Austin City Council member Paige Ellis has again accepted campaign contributions that appear to exceed city limits, according to recent campaign finance reports, raising questions about compliance with local election law as she seeks a third term representing Southwest Austin.
Finance
Belvedere finance committee previews draft budget
Belvedere’s growing fire service expenses in the proposed draft budget for next fiscal year have raised concerns among the city’s finance committee.
The committee reviewed the $9 million draft budget on Tuesday. The 2024-2025 budget proposal shows a $1.2 million general fund deficit by the end of June 2025.
City staff said there may be some small growth in revenues and a slight increase in spending, particularly with the city’s fire services contract.
General fund revenues are projected to be $9.1 million, but the city’s expenses and outgoing transfers add up to $10.3 million — a 5.8% increase over the current year budget. Transfers to various funds include $300,000 to pension trusts and $650,000 to critical infrastructure.
Helga Cotter, director of administrative services, said they expect to close out the current fiscal year with an excess of $1.4 million, which would cover the deficit.
“It is also important to note that some of these transfers out are not associated with current year expenses,” Cotter said. “Specifically the critical infrastructure reserve and the 115 pension trust fund transfers are being made to fund anticipated future expenses, allowing budget smoothing.”
Most of the city’s income is earmarked for costs relating to fire protection, police services and the department of public works, according to the draft budget. Around $1.1 million is planned for capital projects, which includes the seawall and retaining wall projects.
Robert Zadnik, the city manager, said the retaining walls along Beach Road are particularly concerning and a No. 1 priority; $175,500 is set aside for the project in the draft budget. However, Zadnik said the current solution proposed by engineering experts does not address seismic concerns.
“This isn’t something new that was a surprise to us,” Zadnik said. “We’ve known through the committee to protect Belvedere seawalls, levees and utilities that this was a vulnerability, a threat.”
The majority of the city’s revenue, 71%, comes from property taxes. Cotter said the property tax forecast shows a potential 5% increase, equal to $358,000, for the budget year, and that revenues in the general fund could increase 2%, or about $177,000. No grant funding is included in the draft budget, but Cotter said the city will continue to look for grant opportunities.
A significant change in costs is a 7.5% increase in Tiburon Fire Protection District’s contract. The fire service deferred some of its annual Section 115 contributions — a trust account needed to fund employee benefits — to keep a fairly consistent cost to the city. Without this, the increase to the budget would have been approximately 14%. Still, the city anticipates a payment to the district of over $92,500, and will make an additional payment in the future.
Currently the fire service contract is around $2.1 million, but is expected to increase to $2.4 million in the next budget cycle.
Sally Wilkinson, a nonvoting City Council member on the committee, said fire expenses have been growing about 6% annually for the past 20 years, while the city’s expenditures have grown at 4.4%. She suggested closely analyzing the long-term trends in cost over the past years — and the projected increases in the future.
“I think it would be useful just to distribute some numbers and some charts just to give a clearer impression of where that has gone and, as you say, project it out 20 years just to see when that crunch really hits,” Wilkinson said.
Other expenses include a one-time payment for the Martha property of $125,000, adjusting city staff salaries for cost of living by 3% for the budget year, and housing element legal costs.
Capital improvement expenditures include projects throughout Belvedere, such as road maintenance including pavement repairs, crack sealing, and traffic marking; emergency preparedness work like vegetation and fire fuel reduction throughout the city; and technology upgrades.
Cotter said the city plans to make a payment of about $250,000 in pension related debt, but unfunded accrued liability payments to CalPERS are expected to increase over the next five years. While the city plans to continue the around $300,000 per year in debt payment, the budget expects the required pension contributions to rise from $195,000 in in fiscal year 2025 to $415,000 in budget year 2029.
Zadnik said the total remaining pension debt at the end of this fiscal year will be $1.6 million.
The budget forecast meets the city’s reserve goals. Belvedere’s policy is to have equal to half of the general fund expenses, plus the pension debt and fire services cost. Reserves are meant to cover around six months of operating costs in the event of a catastrophic event. The draft budget leaves Belvedere $150,0911 over the amount required by policy.
“What worries me is this budget is in deficit,” said John Wilton, a member of the committee. “This is one of the only years we’re running a pretty significant deficit.”
Wilton said he would like more explanation behind how the five-year projections do not show a continued or increased deficit, and asked staff to show how they were going to “turn it around.”
The City Council is scheduled to review the draft budget at its May 13 meeting. A public hearing is set for June 10. The new fiscal year begins on July 1.
Finance
MUFG Seeks Stake In Indian Finance Company
Mitsubishi UFJ Financial Group (MUFG), Japan’s largest bank by assets and market cap, is close to buying a 20% minority stake in India’s Shriram Finance Limited (SFL), for an investment of $4.4 billion.
SFL is one of the largest non-banking financial companies (NBFC), with assets under management totalling approximately $31 billion.
The negotiations are ongoing, and the agreement is not yet confirmed. The price and stake size could change, the agreement may be delayed, or even fall apart in the coming days.
Shriram’s shares rose nearly 50% this year on India’s National Stock Exchange and the Bombay Stock Exchange, giving a market value of around $18 billion, marking its fifth straight year of positive returns.
The reasons for the rally were: SFL’s strong fundamentals; the Reserve Bank of India’s easing for NBFCs; India’s rising Gross Domestic Product, which is increasing demand for SFL’s core lending segments; SFL’s final 150% dividend payout; and the proposed agreement with MUFG.
MUFG is not the first bank to propose a stake in an Indian bank. Sumitomo Mitsui Financial Group (SMFG), Japan’s second-largest bank, acquired a 20% stake in Yes Bank for $1.6 billion in May 2025, via secondary purchases from the State Bank of India and other banks. SMFG later became the single largest shareholder, acquiring a 24.2% stake in Yes Bank. It has already deployed almost $5 billion and is seeking to expand lending operations and increase employee strength.
Yet another Japanese financial group, Mizuho Securities, a unit of Mizuho Financial Group, is set to acquire a majority stake in Indian investment bank Avendus from KKR for up to $523 million in December 2025. This move will make Avendus a consolidated subsidiary of the Japanese financial group.
Some of the factors that attracted Japanese investors were India’s economic growth projected to grow at 6.5% in 2026, outpacing Japan’s stagnant domestic market, a 1.4 billion consumer base, low banking penetration, Reserve Bank of India’s robust regulatory reforms, eased foreign investment norms, and strong Japan-India collaboration in infrastructure projects like the Mumbai-Ahmedabad bullet train.
Since announcing its deal with Shriram, MUFG has reportedly seen increased interest from automakers looking to boost sales through preferential financing. Should the acquisition close, MUFG plans to have staff in Tokyo and Singapore to develop and execute these deals.
Finance
The big retirement question Aussies are asking right now: ‘We see a jump’
January is nearly behind us and most Australians are now back into the work grind, with kids returning to school to embark on another year. With things settling back to normal, it’s prompted one big retirement question to come to the minds of many workers.
Google Trends data shows searches for ‘how much do you need to retire’ surge as the school year begins. It’s one of four major spikes, along with around the Easter holidays, end of the financial year and the September school holidays.
Super fund HESTA has reported a surge in Australians using its retirement planning tool at the start of the school year, with activity increasing by more than 40 per cent in late January and early February in 2025.
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“We regularly see a jump in planning activity around this time of year after many members have enjoyed quality time with family and friends over the festive season – be it BBQs by the beach or relaxing by the pool,” HESTA CEO Debby Blakey said.
“As Australians look ahead to the rest of the year, many ask one simple question: when can I retire?”
Do you have a story to share? Contact tamika.seeto@yahooinc.com
There’s obviously no one-size-fits-all answer to this question.
While there’s no set retirement age in Australia, to be eligible for the Age Pension, you’ll need to be at least 67.
In terms of how much money you need, the Association of Superannuation Funds of Australia’s standard estimates a single would need $595,000 and a couple $690,000 in their superannuation to retire comfortably at the age of 67. This assumes you receive a part age pension and own your home outright.
If you’re one of the many Aussies dreaming about retirement, Blakey said now was the time to take action.
“The reality is there is no better time than right now to take action on your super and it’s never too late to make a difference to your financial future,” she said.
“There are many small actions people can take to support their journey to a dignified retirement.”
To start with, Blakey said it was important to understand how much super you had, how much your employer was contributing, where your super is invested and how much it’s grown over the long-term.
The super fund’s research found a third of people were only checking their balance once a year or less, while 43 per cent were more likely to check it in times of market turbulence.
Finance
Austin council member Paige Ellis may have violated campaign finance rules again
Austin City Council Member Paige Ellis listens to public testimony on Wednesday, Aug. 16, 2023 at City Hall. The District 8 representative, who is running for re-election this year, has previously faced scrutiny for campaign finance practices.
Under current city rules, candidates for City Council or mayor may not accept more than $450 per contributor per election. The limit applies to individual donors, with exceptions only for the candidate and small-donor political committees.
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Campaign finance reports filed in July 2025 and January 2026 show Ellis accepted nearly $2,500 in contributions that exceeded the $450 individual cap. At least 12 donors gave more than the legal limit, either through single donations above $450 or through multiple contributions across the reporting period that cumulatively exceeded the cap.
In some cases, donors made two or more contributions during the reporting period that, when combined, pushed their total giving beyond the limit. In other instances, donors appeared to list themselves both individually and jointly with a spouse or partner in ways that resulted in total contributions exceeding what is allowed.
Ellis’ campaign manager, Mykle Tomlinson, said he was aware of the $450 cap for individual contributors. Ellis and Tomlinson both said they believed married couples could contribute up to $900 combined, based on each spouse being allowed to give $450.
“As long as the couple hasn’t given over $900, it’s within the limits,” Ellis said. She added that this interpretation applies even when one spouse gives jointly and then later gives individually, calling it a “working definition” that campaigns have followed for years.
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Read More: Austin City Council members push to ease spending rules before vote
Ellis said she personally knows the donors and is aware of which contributors are married, even if both spouses’ names are not listed on campaign finance forms.
However, official guidance from both the Texas Ethics Commission and the City of Austin requires contributors to list their full name on campaign finance reports.
“If a finance report listed an amount above $450 with only one name, that would be an issue for the city’s Ethics Review Commission to review,” city spokesperson Jenny LaCoste-Caputo said in a statement Wednesday.
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Central Texas-based ethics attorney Andrew Cates called it “common sense” to list contributions under two names from a married couple to clarify that those donations come from both people, adding that the whole reporting system is in place so there is no confusion about where the money is coming from.
“If it’s combined, then say it’s combined,” he said. “It’s not that hard.”
City rules state that the candidate is responsible for filing required reports.
Campaign finance violations are reviewed by the city’s Ethics Review Commission. Ellis’ husband, Edward Espinoza, served on the commission from July 2023 through March 2025. He also previously served as Ellis’ campaign treasurer.
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Asked whether Espinoza’s service on the commission posed a conflict of interest, Tomlinson said Ellis recused herself during Espinoza’s appointment by the mayor. He added that the commission often struggled to achieve a quorum during that period and that other council members supported Espinoza’s appointment.
“It doesn’t seem like anyone thought it was a conflict of interest,” Tomlinson said.
Read More: Austin’s proposed tax hike follows behind-the-scenes budget maneuvering
This is not the first time Ellis has faced scrutiny over campaign finance practices. In 2022, the Ethics Review Commission considered a complaint alleging 56 violations related to her campaign, including accepting contributions above city limits and failing to provide required donor employment information.
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Commissioners dismissed the allegations related to donor information but found that Ellis had accepted excessive contributions. Ellis acknowledged the violations and was sanctioned with a letter of notification. She later issued refunds for the amounts in question.
In a written statement, Tomlinson said the commission “dismissed the lion’s share of complaints” and found that seven transactions — totaling about $20 — exceeded contribution limits by small amounts. Those funds were refunded and reflected in a subsequent campaign finance report, he said.
Ellis is running for re-election to a third term representing District 8. Because city rules generally limit members to two terms, she will have to collect signatures from at least 5% of eligible voters in her district to appear on the ballot.
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So far, Ellis has drawn one challenger: Selena Xie, a former Austin EMS Association president, EMS commander and ICU nurse, who announced her candidacy in July.
Voters will decide the District 8 race in the Nov. 3 election. Council districts 1, 3, 5 and 9 will also be on the ballot this November.
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