Word: budgeting
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...Since the start of the year, it has become clear that such concerns are shared by the central government in Beijing, which is seeking to tighten credit growth generally, and property loans in particular. The latest budget report from the Ministry of Finance, released to coincide with the opening of the National People's Congress in Beijing on March 5, draws attention to debt levels being incurred by local governments forging headlong into massive infrastructural and development projects. Even as it was being distributed, Premier Wen Jiabao was telling NPC delegates that the authorities would slow both lending...
Caught in the cross-hairs of California's state budget crisis, the Los Angeles Superior Court - the largest trial court system in the nation - this week laid off 329 employees and closed 16 courtrooms. Facing an unprecedented $79 million shortfall, Presiding Judge Charles W. McCoy said that the courts will lay-off an additional 500 workers and shutter up to a total of 50 courtrooms come September. Announcing the cutbacks in a courtroom closed months ago to save money, McCoy said, "Today is a sad day for justice in Los Angeles." With attrition, McCoy expects the 5,400-employee court...
...courts, which make up 2% of the state budget, have thus joined the slash-and-cut regimen that has befallen school districts, cities, and social services across California as the state deals with a $21 billion shortfall this year. (That comes on the heels of last year's $40 billion deficit.) (See how California's crisis has hit its prized universities...
...have explored every financial scenario before taking this action, but more than 80% of our budget goes to salaries and benefits, which forces today's drastic measures," said McCoy. With annual court budget deficits expected to be as high as $140 million over the next four years, court officials say up to 1,800 staff positions may be eliminated. Last year, the California judicial council instituted a one-day per month closure of all state courts as both a cost-savings. "The unintended yet inevitable symbolism of 'Closed' signs on our courthouses - institutions that embody our nation's revered democratic...
...this costs money, and with a federal-budget deficit of more than 6% forecast for this year, Russia does not have a lot to spare. Prime Minister Vladimir Putin has pledged an initial outlay of $12 billion from the budget to fund the construction projects, but that is not expected to be enough - and private investors have indicated that they may not be willing to make up the difference during the economic downturn. There are also signs that the initial cost estimates have been way off. Last July, the government said the total construction bill would run about $6.6 billion...