Finance
Vote NO To Eliminate The Finance Board
Printed: Sep 22, 2022 04:25 PM
To the Editor:
Partisan politics vs Board of Finance overseeing … is the Constitution Fee attempting to rubber stamp the Legislative Council’s longstanding want to eradicate the Board of Finance?
We hope that’s not the case.
If that’s the case, it’s going to merely be partisan politicians attempting to develop their energy and affect by changing elected monetary specialists who independently scrutinize the funds of your entire city. Let’s keep in mind that the LC’s members characterize voting districts and their pursuits.
Info:
*Bonding firms just like the Board of Finance — Do we actually wish to threat our AAA Bond ranking?
*Over the BOF historical past, the board has saved 1000’s of {dollars} in sensible budgetary cuts for Newtown taxpayers.
*The BOF has traditionally protected Schooling {dollars} from politicians.
*The BOF is our “Watchdog” to make sure the city maintains a wholesome , balanced monetary standing.
In conclusion … The BOF financially leads, their experience is in finance not politics. VOTE NO to eradicate the BOF on the Constitution Revision referendum.
Tulio E. Lopez
Newtown
Finance
Online event: Digital Finance Platform – Launch of phase II & data hub
When: 21 March 2024 between 09:30 and 11:00
Don’t miss this online event that will launch the second phase of the Digital Finance Platform, a collaborative space bringing together innovative financial firms and national supervisors to support new thinking in the EU’s financial system.
A key novelty in this second phase is the Data Hub, which provides participating firms with access to synthetic supervisory data for the purpose of testing new solutions and training artificial intelligence and machine learning models.
The event will also take stock of the current state of play of digital finance and look forward to the way ahead.
Related links
Finance
Charting the AI revolution: Accelerating adoption of AI in finance – The CFO
The finance function within organizations is undergoing a significant transformation as the pace of technological advancement is unprecedented, with CFOs at the forefront of this change. They are faced with navigating through the complexities of integrating Artificial Intelligence (AI) into their operations. The adoption of AI in finance is not merely a trend but a strategic imperative that promises enhanced efficiency, accuracy, and insights. This article delves into the ways CFOs can accelerate AI adoption in their finance functions, the challenges they might face, and strategies to overcome these hurdles for a seamless transition into the AI-powered future.
Strategies for Accelerating AI Adoption
To expedite the integration of AI within finance functions, CFOs can adopt several strategic approaches.
Initially, focusing on automating the financial fundamentals is paramount. By automating manual processes across accounting and finance functions, organizations can significantly enhance productivity. This step is crucial in addressing the ongoing accountant talent shortages and improving business visibility through more frequent reporting.
Furthermore, centralizing data and training your own AI models is another vital strategy. An integrated solution, such as a cloud ERP system, can unify data across the business, providing a single source of truth. This approach not only saves time on manual data integrations but also ensures that AI can be as effective as possible.
By starting small and encouraging AI experimentation, CFOs can gradually build a robust foundation for AI within their finance functions, driving long-term change and efficiency.
Overcoming Challenges in AI Integration
Integrating AI into finance functions is not without its hurdles. One significant challenge is the lack of understanding and trust in AI technologies among small businesses, as highlighted by UK Tech Minister Saqib Bhatti. To overcome this, promoting trust and transparency in AI applications is essential. This involves providing increased support and educational resources to help businesses navigate the complexities of AI. Additionally, addressing environmental concerns associated with AI, as noted by Tom Dunning, CEO of Ad Signal, is crucial. Businesses must be mindful of the carbon emissions caused by AI and seek solutions to mitigate its environmental impact. Collaborating with industry and government to ensure the safe development of AI and equipping staff with the necessary skills to harness AI’s benefits positively are also key strategies. By tackling these challenges head-on, CFOs can facilitate a smoother integration of AI into their finance functions, unlocking new avenues for growth and efficiency.
The Future of AI in Finance
The integration of AI into finance heralds a transformative era of efficiency, insight, and growth. As CFOs navigate this journey, the focus on strategic adoption, overcoming challenges, and learning from success stories will be pivotal. The future of finance is undeniably intertwined with AI, promising a landscape of unprecedented opportunities.
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Finance
Teacher using 'Lattimore Bucks' to teach personal finance
CHARLOTTE, N.C. — Every Monday, Renaissance West STEAM Academy math teacher Shelby Lattimore starts her class by charging her students for their seats, not with U.S. currency but with “Lattimore Bucks.” It’s a project she started last year as a way to improve attendance.
“It’s not just about having them here,” Lattimore said. “It’s about having them here for the whole day from start to finish, ready to rock and roll. On top of the fact, just to get them accountable for their behavior and taking accountability for certain things in the classroom.”
Each student is assigned a job in the classroom, which rotates every two weeks.
“These are their jobs,” Lattimore said. “If they’re underlined, they get paid $10. So those are the harder jobs they have to do every day. And then the ones that are not underlined, like this one, he just has to change my calendar. He just has to change the day on the board, like once in the morning so he doesn’t get paid as much.”
With their salaries, her students pay their rent for their seats.
“Their rent was inflated as of January, from $5 to $7,” Lattimore said.
And if students misbehave, they’re fined.
“Like if you purposely lose your pencil, rip your notebook, things of that sort and then of course disrespect,” Lattimore said. “And their fines are a dollar.”
The more Lattimore Bucks they save, the more rewards they can buy. That is, as long as they have enough to pay their rent.
“Let’s say they have $10, but they want to buy lunch with a friend. If I do 10 minus 5, you’re not, you don’t have $7 for your next rent. So they cannot buy anything past their rent that they have to keep in their wallet,” Lattimore said.
While the project may have started to improve effort in the classroom, Lattimore says it’s morphed into a much bigger lesson for her students.
“Some of their parents, you know, thank me all the time,” Lattimore said. “We talk about all the time in Charlotte, generational poverty is a huge statistic here, especially in the kids and the families that we serve in my school.”
She’s instilling lessons of personal finance and budgeting into the lessons every day.
“So just starting the mindset of how can I hold onto money? How can I make long-term decisions with my money? It all starts from a very young age in a safe environment before they’re out in the real world,” Lattimore said.
It’s done in hopes of setting up her students for the future.
“Even my students from last year, they are telling me that they’re saving their money, and they’re budgeting their Christmas money for a pair of sneakers or whatever they want,” Lattimore said. “So they’re holding onto the lesson. So I can only imagine a couple of years from now when they’re adults, how that will affect their family.”
Lattimore says other teachers she knows have started similar programs in their own classrooms. She says the concept can be used at any school for any grade level as a simple way to teach basic finances.
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