Fiveday losing streak yesterday. A lot more fed speak on the way today. Europe got some strong confidence numbers in both the u. K. And in italy, although that italian 10year ticking up yet again this morning. Our road map begins with jcpenney. A potential payout to top execs coming in much bigger than expected. 80 million should a sale to a buyout group be completed. And nike share higher premarket after its Quarterly Results outpace expectations. And on this day in 1993, david faber first clicked on his mick cr microphone on cnbc and the rest is history. I wondered if that was coming. Did you know it was coming . I thought maybe because they sent me a little pin. Did you know that was what happened at ten 20. Oh, 20 thats a fifth of a century. Thanks for reminding me. Jcpenney is offering 84 million shares at 9. 65 apiece. Of course this offering itself someone unexpected given what been a believe that it did not need to raise equity or need to raise any liquidity. Ceo mike ullman co
[speaker not understood] take that starting balance and allocate it for each of the two fiscal years. Does that include where we allocated when we send the Budget Stabilization reserve, [speaker not understood] fund balance . Thats right. So, current year [speaker not understood]. Right. So, we have 116 million available. Much of that is going to be counted for next fiscal year. 72 million of current revenue. And in the next slide well show you exactly what sources that 72 million comes from. Baseline contributions, that is, we have to pay 9. 5 million to get to our base lines. Department of operations, if you take all of the revenue, gains and losses, all the expenditures, deficits and surpluses, we end up with a net of almost 19 million short. The pending supplementals, both approved and pending before the board of supervisors amount to 6. 4 million to the general fund. And then the use of the general re serve of 32. 2 million. We are assuming you will need to use all of that reserve
Care. Do he they want to be a dph client, do they want to go somewhere else. There is a lot of uncertainty around that. The governor has made proposals about potentially shifting those responsibilities entirely to the counties which would have significant and significant costs and operational issues if that were to happen. Finally, this projection does not make any assumptions about any current Year Supplemental appropriations. So, based on the actions of the board thus far, we have the Domestic Violence supplemental which is about 1. 9 million in annualized costs and the supplemental that we discussed today, the state supplemental. Together those would add approximately 7. 7 million to the shortfall. People always want to know where have we been and how do the targets or the instructions that the mayor have given compare in prior years. This table lays that out. Youll recall that 200910 was a really banner year for us in terms of shortfalls. We projected a 5 76 million deficit. I thin
Expenditures, deficits and surpluses, we end up with a net of almost 19 million short. The pending supplementals, both approved and pending before the board of supervisors amount to 6. 4 million to the general fund. And then the use of the general re serve of 32. 2 million. We are assuming you will need to use all of that reserve in order to balance the budget. And then the deposits to reserves, because of our increases to revenue, amount to 11 million. So, that brings us to a projected fund balance estimate of 174 million. As i mentioned before, 103 million of that was already committed to the year two. And the replenishment of the general re serve that we will be using this year needs to be incorporated in next years budget, leaving us with a projected surplus of 38 million. So, the next slide provides you with a summary of our major tax revenue in the city and it shows you where the bulk of that surplus 72 million come from. And that is property transfer taxes, about 21 million over
Than it first shared with residents. When you first arrived in 2007, and the navy said there was no Radioactive Material on Treasure Island correct. What did you find . Radioactive material. Don wadsworths company has worked on cleanup of radioactive sites on the island of viagas. In 2007 wadsworth and his team were hired to work at Treasure Island. Where they are still working today. When you first got to the island, what was your job . Perform surveys of areas that were being excavated for treatment for chemical contamination. Wadsworth said his survey found significant amounts of radiation throughout the island. In your professional opinion, should people be living at Treasure Island . No. Can you explain why . Well, just from these pictures that youve shown me here, youve got a significant contamination level. Hes referring to this picture obtained by the Investigative Unit from a navy report released to regulators last month. It shows radiation readings taken on bigelow court, a b