Finance
City Council South Pasadena | Primuth Apologizes, Finance Ad Hoc Reauthorized | The South Pasadenan | South Pasadena News
In another dramatic reversal, the South Pasadena City Council last Wednesday unanimously voted to re-instate the financial advisory board it abruptly dissolved only six weeks earlier. The lead up to the vote featured an apology from Council Member Jon Primuth for comments he made about Sheila Rossi, Vice Chair of the newly reauthorized Finance Ad Hoc Committee (FAHC).
Despite impassioned pleas from a group of influential citizens, council members initially seemed poised to reject reinstatement. The fog over what drove the alarming deficit projections that prompted Council in February to create the FAHC was clearing; possible savings in the current fiscal budget that ends June 30 were emerging; and both Council and its standing Finance Commission had since approved the mid-year budget report they’d previously delayed in the wake of the deficit projections.
“Their work is done,” Council Member Jack Donovan said of the FAHC.
Council Member Michael Cacciotti said a renewed FAHC would constitute an unduly heavy demand and inefficient use of staff, particularly in light of the many recent and planned joint council- finance commission meetings. He rejected the mayor’s notion there is a “fiscal emergency” and other “sensationalized” descriptions of the budget, suggested the city spends too much on the finance commission now and blamed concerns over “chronic instability” in finance department staffing on “pressure and comments from community members creating an unwelcome and stressful employment environment.”
But then Primuth, who on March 20 cited Rossi’s “misrepresentations” as the reason for both his loss of confidence in and vote to kill the FAHC, read a long prepared statement. “People are worried the city is running at too much of a deficit. They’re concerned about the integrity of the city’s financial reporting. They are concerned about the anger with which some council members” spoke of the FAHC. “That would have been me.”
Although it was not his intent, Primuth said, “it appears my words had the impact of accusing her of intentionally misrepresenting. And for that I apologize.”
Starting with some “background,” Primuth then explained why he now felt the FAHC should be re-instated. Since the vote to disband it, Finance Director John Downs apologized for the “financial reporting discrepancies that had caused so much turmoil.” One citizen told Primuth he’d counted six times incorrect reports had been pushed out. This caused “a collapse of confidence in some people in the city’s own numbers.”
Now the department is producing reliable monthly reports, though “more improvement is needed” Primuth continued. The alarming projections were based on an inflated baseline. Council and the Finance Commission have taken steps to ensure more reliable projections, given staff direction to update policies, and discerned long- and short-term cost saving–without major staff cuts–by recognizing a slowdown in capital improvement spending, savings from budgeted-but-unfilled staff positions, and that some large costs–such as Caltrans housing, legal expenses, temporary contract staffing, and Housing Element development–are one-time or diminishing expenses.
The city’s financial troubles must be addressed in a way that is “transparent, collaborative and respectful,” Primuth concluded. The FAHC, with its original four members, should now be charged with making recommendations on how the city can improve its financial reporting, precisely because they have experienced what things are like without it. Therefore “they should be the ones to lead the way. That will improve public confidence.”
“There’s been a kerfuffle over the last couple months,” summarized Council Member Janet Braun, who along with Mayor Evelyn Zneimer and citizens Peter Giulioni and Sheila Rossi made up the FAHC. But it’s been good, because it brought out issues–“where things stand, what needs to be looked at.” Sometime, Braun said, “you need a little bit of kerfuffle to get to the bottom line.”
She said the FAHC should be reauthorized to focus on actual financial figures and the protocols for their presentation, rather than be left trying to reconcile budget figures with unreliable or unavailable interim actuals. The FAHC could also help with prioritization of the capital improvement program (CIP).
Mayor Zneimer agreed, adding the FAHC could address the “inadequacies” of the city’s Springbrook financial software, the antiquity of which has contributed to the financial reporting problems.
Citing the heavy calendar of budget meetings and milestones over the next month, and a renewed sense that council, finance commission and finance staff are working more smoothly together, the council ultimately elected reauthorize the FAHC to commence in July after the new budget is adopted, and charged it with reviewing the city’s year-end actual financial results, making recommendations for the presentation and reporting of the actuals, and advising on CIP priorities.
Finance
New Funding Models Needed As Global Health Faces Growing Financial Strain – Health Policy Watch
Global health is facing a funding crisis. Aid is shrinking, debt is rising, and the needs are only increasing. According to Christoph Benn of the Joep Lange Institute and Patrik Silborn of UNICEF Afghanistan, health systems will need to fundamentally rethink how they finance and sustain care.
On a recent episode of the Global Health Matters podcast, host Gary Aslanyan was joined by these two experts, who said “innovative finance” has become central to discussions on sustaining health systems.
Benn said that while the term is widely used, few agree on what it actually means. He described it as a “spectrum” of approaches, ranging from philanthropic grants and conditional funding to private-sector investment models that expect financial returns.
“It has frustrated us deeply that so many people are talking about innovative finance, but very few actually know what they’re talking about,” Benn said.
Silborn emphasised that these mechanisms should not be treated as one-size-fits-all solutions. Instead, financing models must be designed around specific problems whether that means raising new funds, improving efficiency, or linking payments to measurable outcomes.
Drawing on his experience in Rwanda, Silborn described how a results-based funding model tied disbursements directly to performance, helping the country to maintain progress against major diseases despite reduced funding.
Both experts stressed that private-sector engagement requires a clear understanding of incentives.
“Private corporations are not charities,” Benn said. They can, however, contribute through marketing partnerships, technical expertise, or investment models that align financial returns with social outcomes.
Looking ahead, Benn pointed to targeted taxes and debt swaps as among the most scalable tools. Still, both warned that innovative finance is not a substitute for public responsibility.
“It only works when it is designed to solve real problems in specific contexts,” Benn said, underscoring that strong systems and governance remain essential to any lasting solution.
Listen to the full episode >>
Read more about Global Health Matters podcasts on Health Policy Watch >>
Image Credits: Global Health Matters podcast.
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COLUMBIA, S.C. (WCIV) — Dozens of local elected officials from across South Carolina are urging state lawmakers to pass legislation that would allow cities, counties and school districts to deposit taxpayer funds in the financial institution of their choice, including qualified credit unions.
The Palmetto Public Deposits Coalition, formed by more than 40 mayors, county council members and municipal leaders have signed a joint letter calling on the General Assembly to advance the South Carolina Financial Freedom Act, a bill that, if signed, would lift long-standing restrictions that require public entities to deposit funds exclusively in commercial banks, even though state law already allows credit unions to accept public deposits.
The coalition argues the current system limits competition and prevents local governments from seeking potentially better rates, lower fees and more responsive service.
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“Local governments should have the same financial freedom that families and businesses have — the ability to choose the financial institution that best meets their needs,” Rick Osborn, chairman of the Palmetto Public Deposits Coalition, explained. “This commonsense reform will introduce healthy competition, help stretch taxpayer dollars further, and strengthen partnerships with community-focused financial institutions that are deeply invested in South Carolina.”
The efforts also won support from the South Carolina Association of Counties and the Municipal Association of South Carolina, whose boards have formally endorsed expanding deposit options. Their backing signals broad agreement among local government officials that the law should be modernized.
In their letter to lawmakers, the coalition argued that permitting credit unions to hold public deposits would restore financial choice and improve outcomes for residents.
“This legislation is about giving local leaders more tools to serve residents effectively and make responsible financial decisions,” said Goose Creek Mayor Greg Habib, one of the signatories.
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The Financial Freedom Act would allow, but not require, public entities to deposit funds in qualified credit unions. Coalition members said the bill is not designed to favor one type of institution over another, but to encourage competition in a market currently limited to commercial banks, many of which operate outside the state.
The Palmetto Public Deposits Coalition said it will continue working with local leaders, state associations and lawmakers as the legislation moves through the current session.
The FTSE 100 (^FTSE) was hovering around the flatline on Friday, while European stocks headed lower, as traders shrugged off Donald Trump’s latest pause on striking Iran’s energy infrastructure.
On Thursday night, the US president extended the deadline for Iran to open the strait of Hormuz by 10 days, meaning the new date would be 6 April. He claimed that talks were “going very well”. However, Iran denied it was “begging to make a deal”, despite Trump’s earlier claims.
It comes after Wall Street posted its biggest daily loss since the Iran war began on Thursday.
The Wall Street Journal also reported on Thursday that the US was considering sending as many as 10,000 additional troops to the Middle East.
Tony Sycamore, market analyst at IG, said Trump has extended the uncertainty gripping markets.
“While the rhetoric around de-escalation and dialogue is certainly preferable to outright conflict, the market appears to be growing increasingly numb to President Trump’s verbal reassurances. By extending the deadline, it effectively kicks the can down the road, pushing back any concrete resolution regarding the reopening of the Strait of Hormuz. This, in turn, simply extends the uncertainty weighing on markets and the broader global economy.”
Elsewhere, UK retail sales dipped by 0.4% in February, following a rise of 2.0% in January, the Office for National Statistics revealed. In the December to February quarter, sales volumes were up 0.7% compared with the previous three months.
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London’s benchmark index (^FTSE) was hovering around the flatline in early trade
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Germany’s DAX (^GDAXI) dipped 0.5% and the CAC (^FCHI) in Paris headed 0.2% into the red
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The pan-European STOXX 600 (^STOXX) was down 0.3%
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Wall Street is set for a muted start as S&P 500 futures (ES=F), Dow futures (YM=F) and Nasdaq futures (NQ=F) were all lacklustre.
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The pound was 0.1% down against the US dollar (GBPUSD=X) at 1.3311
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