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By Laura Loh and Laura Loh,SUN STAFF | December 15, 2004
A small group of parents and education advocates urged the city school board yesterday evening to spend its nearly $10 million reserve fund on increased staffing and security across the school system this year. The request from the Baltimore Education Network, and from parents and students, echoed other calls for funding that have been made to city school and state officials this school year, as complaints of understaffed and dilapidated schools have surfaced. Other groups have asked for additional state and city funding.
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NEWS
By Nayana Davis, The Baltimore Sun | February 14, 2014
Many jurisdictions across the Baltimore region have exhausted their snow removal budgets for the fiscal year, even as the metro braces for yet another storm. Thursday's snow storm dumped more than two feet of snow in parts of the region, and the National Weather Service is forecasting additional accumulations of up to several inches by midday Saturday. While local governments are still tabulating costs of the most recent snowfall, many are turning to reserve funds to cover the impact.
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NEWS
By Adam Sachs and Adam Sachs,Staff writer | April 29, 1992
The county commissioners approved a proposed $118 million 1993 operating budget, but Commissioner Julia W. Gouge said she worries that eliminating the reserve fund could jeopardize the county's ability to cope with fiscal emergencies.The commissioners' 2-1 vote wouldn't increase property tax or income tax rates, but would raise about $500,000 through new fees.A public hearing is scheduled for 7 p.m. May 14 at Westminster High to discuss the budget, which maintains the current tax rate of $2.35 per $100 of assessed property value.
BUSINESS
By Steve Kilar, The Baltimore Sun | June 15, 2013
The Maryland Economic Development Corp. expects to fall short next year on payments to investors who bought the bonds that funded the Hyatt Regency Chesapeake Bay, a state-owned golf resort hotel and conference center on the Eastern Shore. Known as default, a failure to meet bond payments may increase investor scrutiny of MEDCO, a company created by the General Assembly to aid economic development throughout Maryland, experts say, but it will not affect the state's credit rating.
NEWS
By Laura Loh and Laura Loh,SUN STAFF | December 5, 2003
Frustrated with Anne Arundel County Executive Janet S. Owens' unwillingness to give teachers $1.8 million in pay raises, schools Superintendent Eric J. Smith turned to the people last night. "We are looking at a very disruptive and difficult spring, and a very difficult next year," Smith told a group of parents and school principals he had convened to discuss the school system's financial problems. "Some of the fundamental questions of where we want to be as a school system are at stake."
BUSINESS
By New York Times News Service | September 23, 2008
By the time the Reserve Fund reported last Tuesday afternoon that its Primary Fund money market fund series had "broken the buck" - that is, was no longer worth a dollar a share - investors had pulled billions of dollars out of the fund. A lawsuit filed late last week by Ameriprise Financial claims the Reserve Fund tipped some big customers about its crisis in advance so they could get their cash out before its losses became public. According to the complaint, two senior Reserve Fund executives acknowledged during a conference call last Thursday with Ameriprise that big investors had received an early warning.
NEWS
By Melody Simmons and Melody Simmons,Staff Writer | August 13, 1993
For the first time in its 56-year history, the Housing Authority of Baltimore City is financially troubled because its reserve fund is $7 million below the level considered safe under federal standards, according to Daniel P. Henson III, the authority's executive director.The U.S. Department of Housing and Urban Development has not officially designated the authority as financially troubled and will not evaluate it until December, said Vivian Potter, a spokeswoman for HUD in Washington.But last week, Mr. Henson described the authority as financially troubled because it ended fiscal 1993 on June 30 with only $4.9 million in reserve.
NEWS
By Julie Bykowicz | March 25, 2009
Senators on a budget subcommittee proposed on Tuesday reducing money for stem cell research - one of several differences from what their counterparts in the House of Delegates recommended. The House's full budget committee wants to keep $18.4 million in funding for the research, while the Senate's budget subcommittee on education suggested cutting stem cell grants to $5 million. But senators asked to leave more in the coffers of the University System of Maryland than delegates recommended last week.
NEWS
August 7, 1995
Some state legislators in Annapolis are furious that Gov. Parris Glendening is running through a new $20 million "sunny day" economic development incentive fund as though the money will never end. They see it as irresponsible spending. In fact, these lawmakers should be applauding what's been happening because it is good news for the state's future.Even critics concede that the money from the sunny day reserve fund is going for worthwhile business projects. The payments -- some in the form of loans that will be repaid eventually -- should lead to nearly 900 new jobs and keep another 650 workers in Maryland.
NEWS
February 9, 1993
An article in yesterday's Anne Arundel edition incorrectly reported the amount of money in the Annapolis Housing Authority's reserve fund in 1989. The correct figure was $245,000.4( The Baltimore Sun regrets the error.AHA accountant resigns, will join private companyMatthew Whitney, who took over accounting for the troubled Annapolis Housing Authority in 1989 and boosted the depleted reserve fund from $245 to more than $1 million, is resigning.Mr. Whitney, the authority's accountant for the past four years, said yesterday that he is joining a private firm in Annapolis.
NEWS
June 12, 2013
Henceforth, let there by a rule that nothing can be compared to Maryland's failed investment at Rocky Gap, located just outside Cumberland in Western Maryland, except for Rocky Gap and perhaps any other $55 million white elephant loss that comes along. We know Rocky Gap. Rocky Gap is an acquaintance of ours. Sorry, Hyatt Regency Chesapeake Bay resort in Cambridge, but you're no Rocky Gap. Incidentally, let us insert a reminder here. Even the infamous Rocky Gap hotel and conference center isn't Rocky Gap anymore.
BUSINESS
By Lorraine Mirabella and Jamie Smith Hopkins, The Baltimore Sun | June 11, 2013
The state-owned Hyatt Regency Chesapeake Bay resort in Cambridge continues to deplete a reserve fund to cover its semiannual debt payments because it is not making enough money. The state withdrew $2 million from the reserve June 1, cutting the fund's balance nearly in half to $2.3 million, according to a June 4 letter to the Maryland Economic Development Corp., which owns the golf resort hotel and conference center on the Choptank River. MEDCO financed the hotel's construction in 2002, issuing more than $120 million in tax-exempt revenue bonds, which are designed to be paid for out of the revenue a project creates.
NEWS
By Erica L. Green, The Baltimore Sun | July 29, 2010
Baltimore students will continue receiving free bus passes next year, after the city school board voted this week to dip into its rainy-day fund to support the program. On Tuesday, the board approved transferring $2.15 million from the school system's $8.5 million contingency fund to continue providing passes for student transportation, which until this year were supported by the city's budget. The city schools' budget director, Michael Frist, said drawing money from the contingency fund was the only way to come up with the money for the bus passes.
NEWS
October 19, 2009
Fearing steep budget cuts that could lead to more furloughs, layoffs and cuts to state services, members of the American Federation of State, County and Municipal Employees are urging the state to dip into its $640 million rainy day fund. Normally, such an idea is heresy - bond rating agencies demand that the state keep at least 5 percent of its general fund in reserve to maintain our AAA bond rating (which was recently re-affirmed), and no matter how bad things get, Maryland never goes below that figure.
NEWS
By Julie Bykowicz | March 25, 2009
Senators on a budget subcommittee proposed on Tuesday reducing money for stem cell research - one of several differences from what their counterparts in the House of Delegates recommended. The House's full budget committee wants to keep $18.4 million in funding for the research, while the Senate's budget subcommittee on education suggested cutting stem cell grants to $5 million. But senators asked to leave more in the coffers of the University System of Maryland than delegates recommended last week.
NEWS
By Laura Smitherman and Gadi Dechter and Laura Smitherman and Gadi Dechter,laura.smitherman@baltsun.com and gadi.dechter@baltsun.com | January 9, 2009
State officials are considering a $366 million budget fix that could spare difficult spending cuts by transferring money in an unused reserve fund kept by the Maryland comptroller's office. The fund is maintained for accounting purposes and could go a long way to reducing a $1.9 billion shortfall that Gov. Martin O'Malley and state lawmakers must close to balance the next annual budget. O'Malley, a Democrat, is considering various ways to pare the budget he will submit to the General Assembly that convenes next week.
NEWS
By John Rivera and John Rivera,Sun Staff Writer | June 16, 1994
County officials, rebuffed in their efforts to implement a new managed health care system for employees, will try once again to get the program rolling.Notices will soon be mailed out to 4,100 workers to inform them of a system that county officials hope will slow escalating health care costs. The program is scheduled to begin July 1.Anne Arundel County Professional Firefighters, Local 1563, had caused a delay in efforts to implement the program when it obtained a court injunction last month that prevented the notices from going out until federal arbitrators ruled on two union grievances.
BUSINESS
By David Conn and David Conn,Annapolis Bureau of The Sun | March 8, 1991
ANNAPOLIS -- Haunted by memories of Maryland's 1985 thrift crisis, which cost the state more than $200 million, a Senate committee made a rare reversal yesterday and voted to pull the plug on the insurer of Maryland's 12 remaining state-chartered credit unions.But officials of Credit Union Insurance Corp. complained that proponents of the bill to terminate the company are ignoring the glowing health of CUIC and its small member credit unions.The move would send those institutions into a much weaker federal insurance system, the CUIC officials said.
BUSINESS
November 1, 2008
CEG credit line is reduced, delayed A $2 billion line of credit that Constellation Energy hoped would shore up its liquidity has been reduced to $1.25 billion at the most and might not be available until Nov. 26, the company said late yesterday. The cash-strapped Baltimore-based energy giant planned to close on the $2 billion deal no later than yesterday with RBS Securities and UBS Loan Finance. Now it says it expects to receive "total commitments from the banks of approximately $1.0 billion to $1.25 billion."
BUSINESS
By New York Times News Service | September 23, 2008
By the time the Reserve Fund reported last Tuesday afternoon that its Primary Fund money market fund series had "broken the buck" - that is, was no longer worth a dollar a share - investors had pulled billions of dollars out of the fund. A lawsuit filed late last week by Ameriprise Financial claims the Reserve Fund tipped some big customers about its crisis in advance so they could get their cash out before its losses became public. According to the complaint, two senior Reserve Fund executives acknowledged during a conference call last Thursday with Ameriprise that big investors had received an early warning.
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