business would be booming at the Maryland Historical Society. Yet when the state's oldest cultural institution announced last month that it was cutting staff, programs and hours of operation for the second time in three years to cope with a $617,000 budget deficit, one didn't have to look far for the reason. The society's current exhibition, a reasonably in-depth exploration of Marylanders' participation in World War II and its impact on subsequent state history, deals with a perennially popular subject that one might expect to draw crowds of visitors.
NEWS
By Annie Linskey and Annie Linskey,annie.linskey@baltsun.com | April 27, 2009
The moment of horror that hit Baltimore this year, when officials realized the depth of the city's pension problems, came a full seven years ago for San Diego. During a 2002 City Council meeting in that Southern California city, a pension board member announced that the city's plan needed more than $1 billion in taxpayer money to stay afloat. "My heart went down to my toes," recalled April Boling, a certified public accountant in the audience who immediately understood that the retirement system was poised to bankrupt the city.
NEWS
By Laura Smitherman and Laura Smitherman,laura.smitherman@baltsun.com | April 13, 2009
Maryland lawmakers plan to wrap up work Monday on a $14 billion budget after months of agonizing over how to plug an enormous shortfall caused by deteriorating revenues and mandated spending growth. But all that effort still won't put the state on solid, long-term financial footing. Even with the influx of federal stimulus money, the General Assembly will reconvene in nine months facing a budget gap that analysts expect will reach more than $1 billion. And, some would argue, it might be the worst possible time for Gov. Martin O'Malley and lawmakers to make unpopular cuts that could include layoffs or curtailing services.
NEWS
January 30, 2009
Sea of red ink unfair to future generations Nothing breeds more contempt and cynicism toward our government than politicians misrepresenting their policies and spending programs. A case in point is the current "stimulus" bill pending before Congress ("House OKs stimulus bill," Jan. 30). President Barack Obama and Democratic leaders in Congress maintain that the $825 billion (and ever-growing) "stimulus" bill is needed to help energize our troubled economy and create jobs. At the same time, Gov. Martin O'Malley and Maryland Democratic legislative leaders are telling us they are holding off on necessary spending cuts caused by our own deficit because Maryland is in line to receive $3.5 billion as its share of this stimulus package ("Budget cuts held as state awaits stimulus," Jan. 27)
SPORTS
By Ed Sherman and Ed Sherman,Chicago Tribune | March 10, 1991
CHICAGO -- Intercollegiate athletics is taking in more money than ever before.And the system is going broke.At least 70 percent of the big-time athletic programs are expected to operate in the red this year. Remarkably, Michigan will be one of them.No school can match the Wolverines on football Saturdays, when they put the population of a medium-sized city (106,000 people) in Michigan Stadium. The basketball team won the national championship and a big-time payday in 1989. Then there's television on which Michigan appears early, late and often.
BUSINESS
By New York Times News Service | August 2, 2008
DETROIT - General Motors Corp. reported a stunning second-quarter loss of $15.5 billion yesterday because of a deep decline in United States sales and charges for job cuts, plant closings and the falling value of trucks and sport utility vehicles. GM, the largest American automaker, said it lost $6.3 billion on operations in the quarter that ended June 30, and its worldwide revenue fell 18 percent. But the company's overall loss was inflated by $9.1 billion in special charges that included $3.3 billion for buyouts of hourly workers and $2.8 billion related to the bankruptcy filing of its former parts unit, the Delphi Corp.
BUSINESS
By Hanah Cho and Hanah Cho,Sun reporter | August 11, 2007
The chief executive of Vertis Communications, a Baltimore advertising and marketing company, assured analysts yesterday that its turnaround initiatives are showing progress after reporting that its second-quarter loss nearly quadrupled and revenue declined. In a news release late Thursday, Vertis said it lost $19.7 million in the three months that ended June 30. That compared with a loss of $5 million in the second quarter last year. Vertis, a privately held company, announced financial results because its debt is publicly traded.
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