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Governor Wolf Announces Pittsburgh Has Emerged from Distressed Status Under Act 47

first_imgGovernor Wolf Announces Pittsburgh Has Emerged from Distressed Status Under Act 47 Economy,  Press Release Harrisburg, PA – Today, Governor Tom Wolf announced that the city of Pittsburgh’s status as a distressed municipality under Act 47 is terminated. Pittsburgh is the second city and 14th municipality to exit the program.“This turnaround wasn’t easy – it took a lot of hard work, a lot of collaboration, and yes, some constructive arguments about where the city was headed, but in the face of it all, Pittsburgh stood united – desperately working to improve its stability and its financial health,” said Governor Wolf.  “Pittsburgh’s recovery has captured the attention of the nation, and, frankly, the world. We’ve transformed a rust belt city that was a symbol of economic decline into one of the most dynamic examples of innovation for the new economy in the world. My administration has been proud to support your efforts and will continue to do so in the years ahead.”In a ceremony at the City-County Building, Governor Wolf joined Pittsburgh Mayor William Peduto, city officials, local legislators, economic development officials, and Department of Community and Economic Development (DCED) Secretary Davin, who issued a formal determination letter finding that termination of the city’s distressed status was appropriate under Section 255.1 of Act 47. Secretary Davin made the decision after a thorough review of the city’s audits, financial data, and the record from a public hearing held on December 20, 2017.“I want to thank Governor Wolf and DCED for this announcement, and especially city residents and workers for all their patience and sacrifices the past 14 years,” Mayor Peduto said. “Act 47 was the tool we needed to bring our financial house in order and pave the way for Pittsburgh’s economic resurgence. Now our challenge is to continue building upon the fiscal discipline it taught us.”Pittsburgh has operated under Act 47 status for 14 years, entering on December 29, 2003. In the last few weeks, Secretary Davin reviewed documentation and evidence that was presented during the December 20 public hearing. The findings indicated that, bolstered by careful budget governance and a recent surge in the city’s technology and medical sectors, the city has stabilized its finances, and now operates with healthy surpluses that are projected to continue. It also reported the city’s debt service is reasonable and manageable when compared with the overall budget, and that city administrators have developed a strategy for fiscal management that pays for the necessary city services such public safety and public works, funds employee pensions plans, invests in capital improvements, and controls costs.“When Governor Wolf appointed me to this position, he set forth several priorities for my agency, one of which was to make sure Pittsburgh had the necessary support from Harrisburg to exit Act 47,” Secretary Davin said. “I’m extremely proud of our team and everyone here in the city who worked with energy, focus, and determination to get us to this point today.”Since 2015, five municipalities, including Pittsburgh, have recovered from distressed status. Others include Altoona, Blair County, Plymouth, Luzerne County; Nanticoke, Luzerne County; and Clairton, Allegheny County.The Municipalities Financial Recovery Act, Act 47 of 1987, was enacted to provide a broad-based program of fiscal management oversight, technical assistance, planning and financial aid to municipalities experiencing severe fiscal distress.For more information on Act 47, visit the Governor’s Center for Local Government Services at the Department of Community and Economic Development. February 12, 2018center_img SHARE Email Facebook Twitterlast_img read more

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EU member states push back against European regulatory levy

first_imgThe Commission had also called for the establishment of an executive board with permanent members, but this also failed to make it into the Council’s proposal. In addition, the Council scrapped from its position a provision for the European Insurance and Occupational Pensions Authority (EIOPA) – one of the three European financial supervisory agencies (ESAs) – to be allowed to disclose how individual occupational pension funds or insurers fare under sector stress tests. In a statement, the Council said its general approach ensured a “key role” for national regulators within the ESAs’ governance structure, adding that “no decision should be taken against the will of a majority of national supervisors”. EU member states have rejected proposals from the European Commission that would have extended the European pension regulator’s powers and introduced an industry levy to fund the bloc’s financial regulators.The EU Council today published its compromise agreement on proposals to reform the bloc’s financial supervision system, which crucially did not include Commission suggestions that had worried European occupational pension funds. The Council’s position would limit the extension of powers put forward by the Commission proposal, which was presented in September 2017. For example, the Commission had proposed the introduction of industry contributions to fund the EU’s finance watchdogs, but this did not feature in the Council’s proposal.A final version of the supervision reforms must be agreed between the Council, the Commission and the European Parliament, all of which have put forward their own version of the initial text. Source: European CouncilCommission vice-president Valdis Dombrovskis and Eugen-Orlando Teodorovici, Romanian public finance minister, at a press conference following a meeting of EU finance ministers on 12 FebruaryMatthies Verstegen, senior policy adviser at PensionsEurope, the Brussels-based European association of national pension fund bodies, said the Council had adopted a “sensible” approach.“Europe’s pensions landscape is very diverse, so we welcome the position that national supervisors should retain a strong role in EIOPA’s management structure,” he said.“We also think it’s better that the ESAs are funded through the EU budget and member states contributions than through fees from financial institutions. Pension funds are not directly supervised by the ESAs and therefore shouldn’t pay into their budgets.”PensionsEurope previously expressed concerns about the Commission’s proposals.At a press conference after a meeting of EU finance ministers today, Valdis Dombrovskis, Commission vice-president, said the compromise reached did not have “the same high level of ambition” as the Commission’s initial proposal, but it was “as good as it can get when we needed to compose with a number of diverging views”.Next stepsNegotiations between the European Parliament and the Council are set to begin this Thursday with the first trilogue.The Parliament’s economic and monetary affairs committee adopted its position, which is more aligned with the Commission’s proposal than the Council’s, last month.The Commission is keen for a political agreement to be reached before the European Parliament elections in May.last_img read more

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Subsea 7’s Pipeline Bundle for Statoil’s Snorre Expansion

first_imgSubsea 7 has been awarded a substantial contract by Statoil for the Snorre Expansion Project, located in the Tampen area, 150 km west of Florø in Norway.According to Subsea 7, a substantial contract is worth between USD 150 million and USD 300 million.The engineering, procurement, construction and installation (EPCI) contract will see Subsea 7 provide pipeline bundle technology, which contains all flowlines and control umbilicals necessary for operation.The project features three pipeline bundles: West, East and North, the company informed.Production of the pipeline bundle system will take place at Subsea 7’s fabrication facilities at Wick, Scotland, while project management and engineering will start immediately at Subsea 7’s offices in Stavanger, Norway and Aberdeen, Scotland.Offshore operations are planned to take place in 2019 and 2020.Phil Simons, Subsea 7’s vice president North Sea and Canada, said, “Subsea 7 looks forward to working closely with Statoil to safely and successfully deliver our work scope on the Snorre project. This award demonstrates the versatility and economic benefit Subsea 7 can offer through its unique pipeline bundle technology, where all service lines are integrated in a single product and installed using our controlled depth tow method.”last_img read more

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Voters to cast their ballot in 2020 Michigan Primary Election

first_imgAddThis Sharing ButtonsShare to FacebookFacebookShare to TwitterTwitterShare to MoreAddThisALPENA, Mich— Residents will head to the polls to select their local commissioners, various court personnel and a new sheriff. In addition, millages will be on the ballot.For Alpena County,  the ambulance and emergency services system will be on the ballot for residents to vote whether to increase the former 1 mil millage to 1.5 mil. Alcona’s ballot will present a sinking fund millage proposal for the school district, a 4H millage renewal and a veterans millage to help provide financial relief for Alcona County veterans.Presque Isle residents will vote for a school resource officer and a fire department operation millage. Lastly, Rogers City’s ballot will consist of a schools operating renewal and a library millage.Residents are reminded that face coverings are not required to enter a polling place when casting your ballot. Also remember to bring a photo ID and no splitting the ballot.Polls will open at 7am and close 8pm.AddThis Sharing ButtonsShare to FacebookFacebookShare to TwitterTwitterShare to MoreAddThisContinue ReadingPrevious An Alpena man pleads not guilty to felony chargesNext Pets of the Week: 8-4-2020last_img read more

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Lakers star Kobe Bryant out for season after shoulder surgery

first_imgThe Lakers’ timetable on Bryant’s recovery also means he could either return at some point during training camp in Hawaii or just before the 2015-16 season starts. “In my mind, he’s coming back next year,” Scott said, “unless he tells me something different.”Bryant tore his left Achilles tendon on April 2013 and returned eight months later. But Bryant played only six games in the 2013-14 season before fracturing his left knee. In his 19th NBA season, Bryant averaged 22.3 points albeit on a career-low 37.3-percent shooting through 35 games before aggravating his right shoulder last week in New Orleans. Bryant then sat out the past three games while making various doctor visits before determining he would have surgery.Bryant became the fourth Lakers’ player to have a season-ending injury, including veteran guard Steve Nash (back), rookie forward Julius Randle (right knee) and reserve swingman Xavier Henry (left Achilles). “The biggest thing with Kobe is as long as (the media) are saying that he’s done, he’s going to come back,” Scott said. “He proved this year that he has a lot left in the tank and is still one of the best players in this league. If you guys keep saying he’s done, that’ll help him as well.”Scott may believe Bryant has a lot left in his tank. But Scott sounded cognizant Bryant will have to play with far more efficiency than a gas-guzzling vehicle. Scott originally pledged to play Bryant between 30 to 40 minutes per game during the 2014-15 season. But after Bryant averaged 35.4 minutes per game in the Lakers’ first 27 contests, Scott scaled back Bryant’s workload in hopes to improve his energy and shooting accuracy. Bryant sat in eight of the next 16 contests and missed most practices and shootarounds before injuring his shoulder.“For Kobe, play him at mid to low 20s minute-wise, but you have to have some horses to be able to do that,” said Scott, before looking ahead to free agency in July. “A lot of it depends on what guys we bring in.”The Lakers will have about $24 million to spend, roughly enough to offer a maximum-salary contract to one play. The Lakers also only have Bryant, Randle, Nick Young and Ryan Kelly under guaranteed contracts, leaving the Lakers with as many as 11 roster spots to fill. Hence, why Scott considered Bryant’s health “super important” in attracting potential stars. Scott added that Bryant will “absolutely” play in active part in recruiting free agents.But first things first. Bryant’s nine-month rehab begins. A long nine months await Kobe Bryant as he sits out the remainder of the 2014-15 season.The Lakers’ star will go through tedious amounts of rehabilitation after having a two-hour surgical procedure Wednesday to repair a torn rotator cuff in his right shoulder. Exhaustive debate will ensue on whether the 36-year-old perennial all-star can both play at an elite level and stay healthy following his third season-ending injury in the past three years. Yet, the Lakers remain confident Bryant will return for the 2015-16 campaign and play out the final year of his contract that will pay him $25 million. “I expect Kobe to make a full recovery and, if all goes as expected, he should be ready for the start of the season,” Dr. Neal ElAttrache said in a statement. Both ElAttrache and Dr. Steve Lombardo completed the surgery on Wednesday at the Kerlan Jobe Orthopaedic Clinic in Los Angeles. The Lakers (13-34) already enter Thursday’s game against the Chicago Bulls (30-17) at Staples Center fielding adversity. They have the NBA’s fourth-worst record, part of which included the team going 2-9 without Bryant. The Lakers’ nine-game losing streak also brings them one defeat shy of tying the franchise record set in April, 1994 for most consecutive losses in a season. “If that happens, I’m going to feel pretty messed up,” Lakers coach Byron Scott said. “But right now, I’m trying to go through the process of trying to get us better, seeing some of our young guys and develop some of those guys.”Scott reported Bryant sounded in “great spirits” during a five-minute phone call Wednesday morning before surgery. Scott also joked Bryant texted him and consoled him Tuesday evening following the Lakers’ loss against Washington. But nothing matches the ominous cloud surrounding Bryant’s future. Bryant plans to wear a sling to protect his right shoulder in the next six weeks. But the rest of his rehabilitation after that currently remains unclear. “All I know is that it’s pretty painful,” Scott said, “and the rehab is long.”center_img Newsroom GuidelinesNews TipsContact UsReport an Errorlast_img read more

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