Governor Wolf, Senator Wiley, Reps. Harkins and Fabrizio Secure Critical Funding in Budget to Aid Erie

first_img July 14, 2016 Press Release,  Schools That Teach Harrisburg, PA – Governor Tom Wolf, Senator Sean Wiley, and Representatives Pat Harkins and Flo Fabrizio today announced that the 2016-17 budget includes critical funding for the Erie School District. In the 2016-17 budget, the Erie School District received an increase of $3.3 million in basic education funding, an increase of $234,000 in special education funding, and an additional $4 million to aid the district financially.Over a two year period, Governor Wolf and legislators have secured more than $6.5 million in basic education funding for the Erie School District and $562,000 in special education funding.“The Erie School District, like too many districts across Pennsylvania, is still reeling from the devastating cuts to education made by the previous administration,” said Governor Wolf. “Working with Senator Wiley and Representatives Harkins and Fabrizio, we fought hard to secure additional funding for the district that is critical to placing it on solid financial footing. The budget that was completed yesterday includes more money to invest in our classrooms and our children, and it provides additional funding to help the district with its finances.”Going even further, Governor Wolf worked with Senator Wiley, and Representatives Harkins and Fabrizio to include a provision in the budget to provide the Erie School District with additional financial and technical support from the Department of Education.“We spent months making the case that Erie’s Public Schools cannot cut its way out of this hole and that their financial situation cannot be righted without an influx of funds,” said Senator Wiley. “Getting them out of the red and back to even was an important step, but one that is only a short-term fix. Erie’s Public Schools and other districts across this Commonwealth will be right back in the same situation next budget cycle if we don’t address the costs incurred by districts. I look forward to continuing to work on those necessary systemic changes moving forward.”“I’m very happy that things worked out,” said Rep. Harkins. “We’ve been working together in a bipartisan way since September with Superintendent Jay Badams to find a positive solution for all involved. I’m very glad we were able to come to an agreement that worked for everyone.”“I’m very pleased that the General Assembly and the Governor have recognized the dire financial situation of Erie’s Public Schools, and that by working collaboratively and collectively, we’ve been able to provide them with some relief,” said Representative Fabrizio.# # #Like Governor Tom Wolf on Facebook: Facebook.com/GovernorWolf Governor Wolf, Senator Wiley, Reps. Harkins and Fabrizio Secure Critical Funding in Budget to Aid Eriecenter_img SHARE Email Facebook Twitterlast_img read more

Direct lending managers ‘move to boost fees by lowering hurdle rates’

first_imgMany asset managers selling direct lending investment vehicles have made moves to lower hurdle rates in the latest round of fundraising, which would effectively increase their overall fees, according to consultancy bfinance.Niels Bodenheim, London-based senior director of private markets at bfinance, and Dharmy Rai, associate within bfinance’s private markets department, said: “Some are sounding out the idea; some have already tried to market their latest offerings; most have not (yet) succeeded in taking a step that, for [limited partners (LPs)], would be hard to stomach.”Hurdle rates are the point at which lucrative “catch-ups” and performance fees kick in, the firm explained.In a market commenary, Bodenheim and Rai said that, often, the height of a hurdle and the structure that kicks in when it is reached receive less attention than management fee and carry percentages. This may be because the latter are often open to negotiation while the former are set in fund terms and conditions, they said.“Yet the hurdle is, arguably, the most important part of the fee leakage puzzle,” they said.“Indeed, we see examples where managers with lower management fees end up taking home more money purely because they reached the same — net-of-management-fee — hurdles sooner than they otherwise would have done,” said Bodenheim and Rai.The pair said they did not believe direct lending managers’ hurdle rates had been too high in recent years and that in some cases, the threshold had already been a bit too low.“There is still, on average, too much leakage in the net performance figures,” they said, adding that in general the hurdle should be no lower than 2% beneath the fund’s expected return.Although it might be understandable that firms were cutting hurdle rates if expected returns were lower for new funds — in order to keep their business profitable — bfinance said that this did not seem to be the case –– expected returns on funds being raised in 2017 were broadly the same as before, except where strategies were very different.One explanation could stem from the fact that many private debt funds were run by private equity firms, said Bodenheim and Rai. Staff at these companies expected the same compensation that they received for private equity work.But this was hard to justify, bfinance said, since private equity managers could generate significant upside but private debt managers could not.Following noticeable improvement for LPs in management and performance fees for direct lending funds over the last few years, a reduction in hurdle rates could represent a backwards step, Bodenheim and Rai said.“Hopefully the negative reaction among investors, together with rising competition among fund managers, will dissuade firms from following through on such changes,” they said.last_img read more

Spring game to show off new talent

first_imgJaevery McFadden and the Badgers hope Saturday\’s intrasquad game will be the first step toward a successful 2009 campaign.[/media-credit]With 140 days until the first kickoff of the 2009 season, the University of Wisconsin football team will take the field Saturday for its annual red versus white spring game.The game will look just like any other home game for the Badgers with the exception of its players being on both sides of the ball and the lack of kickoffs and kick returns.And although the game’s results will not count for anything in the record book, the Badgers are treating it just as they would any other game, something they consider an important part of their preparations for the fall.“You’ve definitely got to treat it like a normal game,” linebacker Jaevery McFadden said. “After this we aren’t going to do anything football-wise until August in fall camp. You’ve definitely got to try to be focused and take it one play at a time the best you can.”The red team will be lead offensively by quarterback Dustin Sherer and running back John Clay as they work together on the first string offense. Quarterbacks Scott Tolzien, Curt Phillips and Jon Budmayr will be featured primarily on the white team while also rotating in on the red squad.UW head coach Bret Bielema noted while many teams like to mix up their players for the spring game, he and his staff chose to keep most of the depth chart intact, giving the team a better idea of what the fall will be like.“Some places go with a draft where they pick, you know, have players get up and draft certain guys all over the team,” Bielema said. “I really wanted our ones to have a consistency within those five linemen playing together up front (and) those four D linemen playing together with those three linebackers behind them.”The three positions mentioned by Bielema are those still unfilled near the end of spring ball. For the players at those positions, Saturday’s game provides an opportunity to evaluate the progress made so far.According to defensive lineman O’Brien Schofield, he’s aware of the importance of the game, but isn’t making it out to be anything bigger than it really is.“It’s a big day for us to put everything we’ve been working on all spring together,” Schofield said. “I’m just going to go in and watch film for this practice and look back at the things Coach (Bielema) said I need to improve on this spring and try to show him that I improved on it in the game.”One player that will be looking to make the most of Saturday’s intrasquad game is redshirt freshman running back Erik Smith. After sitting out last season, the Chicago native has been impressive so far this spring.Bielema believes Saturday’s contest will give his staff a look at how Smith will react this fall to playing in front of a crowd and under the pressure presented by a game atmosphere.“The guy that’s exciting and everything jumps out at you is Erik Smith,” Bielema said. “[He has] been pretty productive in some of these scrimmages, but now he’s going to be in game uniform and now he’s going to be in Camp Randall with a little bit of people in here.”Bielema also noted sophomore defensive lineman J.J. Watt has improved over the course of spring ball, although it may not always be noticeable to the casual observer.McFadden agreed, tabbing Watt as the player to watch Saturday on the defensive side of the ball. Still, the Badgers’ mike linebacker knows what everyone is coming to see Saturday.“The spring game, it’s all about offense,” McFadden said. “We all know it — defense gets no love in the spring game. So I’m going to say guys like Curt Phillips, Erik Smith and of course Clay — those are the guys to watch offensively.”No matter what happens Saturday, the top priority for Wisconsin — besides evaluating its players — is keeping everyone healthy. Injuries often are commonplace in football, so if the Badgers can escape the spring game without a major injury, they’ll consider it a successful outing.Bielema, McFadden and Schofield all mentioned remaining injury free as one of the most important things in looking at the game.“My goal is just to come out injury free,” Schofield said.“I like good weather and if we stay healthy,” Bielema added. “That’s a big thing always at the end.”last_img read more