Finance

Investigation exposes severe weaknesses in Halifax County finances

Published

3 hours ago

March 13, 2026

Investigation exposes severe weaknesses in Halifax County finances

HALIFAX COUNTY, Va. – A new investigation into Halifax County’s financial system found widespread compliance problems, including missing documentation for most financial transactions and a concentration of authority within the finance department that could increase the risk of fraud.

The review examined four years of county finances and found that 98% of financial transactions tested had little to no supporting documentation, according to the report. Investigators said the lack of documentation could expose the county to federal audits and jeopardize grant funding.

The report also found that investigators could not accurately verify the county’s payroll records because some payments lacked sufficient documentation.

Halifax County Board of Supervisors Chair Larry Roller said the scope of the issues was larger than he expected.

“We’ve got to do better with our policies and procedures,” Roller said. “It was a lot more than I thought it would be.”

Investigators said many of the problems stemmed from poor records retention and the county’s inability to produce requested documentation during the review.

“A lot of it was filing, records retention, and being able to get your hands on what was requested and provided,” Roller said. “And we weren’t able to do that in all the cases.”

The report also raised concerns about the structure of the county’s finance department. It found finance directors had significant authority, including the ability to approve payments and modify financial records without additional oversight.

Residents said the findings have shaken their confidence in the county’s leadership.

Barbara Coleman-Brown, who has lived in Halifax County for years, said she wants officials to clearly outline how they plan to fix the problems.

“Tell me how you’re going to improve and when we can expect it,” Coleman-Brown said. “I need you to be specific to restore my trust.”

Roller said county leaders plan to work with multiple departments to overhaul financial procedures and improve transparency, though he warned the process could take time.

“It’s just a matter of us doing business like we should, communicating like we should, and being transparent to the public,” he said.

Related Topics:Finances Halifax Halifax County

Click to comment

Finance

How Does Debt Move Through the Global Financial System? – OpenMarkets

Published

15 hours ago

March 12, 2026

Press Room

How Does Debt Move Through the Global Financial System? – OpenMarkets

Repo markets are the plumbing behind sovereign debt distribution, ensuring bonds can be financed, hedged and reused as collateral.

The journey of sovereign debt begins with government auctions and syndications, where primary dealers (large banks) and wider market participants, such as buy-side institutions, purchase bonds, which are generally offered at a discount. Corporate bonds are similar, however, issued by a firm.

To avoid utilizing the bank’s own capital and balance sheet, dealers “repo” the bonds – selling them to cash-rich institutions like money market funds with an agreement to buy them back at a specified future date (terms vary per market). While the cash bond market is an outright purchase or sale, the repo market is treated as a collateralized loan, meaning banks have to manage the associated credit risk of the underlying bond and counterparty during the term of the trade.

Government and corporate bonds, in addition to the risk positioning in outright markets, serve as collateral to finance longs/cover shorts for market participants and are utilized in margin calls. This plumbing further assists the breadth of market participants to cash reinvest, increase leverage, enhance returns and support market liquidity. The plumbing is sensitive to some friction:

1. Balance Sheet Pressure

Balance sheet pressure arises when capital requirements, deriving from the implementation of Basel Standards, such as the Leverage Ratio / GSIB / LCR / NSFR / HQLA / RWA / UMR, cause banks to actively manage their balance sheet accordingly in order to optimize each regulation. This allows them to increase balance sheet efficiency and reduce/increase exposures where required to manage dynamic regulatory constraints, thus requiring banks to tightly manage scenarios that impact their business.

The varying legal structure of each bank means the impact of measures of regulation cause different weighted balance sheet challenges for each of the banks. It is not one-size fits all. As banks navigate these challenges, it can mean they have diverging strengths, in their product offerings, at various points in the year compared to their competition. Thus, there can be situations whereby banks will be less willing to intermediate trades even if they have the cash or bonds, as they are constrained by the regulations.

2. Liquidity Stress

Simultaneously, liquidity stress can manifest when a surge in demand for cash suddenly spikes, and a contraction in supply is encountered, i.e. lenders become nervous – for example, due to heavy bond issuance or tax deadlines – causing interest rates to surge as participants compete for a dwindling pool of available funding. Additionally, collateral scarcity and sudden spikes in demand for specific bonds can cause pressures.

There have been a number of stress periods over recent years in the financing markets, which have highlighted the need to keep a liquid and functioning collateral market. Localized liquidity gaps can rapidly evolve into broader market contagion in the outright and ultimately futures markets. Consequently, the accessibility of central bank facilities and connectivity to intermediating technology venues becomes increasingly important as the speed of execution accelerates with technological advances and the market moves to faster, and increasingly automated, execution.

Finance

Downtown Cincinnati hotel gets final public approval, but private financing still in flux

Published

1 day ago

March 12, 2026

Press Room

Downtown Cincinnati hotel gets final public approval, but private financing still in flux

CINCINNATI (Cincinnati Business Courier) – The plan to build a new $540 million, 700-room Marriott convention center hotel downtown got its final public approval Wednesday, with the Port of Greater Cincinnati Development Authority agreeing to sell $130 million in tax-exempt bonds to finance the project.

The closing on the financing, however, is not expected for another 60 to 90 days. The private financing is still being finalized, although good progress is being made, said Greg Hahn, vice president of public finance for the Port.

“It’s a tough project to finance,” Hahn said, adding that the city, county, state, the Cincinnati Center City Development Corp. and Atlanta-based private developer Portman Holdings have been working “to bring this to life.”

Read the full story from the Cincinnati Business Courier.

BE THE FIRST TO COMMENT

Cincinnati Business Courier is a Local 12 News partner

Finance

How to make your offer stand out in a competitive housing market

Published

2 days ago

March 11, 2026

Press Room

How to make your offer stand out in a competitive housing market

With the weather finally thawed and kids out of school, spring and summer are the busiest seasons for homebuying. This can mean more options to choose from on the market — but it can also mean more competition.

Going through the work of putting together an offer on a house you are excited about, only to get beat out by other buyers, can feel like a major letdown. So, how can you make your home offer stand out if you are wading into a hot housing market? From having your own affairs in order to being flexible and savvy in the offer you craft, here are some tricks you can implement to improve your odds of winning out.

Have everything in order before bidding

If you are trying to buy in a fast-moving, competitive market, it is vital that you have all your ducks in a row before you get to the point of submitting an offer on a home. This means working with an experienced, knowledgeable real estate agent you can trust, and already having mortgage preapproval in hand, so you have a ballpark idea of how much you will actually be able to borrow.

Article continues below

The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE

Sign up for The Week’s Free Newsletters

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

The former will help you ensure you are putting your best (and most strategic) foot forward when you make an offer, and the latter will provide peace of mind for the seller, given that “in a competitive market, sellers will likely have multiple offers to choose from and will look for a buyer who is able to close on the sale,” said Zillow.

Understand the market, the property and the seller

When it comes to this, the real estate agent you work with can make all the difference. “Their deep market knowledge allows agents to identify accurate comparable listings and help buyers price offers more strategically,” said USA Today. They will also “know how quickly homes are selling in a given area and can communicate quickly and effectively with listing agents.”

An agent can often get insight into what is most important to a particular seller — whether that is a quick closing timeline, the security of a cash offer or an above-listing price — and help ensure your offer checks those boxes.

Consider ways to sweeten your offer

Depending on what feels reasonable and is doable for you, there are a number of steps you can take to make your offer more enticing, including:

Increase your earnest money deposit. This is a deposit made upfront to demonstrate your seriousness about and ability to purchase the home. Typically, it is “around 1% to 3% of the purchase price,” but “in a competitive market, you may choose to increase this to 5% or higher to stand out and prove your commitment,” said Investopedia.

Add in an escalation clause. With an escalation clause, your offer automatically increases, up to a specified maximum, if another buyer in the running outbids you. This can “help you stay in the running if another offer comes in for slightly more than yours,” said Rocket Mortgage, though it is not always necessary or even allowed in certain markets.

Offer concessions. Offering the seller concessions can “make your offer more attractive,” said Rocket Mortgage, though it is also vital here to ensure what you offer is workable for you. Common examples of concessions include offering to pay certain fees, such as the agents’ commission or the seller’s real estate attorney fees, or purchasing the property as-is.