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In the Know: Scarborough finance director retires after 42 years

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In the Know: Scarborough finance director retires after 42 years

Ruth Porter

There are particular individuals inside the City of Scarborough employees who’ve grow to be synonymous with what it means to work for our native authorities — those that have been with the City for a few years and have grow to be a recognizable asset. Finance Director Ruth Porter falls squarely in that class, having labored within the finance division since July 28, 1980 (she started on her mom’s birthday, so it was a very auspicious day for her). After greater than 42 years with the City of Scarborough, Ruth is stepping down from her position as finance director to retire in
early October.

Ruth is a worth to the City not just for her sheer talent and efficacy in her position, but additionally for the tenure and legacy she has in a division that has developed through the years to satisfy the wants of the group.

She began with the City of Scarborough in 1980 when the inhabitants of Scarborough was simply over 11,000. Now it’s doubled at about 22,000.

Because the city has grown, Porter has maintained a accountable, well-managed course for all monetary divisions inside the city. She oversees the executive, supervisory, and monetary capabilities for the Income, Accounting, and Buying divisions. She additionally prepares and administers the annual price range, debt administration, capital packages and manages accounting and auditing of each the city and college division funds.

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“Throughout Ruth’s unimaginable tenure with the City she has overseen the transformation of our group, to a contemporary subtle operation,” mentioned City Supervisor Tom Corridor. “Her affect has been immeasurable. From establishing monetary programs and to hiring high quality employees, her imprint on Scarborough will stay as her legacy. I want her congratulations and good luck in a much-deserved retirement.”

Ruth’s directorial oversight led the City of Scarborough to obtain the Annual Complete Monetary Report (ACFR) from the Authorities Finance Officers Affiliation (GFOA) as a part of their Certificates of Achievement for Excellence in Finance Reporting. The celebrated honor has been awarded every consecutive 12 months since 2005. This nationwide recognition was established in 1945 to encourage state and native governments to transcend the minimal necessities of typically accepted accounting rules to arrange annual complete monetary experiences “that proof the spirit of transparency and full disclosure after which to acknowledge particular person governments that reach reaching that objective” (GFOA). It’s the highest type of recognition within the space of governmental accounting and monetary reporting.

Through the years, Ruth held the roles of Tax Collector and Treasurer. These roles transitioned to different Finance employees because the division and their positions grew. Throughout her tenure in Scarborough, she put collectively the primary computerized monetary administration system. Moreover, she has had a lead position within the up to date computerized accounting programs (Gemini and now Munis) from Tyler Applied sciences. Porter additionally helped create the preliminary monetary and personnel insurance policies and procedures that in lots of cases at the moment are state and federal mandated together with welcome and exit processes. Once more, as Scarborough has grown, each the pc and human useful resource capabilities have grow to be their very own viable and mandatory departments.

In her tenure as Finance Director, Ruth has grow to be not solely a seasoned skilled with experience in Scarborough’s funds, its departments, and its governance, however she additionally has an historic perspective, bar none at this level, from her involvement with many city initiatives, its development, governing boards and employees throughout her 42 years of service. She mentored lots of the City’s division heads through the years, together with three planners, six assessors, three Group Providers administrators, 5 fireplace chiefs, 4 police chiefs, three Public Works administrators and 7 college enterprise managers to help them of their vital capabilities.

“I’ve loved being with the various of us who’ve been a part of my day by day work life through the years,” Porter mentioned. “Coaching and profession improvement has all the time been her primary precedence.”

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She has skilled, nurtured and managed her departmental employees and needs solely the perfect for them. Between herself and up to date retirees Gina Clukey (33 years of service) and Teri Hodgdon (19 years of service), Scarborough has gained the great historic data of over 94 years’ expertise inside the Accounting employees alone.

All through her profession, Ruth has been lively within the discipline past the partitions of her workplace. In 1984, she was a founding member of the Maine Authorities Finance Officers Affiliation (MEGFOA) serving on the chief board from 1984 to 1988 and once more from 1994 to 2019. She held different management roles as a part of MEGFOA, too: she was vice -resident from 1999-2000, president from 2000-2001, and secretary/treasurer for almost all of the opposite years. Her achievements with MEGFOA expanded previous her participation on their board. She joined the New England Authorities Finance Officers Affiliation Government Board (NESGFOA) in 2011 till 2021. Moreover, Ruth was a mentor for the GFOA Ladies’s Public Finance Community for a couple of years, mentoring new finance administrators.

In her retirement, Ruth may be very a lot trying ahead to celebrating what she loves about Maine along with her household. “My husband John and I really like Maine, its colours within the fall, its seasonal adjustments, its mountains and seashores, its oceanfront, mountain climbing and having fun with Maine’s pristine air and areas of untouched, pure magnificence,” Porter mentioned.

She plans on spending extra time with him and her three youngsters (Jacot, Jessie and Jillian), and her teenage grandson. She additionally seems to be ahead to extra time with associates for brunch, lunch, swimming, or seeing a play on the Ogunquit Playhouse.

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Brace for ‘third wave’ of China bond defaults on financing costs, tighter policies: S&P

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Brace for ‘third wave’ of China bond defaults on financing costs, tighter policies: S&P
China could face a third wave of corporate bond defaults at home and abroad this year, as high financing costs, slow economic growth and tight government policies heap pressure on the country’s weakest borrowers, S&P Global Ratings said.

Local government financing vehicles (LGFVs) and consumer companies could trigger a new round of debt failures because of their bigger maturity walls and greater refinancing needs, the rating company said in a report on Tuesday. The most recent distress cases are just entering full restructuring and more will come this year, it added.

“Policies aimed at reining in excessive leverage have driven two default waves so far,” Charles Chang, S&P’s Greater China country lead for corporate ratings, said in the report. “More policies with similar aims, scale and effects may lead to the next wave of defaults.”

China’s local government financing vehicles borrow heavily to fund infrastructure projects and face a major refinancing needs this year, S&P says. Photo: Xinhua

Companies in the industrial and commodities sectors led the first wave between 2015 and 2016, when the country experienced 80 defaults triggered by excess capacity and asset management, said Chang, who co-authored the report with China country specialist Chang Li. Beijing’s “three red lines” policy has led to the second wave from 2021, with real estate developers accounting for most of the 108 default cases since, he added.

China Evergrande Group, which was ordered to liquidate in January amid an accounting scandal, first fell into distress in June 2021 after China squashed weak developers to contain systemic risks in the financial system. The cash crunch at Country Garden Holdings, once China’s largest home builder, showed the crisis has yet to run its course, S&P said in the report.

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“Market access for privately owned firms has been negative for most months since 2021,” Chang said in the report. “For LGFVs, only higher rated firms were able to issue bonds but in lower volumes. Tightened regulation has restricted the market access of weaker LGFVs.”

Still, this year may mark a trough as the repayment amount drops, S&P said. Chinese entities have US$92 billion in offshore corporate bonds coming due, compared with US$111 billion that matured in 2023 and US$104 billion that will be payable in 2025, Chang said. As a result, China’s offshore default rate has fallen to 0.3 per cent in the first quarter, from 1.3 per cent in 2023 and 6.7 per cent in 2022.

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China’s 5.3 per cent growth last quarter should not be viewed as a “significant slowdown”, said Kenny Ng, a strategist at Everbright Securities in Hong Kong. The country’s monetary policy is still quite accommodative and financing costs are still going down overall.

While there has been no default among onshore borrowers in the first three months of 2024, S&P said debt maturities are peaking this year at 8 trillion yuan (US$1.1 trillion). LGFVs face 3.5 trillion yuan of repayments, while the capital goods and power sectors each have 757 billion yuan and 738 billion yuan of obligations, respectively.

“Corporate debt is a rigid burden that is largely dependent on a company’s operations,” said Shen Meng, director at Beijing-based investment firm Chanson & Co. “The tightening of financing will further compress the flexibility of a company’s operations and shake the foundation of its financial stability.”

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Next Gen Personal Finance Celebrates Milestone 100,000 Teacher Accounts as Financial Education Gains National Support

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Next Gen Personal Finance Celebrates Milestone 100,000 Teacher Accounts as Financial Education Gains National Support

BURLINGAME, Calif., April 23, 2024 /PRNewswire/ — The community of teachers who use resources from financial education nonprofit Next Gen Personal Finance (NGPF) hit a milestone of 100,000 members this week.

NGPF’s mission is to guarantee that, by 2030, all high school students receive a personal finance course prior to graduating. The organization produces high-quality, engaging personal finance curriculum and professional development at no cost to educators. Next month, NGPF will celebrate its tenth anniversary.

“The growth in educators seeking personal finance resources for their classroom reflects the increase in support from advocates and policymakers across the country who want to ensure high schoolers graduate with a foundational understanding of how to navigate their finances,” said Tim Ranzetta, co-founder of NGPF.

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Demand for NGPF’s resources has mirrored the proliferation in state policies guaranteeing a Personal Finance course. In 2020, only eight states guaranteed a personal finance course to all public high school students. At the end of 2023, 25 states had enacted laws.

NGPF teacher accounts more than tripled in the last four years. At the end of June 2020, NGPF had nearly 33,000 account users. Now, at least 84% of students attend a U.S. high school where a teacher has an NGPF account.

“As a former high school teacher and principal, one of my favorite things about personal finance education is that students want to learn it,” said Jessica Endlich, co-founder of NGPF. “They see the immediate connection to their lives, they can share the knowledge with their friends and family, and they’re truly motivated to engage with the materials. That’s a win for any school or community.”

According to a survey by the National Endowment for Financial Education, more than 88 percent of adults support requiring financial education in high school.

“As an early adopter of NGPF resources, the collaborative community fueled my professional growth, inspiring me to continuously innovate in my classroom and improve my own content knowledge,” said Amanda Volz, the first teacher to create an NGPF account, who now works as NGPF’s Director of Professional Development. “This led to transformative learning experiences for my students as they benefited from the high-quality NGPF resources that have been, and always will be, free for everyone.”

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Of the teachers with NGPF accounts, 37 percent identified as personal finance teachers, 20 percent as math teachers, nine percent as Economics and eight percent as Career Prep.

“I recall the initial days with NGPF vividly. It was astonishing to discover a company offering such a wealth of pertinent content for my students completely free of charge,” said Brenda Martin-Lee, Business Educator at Seneca High School in N.J., who was the second teacher account with NGPF. “As time passed, I gradually incorporated the majority of these excellent resources into my Personal Finance classes.”

Research has clearly demonstrated that a Personal Finance course improves long-term financial decision-making and positively impacts student debt decisions and credit scores, helps graduates avoid predatory lenders, helps to increase savings rates among teachers, and even generates positive spillover effects on parents.

“I simply can’t say enough about the positive impact NGPF has had on my life. It goes far beyond the curriculum, the professional development, our Fellows group, scholarships, and the advocacy,” said Jacqueline Collins, a business educator at Mansfield High School in Mansfield, Mass. “NGPF built a community of amazing, like-minded colleagues that I speak with each day, whether through Finlit Fanatics or in our FinLitFam text group. It’s priceless!” Collins was the fourth teacher to create an account with NGPF.

A recent report from Tyton Partners found that taking a one-semester course in personal finance results in an average per-student lifetime benefit of approximately $100,000. The report also found the cost of implementing a standalone course can be kept low given the availability of high-quality curricular resources and teacher professional development made available by providers at no or minimal cost.

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About Next Gen Personal Finance

Next Gen Personal Finance (NGPF) is a nonprofit committed to guaranteeing that all high school students receive a personal finance course prior to graduating. NGPF has become the number one source for 100,000 educators looking for high-quality, engaging personal finance curriculum to equip students with the skills they need to thrive in the future. NGPF invests in teacher professional development with live Virtual Professional Development, 10 Certification Courses, and 40+ asynchronous On-Demand modules. NGPF has been recognized by Common Sense Education as a “Top Website for Teachers to Find Lesson Plans” and “Best Business and Finance Games” and also named NGPF a “Selection for Learning.” Visit ngpf.org for more.

MEDIA CONTACT
Tim Ranzetta
NGPF Mission 2030 Fund
Next Gen Personal Finance
[email protected]

SOURCE Next Gen Personal Finance

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M&M Finance postpones results after fraud

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M&M Finance postpones results after fraud
Mumbai: Mahindra & Mahindra Financial Services (M&M Fin), the NBFC arm of the auto group has postponed its fourth quarter results indefinitely after a fraud was detected at one of company’s branches in the North East. The results were supposed to be announced on Tuesday.

In a stock exchange notice post midnight, the company said the fraud involved forgery of KYC (know your customer) documents leading to embezzlement of company funds and pegged the total financial impact of the fraud at Rs 150 crore.

“Investigations in the matter are at an advanced stage. The company estimates that the financial impact of this fraud is unlikely to exceed Rs.150 crores… necessary corrective actions have been identified and are at various stages of implementation, including arrest of few persons involved,” the company said.

The company’s shares fell close to 8% in early trade to Rs 257 a piece but had recovered and was trading at Rs 270 apiece down 3% from Monday’s close of Rs 279 a piece on the BSE.

The company said that the discovery of the fraud, agenda matters pertaining to approval of the audited standalone and consolidated financial results of the company for the fourth quarter and financial year ended 31 March 2024, recommendation of dividend, AGM and related matters, which were to be considered at the board meeting on Tuesday are being deferred to a later date, which shall be intimated in due course.

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However, the company’s audit committee and the board meeting to consider other matters like increase in aggregate borrowing limits and fund raise via issue of non-convertible debentures will go ahead as per schedule.The company did not specify which branch the fraud took place.

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