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
UK finance minister to revive regular economic talks with China in January trip, sources says
By Joe Cash
BEIJING (Reuters) – Britain’s finance minister Rachel Reeves will visit China on a two-day trip in January to revive high-level economic and financial talks that have been frozen since 2019, three people with knowledge of the plan said.
Reeves is scheduled to meet China’s vice premier He Lifeng, the country’s economy tsar, on Jan. 11 in Beijing to restart what had been annual talks known as the Economic and Financial Dialogue (EFD), they said.
If those discussions show progress, the two sides could look to re-launch what had been a regular and wider meeting known as the Joint Economic and Trade Commission (JETCO) later next year, the sources said.
British businesses have also pressed to restart meetings of the UK-China CEO Council, a group established by then-Prime Minister Theresa May and then-Premier Li Keqiang in 2018, one of the sources added.
Reuters reported on Thursday that HSBC Chairman Mark Tucker will lead a business delegation that will visit China next month in a bid to boost trade and investment with a particular focus on financial services.
Reeves will also go to Shanghai, where she will meet with British companies operating in China on Jan. 12, according to the sources, who asked not to be named because they were not authorized to discuss the plans.
Britain decided to suspend most economic dialogues with China in 2020 after Beijing imposed a national security law in Hong Kong, the former British colony. Since then, spying allegations, the war in Ukraine, and the sanctioning of lawmakers have increased tensions between the two countries.
The Labour government, in power in Britain since July, has made improving ties with China one of its main foreign policy goals after a period under successive Conservative governments when relations plunged to their lowest in decades.
In 2022, then-Prime Minister Rishi Sunak, a Conservative, declared the end of a “golden era” of relations with China that one of his predecessors, David Cameron, had championed.
Over the preceding decade, British and Chinese officials had met annually for high-level trade and investment talks, holding an EFD almost every year and a JETCO every two years.
Those talks resulted in the London-Shanghai stock connect scheme, Britain joining the Beijing-based Asian Infrastructure Investment Bank, and joint investment into green technologies, including the UK’s Hinkley Point C nuclear power plant.
(Reporting by Joe Cash)
Hello! It’s Rebecca here with your final Australia Briefing of 2024. And what a year it’s been. From the re-election of Donald Trump and the ongoing slowdown in China, to the blockbuster IPOs and corporate scandals closer to home — 2024 will go down as one for the ages.
Before we all revert to the sanctity of our beach towels, I thought I’d load you up with a selection of my favorite pieces from Bloomberg’s Australia newsroom this year. A stockpile of stories, videos and podcasts to help you while away those days by the pool, at the campsite, or wherever the onset of summer takes you…
Is ‘Bluey’ Ending? Disney’s Worried Biggest Kids Show Ever Is at Risk — Essential reading for anyone with a kid, or honestly, a pulse. Did you know that Americans watched 731 million hours of Bluey in 2023, more than NCIS, Grey’s Anatomy, Gilmore Girls or that perennial of the broadcast, cable and streaming eras, Friends? That’s almost as much as my kids.
Australia Has a Top Pension Program. Why Are Many Retirees Still Struggling? — It’s official: Australia’s retirement system is the envy of the wealthy world. So why aren’t we all diving Scrooge McDuck-style into a vat of cash?
Malaria Rates Surge After Mosquito Net Changes Complicate Global Fight — Travel to the depths of Siar Village, Papua New Guinea with our reporters as they explain why the world is losing its fight against malaria.
World’s Top Retailer Is Now Trying to Save Air New Zealand — We report a lot on the former CEO of this airline, you may know him as the New Zealand PM. But what do you know about the new one?
Investing for the Ultra-Rich: Family Offices Are Booming in Perth, Australia — Twiggy lives there, and so does Gina — but those two reasonably well-off citizens aside, why is Perth a magnet for family offices?
Finance
Arrow Financial Strengthens Board with Four Industry Veterans, Adding Banking and Finance Expertise
James M. Dawsey, President of MLB Construction Services, LLC, will bring financial and operational expertise to the Arrow board, drawing from more than 45 years of experience in construction management and operations oversight. He has extensive expertise in reviewing financial statements, cost control and profit-and-loss oversight for his five companies. His proven ability to ensure financial strength and operational efficiency will provide valuable insight to the board. He currently serves on the board of directors of Glens Falls National Bank and Trust Company, Saratoga National Bank and Trust Company, Upstate Agency, LLC, Local Union 157 and the Eastern Contractors Association.
Dr. Kristine D. Duffy, President of SUNY Adirondack, has more than 35 years of
Philip Morris, CEO of Proctors Collaborative, brings extensive expertise in cultural facilities and development to the board, with nearly 50 years of experience renovating more than 20 buildings for cultural purposes and raising more than
Daniel J. White, a Certified Public Accountant, brings a wealth of experience to the board, having served as the former Office Managing Partner for KPMG LLP’s
“We are thrilled to welcome Jim, Kris, Philip and Dan to the Arrow Financial Corporation Board of Directors,” said David S. DeMarco, President and CEO of Arrow Financial Corporation. “Their diverse backgrounds and expertise will greatly enhance our board’s capabilities. We are confident their leadership and insights will help guide our organization as we continue to grow, innovate and serve our community with excellence.”
About Arrow Financial Corporation:
Arrow Financial Corporation is a multi-bank holding company headquartered in
View original content to download multimedia:https://www.prnewswire.com/news-releases/arrow-financial-corporation-appoints-four-new-board-members-302335965.html
SOURCE Arrow Financial Corporation
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