WIFIA Water Infrastructure Finance and Innovation Act: An Introduction

Size: px
Start display at page:

Download "WIFIA Water Infrastructure Finance and Innovation Act: An Introduction"

Transcription

1 WIFIA Water Infrastructure Finance and Innovation Act: An Introduction February 13, 2014 Jim Ziglar, Jr. Deloitte Transactions and Business Analytics LLP

2 Infrastructure and Public-Private Partnerships at Deloitte Global advisor in the Infrastructure sector with a particular focus on Public-Private Partnerships ( PPPs ) and Project Finance Dedicated practices in the DTTL network of member firms in US, Canada, Mexico, UK, Spain, CEE, and Australia 500-person Global Community of Practice Teams complemented with specialists in Consulting, Tax, M&A, Valuations, Capital Projects, Capital Efficiency and Research Public and Private Sector clients Planning Infrastructure Asset Infrastructure Services We advise across the Infrastructure Lifecycle. Strategic Services project prioritization and structuring Transaction Services partner selection and capital raising, tax and accounting bid support Operating Services construction and operational support, performance monitoring, operations improvement consulting, valuation services, tax and other financial reporting support For information, contact Deloitte Touche Tohmatsu Limited.

3 Why Was WIFIA Created? It is estimated that $1 trillion will need to be invested in existing and new water and sewer infrastructure over the next 25 years Replacement of facilities approaching the end of their useful life Expansion of facilities due to population and economic growth and demographic shifts On average, this means approximately $40 billion of new money needs will need to be met in each year Current sources of capital are not generating that much volume in each year For the past 10 years, the municipal market has done an average of $22 billion / year in transactions involving new money for water and sewer, $0.4 billion for flood control EPA s Clean Water State Revolving Fund has provided an average of $5 billion / year in recent years EPA s Drinking Water State Revolving Fund has provided roughly $1 billion / year recently This leaves a gap of roughly $12 billion / year that may need to be met by new sources of capital Many traditional project finance sources of capital (bank loans, project debt, etc.) are not as attractive It was perceived that an additional low-cost, long-term financing mechanism could benefit the market TIFIA program and other Federal programs are perceived as having provided such capital and stimulated additional and innovative private investment in the Transportation and other sectors Sources: American Water Works Association, American Water, Securities Data Corporation, EPA website, Deloitte Analysis For information, contact Deloitte Touche Tohmatsu Limited. 3

4 Funding/Financing Funding is the revenue and committed capital that pay for the creation and ongoing maintenance of an asset or service Financing is the financing instruments and capital structure that are used to leverage or securitize the funding revenues $ Sources: Financing Traditional Revenue bonds SRF loans Infrastructure banks Innovative Project finance loans Taxable bonds PABs Mezzanine, sub debt Investor Equity Funding Leverage with USER FEES State and local resources Other operating revenues Federal funds New Taxes (Sales, payroll, etc.) $ Uses: Construction Costs O&M Costs For information, contact Deloitte Touche Tohmatsu Limited.

5 What is WIFIA? Program Details Created by Title V of the Water Resources Reform and Development Act of 2014, and patterned after TIFIA (Transportation Infrastructure Financing and Innovation Act) TIFIA currently receives roughly $1 billion / year, which is estimated to be able to make roughly $10 billion in loans. The total five-year authorization for WIFIA is $350 million, equally split between EPA and the Army Corps, beginning with $40 million in 2015 It is estimated that the appropriation could be leveraged between 10:1 33:1, depending on the project $2.2 million of the funds may be used for the administrative expenses of each program for each of those fiscal years. Only the $2.2 million appropriation for EPA administrative expenses was made for FY 2015 Will be co-administered by the Environmental Protection Agency (EPA) and the Army Corps (USACE) Army Corps of Engineers Flood control projects Inland waterways / navigation Environmental Protection Agency Drinking water projects Wastewater projects For information, contact Deloitte Touche Tohmatsu Limited. 5

6 Structural Similarities and Differences to TIFIA Can issue loans or loan guarantees Up to 35-year loans Similarities Interest rate set at Treasury rates of similar maturity Payment deferral of up to 5 years after substantial completion Will be able to cover administrative costs and consulting costs from fees charged to applicants Will be able to use appropriations to pay loan and loan guarantee subsidy cost Ability to subordinate with a springing lien Differences Minimum project size of $20 million Additional project section criteria above creditworthiness (a selection is below) - National/Regional significance and impact - Extent of additional financing sources - Ability of WIFIA assistance to accelerate development - Innovation - Environmental impact of project - Readiness to proceed For EPA program, SRFs given right of first refusal Unable to lend to projects that use tax-exempt bonds for part of the capital structure Investment-grade rating requirement on senior lien Can led up to 49% of eligible costs Davis-Bacon and Buy American standards apply For information, contact Deloitte Touche Tohmatsu Limited. 6.

7 Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms. Deloitte provides audit, tax, consulting, and financial advisory services to public and private clients spanning multiple industries. With a globally connected network of member firms in more than 150 countries, Deloitte brings world-class capabilities and high-quality service to clients, delivering the insights they need to address their most complex business challenges. Deloitte has in the region of 200,000 professionals, all committed to becoming the standard of excellence. This publication contains general information only, and none of Deloitte Touche Tohmatsu Limited, its member firms, or their related entities (collectively, the Deloitte Network ) is, by means of this publication, rendering professional advice or services. Before making any decision or taking any action that may affect your finances or your business, you should consult a qualified professional adviser. No entity in the Deloitte Network shall be responsible for any loss whatsoever sustained by any person who relies on this publication For information, contact Deloitte Touche Tohmatsu Limited. 7

quality of life. spending water and rebuild its project s costs cost of infrastructure for every

quality of life. spending water and rebuild its project s costs cost of infrastructure for every A Cost Effective Approach to Increasing Investment in Water Infrastructure: The Water Infrastructure Finance and Innovation Authority (WIFIA) Background. High-quality and quality of life in the United

More information

Spain Tax Alert. Broad-based corporate tax reform proposed. Tax rate. Tax-deductible expenses. International Tax. 2 July 2014

Spain Tax Alert. Broad-based corporate tax reform proposed. Tax rate. Tax-deductible expenses. International Tax. 2 July 2014 International Tax Spain Tax Alert 2 July 2014 Broad-based corporate tax reform proposed Contacts Brian Leonard bleonard@deloitte.es Francisco Martin Barrios fmartinbarrios@deloitte.es Elena Blanque elblanque@deloitte.es

More information

R&D and Government Incentives Tax & Legal. Financial affairs R&D tax relief opportunities for financial services companies

R&D and Government Incentives Tax & Legal. Financial affairs R&D tax relief opportunities for financial services companies R&D and Government Incentives Financial affairs R&D tax relief opportunities for financial services companies Contrary to common perceptions financial companies are actively engaged in R&D primarily in

More information

Spain Tax Alert. Corporate tax reform enacted. Tax rate. Tax-deductible expenses. International Tax. 2 December 2014

Spain Tax Alert. Corporate tax reform enacted. Tax rate. Tax-deductible expenses. International Tax. 2 December 2014 International Tax Spain Tax Alert 2 December 2014 Corporate tax reform enacted Contacts Brian Leonard bleonard@deloitte.es Francisco Martin Barrios fmartinbarrios@deloitte.es Elena Blanque elblanque@deloitte.es

More information

REITs and infrastructure projects The next investment frontier?

REITs and infrastructure projects The next investment frontier? REITs and infrastructure projects The next investment frontier? 2 Coming out of the economic downturn, private investors are seeking new avenues to generate tax-efficient returns on their invested funds.

More information

Benchmarking study of electricity prices between Belgium and neighboring countries. Press Conference. April 2016

Benchmarking study of electricity prices between Belgium and neighboring countries. Press Conference. April 2016 Benchmarking study of electricity prices between Belgium and neighboring countries Press Conference April 2016 Benchmarking study of power prices in Belgium and surrounding countries Objectives and scope

More information

Australian business and immigration solutions Planning is your best protection

Australian business and immigration solutions Planning is your best protection Australian business and immigration solutions Planning is your best protection Australia welcomes investors with capital and business skills who want to migrate to Australia to establish a business, or

More information

Introduction to Tax Equity Structures Part II. Tom Stevens Bill Fisher Deloitte Tax LLP

Introduction to Tax Equity Structures Part II. Tom Stevens Bill Fisher Deloitte Tax LLP Introduction to Tax Equity Structures Part II Tom Stevens Bill Fisher Deloitte Tax LLP September 29, 2014 Introduction to Tax Equity Structures Part I Summary of Qualifying Resources and Facilities Partnership

More information

Individual income tax

Individual income tax International Tax Puerto Rico Tax Alert 12 June 2015 Tax reform enacted Contacts Francisco A. Castillo fcastillo@deloitte.com Ricardo Villate rvillate@deloitte.com Michelle Corretjer mcorretjer@deloitte.com

More information

HR Business Partnering A Custom Approach

HR Business Partnering A Custom Approach HR Business Partnering A Custom Approach Human Resources is at a turning point CEO s expect the Human Resources function to play a much more active role in enabling business strategies. For a decade now,

More information

The Australian Mortgage Report 2015 Let the good times roll. Presentation to the Actuaries Institute James Hickey Partner, Deloitte

The Australian Mortgage Report 2015 Let the good times roll. Presentation to the Actuaries Institute James Hickey Partner, Deloitte The Australian Mortgage Report 2015 Let the good times roll Presentation to the Actuaries Institute James Hickey Partner, Deloitte 2014-15 Records The Good ones Total outstanding residential housing finance

More information

Know the rules, know your way ahead. Walid Slim December 15, Qatar Companies Commercial Law Update

Know the rules, know your way ahead. Walid Slim December 15, Qatar Companies Commercial Law Update Qatar Companies Commercial Law Update Know the rules, know your way ahead Walid Slim December 15, 2015 Qatar Companies Commercial Law Update Agenda Introduction and highlights Limited Liability Companies

More information

Australia Tax Alert. Investment manager regime bill introduced into parliament. Overview of proposed requirements for IMR exemption.

Australia Tax Alert. Investment manager regime bill introduced into parliament. Overview of proposed requirements for IMR exemption. International Tax Australia Tax Alert Contacts David Watkins dwatkins@deloitte.com.au Vik Khanna vkhanna@deloitte.com.au Mark Hadassin mhadassin@deloitte.com.au Julian Cheng julicheng@deloitte.com 28 May

More information

EMEA TMC client conference Using global tax management systems to improve visibility and enhance control. The Crystal, London 9-10 June 2015

EMEA TMC client conference Using global tax management systems to improve visibility and enhance control. The Crystal, London 9-10 June 2015 EMEA TMC client conference Using global tax management systems to improve visibility and enhance control The Crystal, London 9-10 June 2015 1 Agenda Managing global compliance and reporting Why are people

More information

MICHIGAN DEPARTMENT OF TREASURY. Bureau of. Bond Finance. www.michigan.gov/bondfinance

MICHIGAN DEPARTMENT OF TREASURY. Bureau of. Bond Finance. www.michigan.gov/bondfinance MICHIGAN DEPARTMENT OF TREASURY Bureau of Bond Finance www.michigan.gov/bondfinance MISSION STATEMENT The Bureau of Bond Finance will achieve and maintain access to the financial market at the lowest cost

More information

New incentive regimes in Thailand IHQ and ITC June 2015. Anthony Visate Loh

New incentive regimes in Thailand IHQ and ITC June 2015. Anthony Visate Loh New incentive regimes in Thailand IHQ and ITC June 2015 Anthony Visate Loh Overview 2 Overview of incentive regimes in Thailand Old regimes Regional Operating Headquarters (ROH) Regime The first ROH regime

More information

FSB: Reinsurance Regulatory Review Summary of Discussion Paper

FSB: Reinsurance Regulatory Review Summary of Discussion Paper South Africa Short-term Insurance 26 May 2015 FSB: Reinsurance Regulatory Review Summary of Discussion Paper A message from Jaco van der Merwe Director AIS Short-term Insurance Dear client The volume and

More information

Credit management services Because a sale is a gift until it is paid

Credit management services Because a sale is a gift until it is paid Credit management services Because a sale is a gift until it is paid Introduction In times of crisis, working capital and cash are high on the agenda. They are key to ensuring your business runs smoothly

More information

Unique combination of Business, Academia & Technology

Unique combination of Business, Academia & Technology Unique combination of Business, Academia & Technology Not everything that counts can be counted and not everything that can be counted counts. Albert Einstein 2 Business Driven Innovation The Deloitte

More information

OECD Tax Alert. BEPS action 2: Neutralizing the effects of hybrid mismatch arrangements. OECD proposals. International Tax. 16 October 2015.

OECD Tax Alert. BEPS action 2: Neutralizing the effects of hybrid mismatch arrangements. OECD proposals. International Tax. 16 October 2015. International Tax OECD Tax Alert Contacts Bill Dodwell bdodwell@deloitte.co.uk Joanne Bentley jcbentley@deloitte.co.uk Joanne Pleasant jmpleasant@deloitte.co.uk Simon Cooper sjcooper@deloitte.co.uk David

More information

Securing tomorrow today Achieving enterprise technology and 'big data' solutions that support the tax lifecycle

Securing tomorrow today Achieving enterprise technology and 'big data' solutions that support the tax lifecycle Securing tomorrow today Achieving enterprise technology and 'big data' solutions that support the tax lifecycle Bernadette Pinamont, Vertex Robert Shields, Vertex Conrad Young, Deloitte Albert Fleming,

More information

Predictive Analytics World San Francisco 2014 Key out-takes

Predictive Analytics World San Francisco 2014 Key out-takes Predictive Analytics World San Francisco 2014 Key out-takes IAPA Qld 8 May 2014 General Themes What are the hot topics? Big Data and Hadoop/in-memory analytics Crowd sourcing predictive analytics- Kaggle

More information

Municipal Bond Investing

Municipal Bond Investing Municipal Bond Investing A closer look at tax-exempt debt Intermediate Term AMT-Free National State Specific Contents 1 Municipal Bonds 101 Investing in America Through Municipal Bonds 2 Tax Advantages

More information

Consulting. The importance of optimizing maintenance management for efficient operations

Consulting. The importance of optimizing maintenance management for efficient operations Consulting The importance of optimizing maintenance management for efficient operations 2 Executive summary Based on our optimization project experience both globally and in Russia, Deloitte has identified

More information

Global Tax and Legal September 2014. OECD s BEPS initiative a global survey Multinational survey results

Global Tax and Legal September 2014. OECD s BEPS initiative a global survey Multinational survey results Global Tax and Legal September 2014 OECD s BEPS initiative a global survey Multinational survey results OECD s BEPS initiative Multinational survey results The purpose of Deloitte s recent survey, OECD

More information

Management consulting services. Consulting, 2015

Management consulting services. Consulting, 2015 Management consulting services Consulting, 2015 The Strong side of Deloitte is an ability to integrate Processes, Organizational Structure and Information Technology. The Gartner Group If you are looking

More information

THE DELOITTE CFO SURVEY 2015 Q2 RESULTS PATH TO GROWTH

THE DELOITTE CFO SURVEY 2015 Q2 RESULTS PATH TO GROWTH THE DELOITTE CFO SURVEY 2015 Q2 RESULTS PATH TO GROWTH 2 Contents Key points from the 2015 Q2 Survey 4 Economic context 5 The economy and CFOs outlook 6 Funding 7 Cash flow and risk 8 M&A 9 A note on methodology

More information

Global commitment, central coordination, local delivery Doing business in Azerbaijan. Nuran Kerimov, 13 May, France

Global commitment, central coordination, local delivery Doing business in Azerbaijan. Nuran Kerimov, 13 May, France Global commitment, central coordination, local delivery Doing business in Azerbaijan Nuran Kerimov, 13 May, France Table of contents Taxation Customs Other issues Current trends 2015 Deloitte & Touche,

More information

Rosemary M. Amato, CISA Deloitte Accountants B.V.

Rosemary M. Amato, CISA Deloitte Accountants B.V. Rosemary M. Amato, CISA Deloitte Accountants B.V. ABOUT THE PRESENTER Rosemary M. Amato ramato@deloitte.nl Director within the Netherlands member firm of Deloitte, based in Amsterdam Program Director for

More information

A Changing World Strategische Herausforderungen im Talent Management

A Changing World Strategische Herausforderungen im Talent Management A Changing World Strategische Herausforderungen im Talent Management Dr. Elisabeth Denison, Chief Strategy & Talent Officer World Talent Forum, 1. Oktober 2015 The Leading Professional Services Firm Deloitte

More information

Brand Ambassadors From pre-foundation to advanced recruitment process through Social Media

Brand Ambassadors From pre-foundation to advanced recruitment process through Social Media Brand Ambassadors From pre-foundation to advanced recruitment process through Social Media Jean-Marc Mickeler, Partner and Responsible for Employer Branding Deloitte France 28 th June 2012 Our People Promise:

More information

Accounting of the reserves exploration and extraction contracts

Accounting of the reserves exploration and extraction contracts Accounting of the reserves exploration and extraction contracts Accounting of the reserves exploration and extraction contracts In December 2013, the Mexican government amended its Constitution, effectively

More information

NMFA and Leveraging of Federal Funds

NMFA and Leveraging of Federal Funds NMFA and Leveraging of Federal Funds PRESENTATION TO THE NEW MEXICO FINANCE AUTHORITY LEGISLATIVE OVERSIGHT COMMITTEE MARQUITA D. RUSSEL, CHIEF OF PROGRAMS August 13, 2015 Opportunities for Leverage of

More information

Darling, do you want to marry me? Business process outsourcing, a shared future together. A possible new business in Luxembourg?

Darling, do you want to marry me? Business process outsourcing, a shared future together. A possible new business in Luxembourg? Darling, do you want to marry me? Business process outsourcing, a shared future together. A possible new business in Luxembourg? 2015 Darling, do you want to marry me? - Business process outsourcing, a

More information

Global commitment, central coordination, local delivery Doing business in Azerbaijan. Vugar Mammadov, 14 October, Belgium

Global commitment, central coordination, local delivery Doing business in Azerbaijan. Vugar Mammadov, 14 October, Belgium Global commitment, central coordination, local delivery Doing business in Azerbaijan Vugar Mammadov, 14 October, Belgium Table of contents Taxation Customs Other issues Current trends 2015 Deloitte & Touche,

More information

Consulting. Cost cutting Methodology and tools

Consulting. Cost cutting Methodology and tools Consulting Cost cutting Methodology and tools Table of contents Cost cutting in a company. Methodology and tools Cost cutting in a company. Methodology and tools 1. Assessment of cost reduction potential

More information

Taxation treatment of Exchangetraded Australian Government Bonds

Taxation treatment of Exchangetraded Australian Government Bonds Taxation treatment of Exchangetraded Australian Government Bonds 27 March 2013 This document is provided as general information only and does not consider anyone s specific objectives, situation or needs.

More information

THE DELOITTE CFO SURVEY 2015 Q1 RESULTS GETTING BACK TO NORMAL

THE DELOITTE CFO SURVEY 2015 Q1 RESULTS GETTING BACK TO NORMAL THE DELOITTE CFO SURVEY 2015 Q1 RESULTS GETTING BACK TO NORMAL 2 Contents Key points from the 2015 Q1 Survey 4 General economic environment 5 Market conditions and the economy 6 Cash flow and risk 9 M&A

More information

Fixed asset registers Finding hidden value in LNG assets

Fixed asset registers Finding hidden value in LNG assets Fixed asset registers Finding hidden value in LNG assets Australia s emerging LNG industry could be missing out on millions of dollars in value as a result of procurement practices and the accounting

More information

Municipal Clean Audit Efficiency Series Effective Cash Management

Municipal Clean Audit Efficiency Series Effective Cash Management Municipal Clean Audit Efficiency Series Effective Cash Management Introduction The fi nancial performance of the South African local government has recently come under signifi cant scrutiny. This has led

More information

Simplification of work: Knowledge management as a solution

Simplification of work: Knowledge management as a solution Simplification of work: Knowledge management as a solution Second line optional lorem ipsum B Subhead lorem ipsum, date quatueriure 2 Content 4 Simplification of work: Knowledge management as a solution

More information

Temporary support for your HR department A made-to-measure solution

Temporary support for your HR department A made-to-measure solution Temporary support for your HR department A made-to-measure solution Organisations now expect HR not only to be efficient in their delivery of core services but also to set the talent agenda and to drive

More information

Risk committee performance evaluation

Risk committee performance evaluation Risk committee performance evaluation While there is currently not a legal or regulatory requirement for board risk committees to complete a performance evaluation, King III recommends regular performance

More information

Financial education Improving financial skills for prosperity

Financial education Improving financial skills for prosperity Financial education Improving financial skills for prosperity Financial education: key to facing financial instability and decreasing risk Àn investment in knowledge always pays the best interest. Benjamin

More information

BDO Financial Advisory Services Targeting our customer needs. BDO Financial Advisory Services 1

BDO Financial Advisory Services Targeting our customer needs. BDO Financial Advisory Services 1 BDO Financial Advisory Services Targeting our customer needs BDO Financial Advisory Services 1 2 BDO Financial Advisory Services OUR PEOPLE EXPERIENCED PROFESSIONALS & RECOGNISED INDUSTRY LEADERS. BDO

More information

Contents. Understanding your situation and needs. Our Offering. Team. Why Deloitte? Our fees and basic services. 2014 Deloitte The Netherlands

Contents. Understanding your situation and needs. Our Offering. Team. Why Deloitte? Our fees and basic services. 2014 Deloitte The Netherlands VAT Compliance Contents Understanding your situation and needs Our Offering Team Why Deloitte? Our fees and basic services Understanding your situation and needs Business in the Netherlands VAT registration

More information

Thailand Tomorrow Tech Trends 2015 What is the catch?

Thailand Tomorrow Tech Trends 2015 What is the catch? Thailand Tomorrow Tech Trends 2015 What is the catch? Commercial Advisory and Due Diligence March 2014 The Internet of Things Proliferation across connected devices 1 Thailand Tomorrow Tech Trends 2015

More information

Public Works Financing

Public Works Financing Public Works Financing Published monthly since 1988 by editor William G. Reinhardt PWFinance@aol.com Reprinted from February, 2011 Volume 257 Why TIFIA Matters For Transportation By Fred Kessler, Nossaman

More information

6. Financial Model. 6.1. Financial Model Overview. 6.2. Evaluating Project Finance & Delivery Alternatives

6. Financial Model. 6.1. Financial Model Overview. 6.2. Evaluating Project Finance & Delivery Alternatives Exhibit 6.2 Modeling Approach Multiple Container Volume/ Lease Scenarios Multiple Capital Elements & Operating Strategies Modeling/Analysis Approach 1. Public Financing 2. Hybrid P3 Approaches 3. P3 Concession

More information

Clear, transparent reporting The new auditor s report

Clear, transparent reporting The new auditor s report Clear, transparent reporting The new auditor s report 2015 Clear transparent reporting 1 Clear, transparent reporting Introduction Business has over the last few years become more complex, and financial

More information

Introduction to Tax Equity Structures Part I. Bill Fisher Tom Stevens Deloitte Tax LLP

Introduction to Tax Equity Structures Part I. Bill Fisher Tom Stevens Deloitte Tax LLP Introduction to Tax Equity Structures Part I Bill Fisher Tom Stevens Deloitte Tax LLP September 29, 2014 Introduction to Tax Equity Structures Part I Summary of Qualifying Resources and Facilities Partnership

More information

United States Tax Alert

United States Tax Alert ba International Tax United States Tax Alert Contacts Jeff O Donnell jodonnell@deloitte.com Paul Crispino pcrispino@deloitte.com Jamie Dahlberg jdahlberg@deloitte.com Irwin Panitch ipanitch@deloitte.com

More information

Risk Intelligence Challenge 2015. Going beyond risk in business

Risk Intelligence Challenge 2015. Going beyond risk in business Risk Intelligence Challenge 2015 Going beyond risk in business Frequently Asked Questions (FAQ) Frequently asked questions 1. Why join RIC 2015? RIC is a great platform for you to learn, grow and gain

More information

EPA s Clean Water and Drinking Water Infrastructure Sustainability Policy

EPA s Clean Water and Drinking Water Infrastructure Sustainability Policy EPA s Clean Water and Drinking Water Infrastructure Sustainability Policy Statement of Policy The Environmental Protection Agency (EPA), working with states and local governments, will develop guidance,

More information

Deloitte Analytics Uncommon insights

Deloitte Analytics Uncommon insights Deloitte Analytics Uncommon insights Contents The dangers of data mismanagement...2 Making the business case...3 How we can help: Deep industry business knowledge...4 ii Deloitte Analytics Uncommon insights

More information

Insurance captive companies in Malta Making the complex simple

Insurance captive companies in Malta Making the complex simple Deloitte Malta factsheet Tax Insurance captive companies in Malta Making the complex simple viewingmalta.com Malta provides the opportunity for companies to locate their captive insurance business and

More information

Goals. Bonds: Fixed Income Securities. Two Parts. Bond Returns

Goals. Bonds: Fixed Income Securities. Two Parts. Bond Returns Goals Bonds: Fixed Income Securities History Features and structure Bond ratings Economics 71a: Spring 2007 Mayo chapter 12 Lecture notes 4.3 Bond Returns Two Parts Interest and capital gains Stock comparison:

More information

Accounting & Auditing News IFRS 15 Revenue from Contracts with Customers: Part 2 Differences vs. IAS 11 Construction Contracts

Accounting & Auditing News IFRS 15 Revenue from Contracts with Customers: Part 2 Differences vs. IAS 11 Construction Contracts Philippines Technical Research 21 June 2014 (Issue 3) Accounting & Auditing News IFRS 15 Revenue from Contracts with Customers: Part 2 Differences vs. IAS 11 Construction Contracts Revenue Recognition

More information

REGIONAL SPOKESPERSON BIOGRAPHIES

REGIONAL SPOKESPERSON BIOGRAPHIES REGIONAL SPOKESPERSON BIOGRAPHIES CONTENTS Robert Nardi, National...1 Duncan Stewart, National...2 Clinton G. McNair, Calgary...3 J. Blair Knippel, Prairie...4 Jamie Barron, Southwestern Ontario...5 Jeffrey

More information

5 th ISACA Athens Chapter Conference

5 th ISACA Athens Chapter Conference Rosemary M. Amato Director, Deloitte 5 th ISACA Athens Chapter Conference Big Data and Advanced Data Visualization Rosemary M. Amato ISACA International Vice President 23 November 2015 WELCOME INTRODUCTION

More information

Student Analytics. Enabling personal, proactive and fact-based student services. Deloitte Consulting NL Amsterdam, 2016

Student Analytics. Enabling personal, proactive and fact-based student services. Deloitte Consulting NL Amsterdam, 2016 Student Analytics Enabling personal, proactive and fact-based student services Deloitte Consulting NL Amsterdam, 2016 Higher education is under pressure to increase student success Several trends pose

More information

Enterprise Risk Services. Aware vs. committed where do you stand? Business continuity management

Enterprise Risk Services. Aware vs. committed where do you stand? Business continuity management Enterprise Risk Services vs. committed where do you stand? Business continuity management Business continuity management 1 Contents here Initial findings from the Deloitte 1 Global Business Continuity

More information

Frank M. Rapoport Featured in Corporate Livewire s Infrastructure 2014 Virtual Roundtable as a Leading Expert

Frank M. Rapoport Featured in Corporate Livewire s Infrastructure 2014 Virtual Roundtable as a Leading Expert PRESS RELEASE R E S U L T S F I R S T SM Frank M. Rapoport Featured in Corporate Livewire s Infrastructure 2014 Virtual Roundtable as a Leading Expert FRANK M. RAPOPORT Frank M. Rapoport was featured in

More information

Sprint with Scrum and get the work done. Kiran Honavalli, Manager Deloitte Consulting LLP March 2011

Sprint with Scrum and get the work done. Kiran Honavalli, Manager Deloitte Consulting LLP March 2011 Sprint with Scrum and get the work done Kiran Honavalli, Manager Deloitte Consulting LLP March 2011 Contents About Deloitte Consulting 3 Executive summary 4 About Scrum 5 Scrum phases 8 Lessons learned

More information

Deloitte Reverse Mortgage Survey December 2013

Deloitte Reverse Mortgage Survey December 2013 Deloitte Reverse Mortgage Survey December 2013 James Hickey Financial Services Partner +61 2 9322 5009 jahickey@deloitte.com.au Contents 1. Market Volumes & Mix 2. Housing Splits 3. Borrowers 4. Summary

More information

State of Arkansas Construction Assistance Revolving Loan Fund Program

State of Arkansas Construction Assistance Revolving Loan Fund Program Auditor s Report and Financial Statements Contents Independent Auditor s Report... 1 Management s Discussion and Analysis... 4 Financial Statements Statements of Net Position... 9 Statements of Revenues,

More information

Nashua Pre-filed Testimony Of Steven A. Adams First Southwest Company. 1. What is your name and by whom are you employed?

Nashua Pre-filed Testimony Of Steven A. Adams First Southwest Company. 1. What is your name and by whom are you employed? Nashua Pre-filed Testimony Of Steven A. Adams First Southwest Company 1. What is your name and by whom are you employed? My name is Steven Adams. I am a Senior Vice President for First Southwest Company,

More information

EMEA TMC client conference Country-by-country reporting. The Crystal, London 9-10 June 2015

EMEA TMC client conference Country-by-country reporting. The Crystal, London 9-10 June 2015 EMEA TMC client conference Country-by-country reporting The Crystal, London 9-10 June 2015 1 Acronyms PBC Provided by client LTP Local tax provision CITR Corporate income tax return DTi Deloitte Tax Insight

More information

Human resources benchmark for insurance Overview

Human resources benchmark for insurance Overview Deloitte Global Benchmarking Center Human resources benchmark for insurance Overview The HR challenge: Complex and quickly evolving external and internal factors In today's challenging economy, insurance

More information

NAIOP Education Series Financing Renewable Energy and Clean Tech. Gregory V. Johnson Patton Boggs LLP gjohnson@pattonboggs.

NAIOP Education Series Financing Renewable Energy and Clean Tech. Gregory V. Johnson Patton Boggs LLP gjohnson@pattonboggs. NAIOP Education Series Financing Renewable Energy and Clean Tech Gregory V. Johnson Patton Boggs LLP gjohnson@pattonboggs.com (303) 894-6187 530228 1 Renewable Energy Project Finance Historic reliance

More information

Stakeholder Engagement

Stakeholder Engagement Stakeholder Engagement 1 Next Introduction An Integrated Report is a single report that the International Integrated Reporting Council (IIRC) anticipates will become an organisation s primary report. This

More information

Clean Energy and Clean Technology Finance Resources

Clean Energy and Clean Technology Finance Resources Clean Energy and Clean Technology Finance Resources This document is a preliminary draft summary of finance options in Minnesota and a few selected non-state programs. Angel Tax Credit program Minnesota's

More information

Customer experience. SPACE, TECHNOLOGY & THE CUSTOMER EXPERIENCE

Customer experience. SPACE, TECHNOLOGY & THE CUSTOMER EXPERIENCE Customer experience. SPACE, TECHNOLOGY & THE CUSTOMER EXPERIENCE Why are we speaking about customer experience? The pace of change. Individuals are adopting new technologies faster than the companies they

More information

Q&A for Small Business Owners

Q&A for Small Business Owners Q&A for Small Business Owners What did the Obama Administration announce today? The Treasury Department will commit up to $15 billion to help unlock the secondary markets for small business loans. By purchasing

More information

Deloitte Malta Financial Advisory Services January 2016. Independent Business Review The Deloitte methodology

Deloitte Malta Financial Advisory Services January 2016. Independent Business Review The Deloitte methodology Deloitte Malta Financial Advisory Services January 2016 Independent Business Review The Deloitte methodology The Deloitte story Deloitte drives progress. Our firms around the world help clients become

More information

Rural Opportunity Investment Initiative

Rural Opportunity Investment Initiative Rural Opportunity Investment Initiative Matt McKenna Advisor to the Secretary U.S. Department of Agriculture January 28, 2014 AGENDA Build America USDA Rural Development Rural Opportunity Investment Initiative

More information

Sample risk committee charter

Sample risk committee charter Sample risk committee charter 1 Next This sample risk committee charter is based on leading practices observed by Deloitte in the analysis of a variety of materials. It is important to note that the Risk

More information

Advisory services. Services beyond the audit

Advisory services. Services beyond the audit Advisory services Services beyond the audit Contents Solutions for a changing accounting landscape...1 Complex accounting advisory...3 Transaction advisory...4 Finance...5 Actuarial and insurance...6 Finance

More information

State of Arkansas Construction Assistance Revolving Loan Fund Program

State of Arkansas Construction Assistance Revolving Loan Fund Program Independent Auditor s Report and Financial Statements Contents Independent Auditor s Report... 1 Management s Discussion and Analysis... 4 Financial Statements Statements of Net Position... 9 Statements

More information

The Basics of Tax Preferred Retirement Programs for Colleges and Universities

The Basics of Tax Preferred Retirement Programs for Colleges and Universities The Basics of Tax Preferred Retirement Programs for Colleges and Universities Central Association of College and University Business Officers Winter Workshop Jeffrey D. Frank Shawna M. Jimenez February

More information

Succeeding with new hospital developments Laying the right technology foundation

Succeeding with new hospital developments Laying the right technology foundation Succeeding with new hospital developments Laying the right technology foundation Focusing on the right elements Information technology is changing how people use clinical spaces. In the digital hospital,

More information

ENERGY EFFICIENCY FINANCING IN THE COMMERCIAL SECTOR MUNICIPAL MODELS & OPPORTUNITIES

ENERGY EFFICIENCY FINANCING IN THE COMMERCIAL SECTOR MUNICIPAL MODELS & OPPORTUNITIES ENERGY EFFICIENCY FINANCING IN THE COMMERCIAL SECTOR MUNICIPAL MODELS & OPPORTUNITIES Greg Hale Natural Resources Defense Council Pew Center on Global Climate Change Carbon Markets Insights Americas 2010

More information

Not just a crystal ball: Enhancing your business operations through sales forecasting

Not just a crystal ball: Enhancing your business operations through sales forecasting Not just a crystal ball: Enhancing your business operations through sales forecasting Abstract Well-constructed forecasting models have many applications in business planning. Far beyond being arithmetic

More information

Deloitte Discovery Caribbean & Bermuda Territory Guide

Deloitte Discovery Caribbean & Bermuda Territory Guide Deloitte Discovery Caribbean & Bermuda Territory Guide Deloitte Discovery Overview The complexity and volume of data in today s corporate climate means businesses in the Caribbean & Bermuda Countries (

More information

Contents. Key points from the 2014 Q4 Survey 4. General economic environment 5. Market conditions and the economy 6. Cash flow and risk 9 M&A 11

Contents. Key points from the 2014 Q4 Survey 4. General economic environment 5. Market conditions and the economy 6. Cash flow and risk 9 M&A 11 The Deloitte CFO Survey 2014 Q4 Results 2 Contents Key points from the 2014 Q4 Survey 4 General economic environment 5 Market conditions and the economy 6 Cash flow and risk 9 M&A 11 A note on methodology

More information

SECTION 10: POLLUTION CONTROL BONDS OREGON DEQ AGENCY REQUEST BUDGET 2009-11

SECTION 10: POLLUTION CONTROL BONDS OREGON DEQ AGENCY REQUEST BUDGET 2009-11 SECTION 10: POLLUTION CONTROL BONDS OREGON DEQ AGENCY REQUEST BUDGET 2009-11 Pollution Control Bonds Program Narrative... 10-1 Estimated New CWSRF Loans... 10-3 Clean Water SRF Loans (#181)... 10-4 Detail

More information

EPA s Allowing States to Use Bonds to Meet Revolving Fund Match Requirements Reduces Funds Available for Water Projects

EPA s Allowing States to Use Bonds to Meet Revolving Fund Match Requirements Reduces Funds Available for Water Projects OFFICE OF INSPECTOR GENERAL Audit Report Catalyst for Improving the Environment EPA s Allowing States to Use Bonds to Meet Revolving Fund Match Requirements Reduces Funds Available for Water Projects Report

More information

Training Module: Community Staples

Training Module: Community Staples Training Module: Community Staples This training contains general information only and Deloitte is not, by means of this training session, rendering accounting, business, financial, investment, legal,

More information

Revenue Cycle in Post- Acute Care Deloitte & Touche LLP Victor Shutack, Senior Manager June 2015

Revenue Cycle in Post- Acute Care Deloitte & Touche LLP Victor Shutack, Senior Manager June 2015 6/9/2015 Revenue Cycle in Post- Acute Care Deloitte & Touche LLP Victor Shutack, Senior Manager June 2015 Discussion topics Changing healthcare environment Understanding the home health care environment

More information

Protected cell companies in Malta Making the complex simple

Protected cell companies in Malta Making the complex simple Deloitte Malta factsheet Tax Protected cell companies in Malta Making the complex simple viewingmalta.com The Companies Act (Cell Companies Carrying on Business of Insurance) Regulations (PCC Regulations)

More information

PRIIPs Key Investor Documents The new reporting challenge

PRIIPs Key Investor Documents The new reporting challenge PRIIPs Key Investor Documents The new reporting challenge 1) Your partner for PRIIPs & UCITs Key Investor Documents With the introduction of PRIIPs KIDs as of 1st January 2017, the financial industry faces

More information

Australia Tax Alert. Budget 2013-14 targets debt funding by multinationals. Thin capitalization rules. International Tax. 15 May 2013.

Australia Tax Alert. Budget 2013-14 targets debt funding by multinationals. Thin capitalization rules. International Tax. 15 May 2013. International Tax Australia Tax Alert Contacts Peter Madden pmadden@deloitte.com.au Claudio Cimetta ccimetta@deloitte.com.au Vik Khanna vkhanna@deloitte.com.au Alyson Rodi arodi@deloitte.com.au David Watkins

More information

Android vs BlackBerry vs ios vs Symbian vs Windows Phone in South Africa

Android vs BlackBerry vs ios vs Symbian vs Windows Phone in South Africa Android vs BlackBerry vs ios vs Symbian vs Windows Phone in South Africa Android vs BlackBerry vs ios vs Symbian vs Windows Phone in South Africa Android vs BlackBerry vs ios vs Symbian vs Windows Phone

More information

Singapore s Tax Appeal for Funds and Fund Managers

Singapore s Tax Appeal for Funds and Fund Managers Singapore s Tax Appeal for s and Managers Tax incentives for funds and fund managers in Singapore Singapore is a key location for fund managers of private equity, real estate and hedge funds to be based

More information

Changes Made to Partnership Audits and Adjustments

Changes Made to Partnership Audits and Adjustments Tax Controversy Services IRS Insights A closer look. In this issue: Changes Made to Partnership Audits and Adjustments... 1 Second Circuit Reverses District Court and Holds that Attorney-Client Privilege

More information

National Disability Insurance Scheme (NDIS): Funding the Unfunded Commitment

National Disability Insurance Scheme (NDIS): Funding the Unfunded Commitment National Disability Insurance Scheme (NDIS): Funding the Unfunded Commitment prepared for the Insurance Council of Australia April 2012 NDIS is currently a $6.5 billion per annum unfunded commitment this

More information

Deloitte/Norton Rose ESOP survey report Australian business experiences with Employee Share Options

Deloitte/Norton Rose ESOP survey report Australian business experiences with Employee Share Options Deloitte/Norton Rose ESOP survey report Australian business experiences with Employee Share Options Introduction As Deloitte Private and the other authors argued in the report of November 12, Silicon Beach:

More information

Heads Up Presentation of Research & Development (R&D) tax offset

Heads Up Presentation of Research & Development (R&D) tax offset Assurance & Advisory Issue: 2014/02 2 May 2014 Heads Up Presentation of Research & Development (R&D) tax offset Background Guidance in Accounting Standards Presentation choices and impact on financial

More information

Extending Security Analytics to support Operational Efficiency. John A. Greco Deloitte & Touche LLP Cyber Risk Services

Extending Security Analytics to support Operational Efficiency. John A. Greco Deloitte & Touche LLP Cyber Risk Services Extending Security Analytics to support Operational Efficiency John A. Greco Deloitte & Touche LLP Cyber Risk Services Extending security analytics to support operational efficiency Key components of the

More information