Finance
Luzerne County study commission approves budget/finance recommendations
Luzerne County’s Government Study Commission approved several budget and finance recommendations Thursday.
The citizen commission is drafting a revised county home rule charter for voters to consider in November.
One recommendation would add a restriction to the county manager’s authority to transfer budgeted funds within departments.
The proposed new wording would not allow such transfers if the funds are used to create a new position or increase the salary for any position above the annual amount budgeted for that year.
Other than this new restriction, the manager would retain authority to make budget transfers, with the requirement to notify council and the controller within five days after a transfer is made.
Commission member Stephen J. Urban pushed for the transfer restriction, saying at a meeting last month the manager should be required to return to council for approval to increase transparency and council involvement in staffing changes that impact future budgets.
“You want to give the manager the flexibility to create positions, but you also have to give that mutual respect to council for controlling the budget and keeping that check and balance in play that council has to make sure the dollars are there and allocated,” Urban said.
All seven commission members approved the restriction Thursday.
Another recommendation approved Thursday would extend the deadline for annual county audits from six months to eight months following the close of a fiscal year.
Plains Township resident Gerald Cross, who had served as a consultant for drafters of the current charter, recommended the audit deadline extension earlier this year. Cross told the commission he heard complaints from auditors that the six-month deadline is too aggressive, particularly for a county this size.
A date related to the county’s annual budget adoption also would be altered in Thursday’s recommendations.
The charter says the budget must be approved between Nov. 15 and Dec. 15. The commission kept the Dec. 15 deadline but eliminated the window.
Commission member Tim McGinley said council may be in a position to approve the budget before Nov. 15, particularly in years when there is not a tax increase.
Finally, the commission recommended wording requiring “the creation and/or maintenance of a county reserve fund” as part of the county’s annual long-range operational, fiscal and capital plan.
Reach Jennifer Learn-Andes at 570-991-6388 or on Twitter @TLJenLearnAndes.
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.
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.
RELATED
“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.
Inside the Star of Texas Tattoo Art Revival as artists ink Austin crowds
Best Floor Rotation in Nation Propels No. 3 Alabama to Dominant Win Over Oregon State
Federal government denies Dunleavy request to fully pay for initial Western Alaska storm response
WATCH: Community appreciation reignites passion for Chandler burrito shop owner
Trash pickup suspended across Central Arkansas due to winter weather
Florida High School Football Rankings: Top 25 teams – Oct. 21
Cleary's 21 help Le Moyne down Central Connecticut State 69-64 in OT
How old is Bo Nix? What to know about Oregon quarterback ahead of 2024 NFL Draft
99th annual Pony Swim held in Virginia
Indiana Members Credit Union announced as new anchor tenant at Bottleworks District
Map: 2.4-Magnitude Earthquake Reported in New Jersey
Don Lemon could face up to a year in prison if convicted on criminal charges
Welcome onboard the ultimate ‘last-mile’ self-driving shuttle bus
Alex Pretti shooting by federal agents in Minneapolis prompts DOJ civil rights probe
AOC voices support for anti-ICE shutdown, declines to participate
-
Illinois1 week agoIllinois school closings tomorrow: How to check if your school is closed due to extreme cold
-
Pennsylvania5 days agoRare ‘avalanche’ blocks Pennsylvania road during major snowstorm
-
Science1 week agoContributor: New food pyramid is a recipe for health disasters
-
Technology1 week agoRing claims it’s not giving ICE access to its cameras
-
Movie Reviews1 week ago
Movie Review: In ‘Mercy,’ Chris Pratt is on trial with an artificial intelligence judge
-
News1 week agoVideo: Jack Smith Defends His Trump Indictments During House Hearing
-
Politics1 week agoSupreme Court appears ready to keep Lisa Cook on Federal Reserve board despite Trump efforts to fire her
-
Politics5 days agoTrump’s playbook falters in crisis response to Minneapolis shooting
