2.28 EDGE Program. Introduction

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "2.28 EDGE Program. Introduction"

Transcription

1 Introduction Te Economic Diversification and Growt Enterprises Act became effective on 1 January Te creation of tis Act was to encourage new businesses to start or expand in Newfoundland and Labrador. Te Act is administered by te Department of Innovation, Trade and Rural Development, wit tax incentives administered in conjunction wit te Department of Finance. Te Department as establised specific criteria wic eac EDGE corporation must meet and maintain in order to receive EDGE approval and incentives. Figure 1 provides te Program criteria. Figure 1 Department of Innovation, Trade and Rural Development Economic Diversification and Growt Enterprises Program Eligibility Criteria Criteria - Potential for capital investment of at least $300,000 or annual sales of at least $500,000 - Potential for te creation and maintenance of at least 10 permanent jobs in te Province - Business activities offer te opportunity for long-term sustainable jobs and growt - Business activities offer a substantial net economic benefit to te Province - Business activities would not be undertaken witin te Province or at te time of application witout te presence of EDGE incentives - EDGE incentives provided to te business would not provide a direct competitive advantage over oter businesses establised in te Province Companies make application to Government for EDGE status and te Department performs an assessment of te criteria. Te Departmental assessments are forwarded to te EDGE Board wic makes recommendations to te Lieutenant-Governor in Council (Cabinet). Pursuant to te Act, te Board is comprised of public and private sector members appointed by Cabinet. Under te Act, te EDGE program initially provided significant tax incentives over a 10 year period wit a pase down period of 5 years, a $2,000 grant for eac permanent job created during te initial 5 year term of te contract, access to unserviced Crown Land for $1, and te availability of EDGE facilitators to assist wit regulatory requirements. Effective 1 April 1997, te $2,000 start-up job grant for new EDGE Auditor General of Newfoundland and Labrador 431

2 companies was discontinued and te retail sales tax incentives, oter tan for insurance premiums, were no longer applicable wit te establisment of te armonized sales tax system. Effective 1 January 2002, amendments to te Act introduced a new 50% rebate on Federal corporate income tax for eligible EDGE corporations, an increase in te eligibility period from 10 years to 15 years for EDGE companies outside te norteast Avalon, and more stringent conditions relating to eligibility criteria in tat corporations must acieve and maintain and not just sow potential to acieve and maintain te criteria. Tese canges only apply to EDGE corporations wic applied after 1 January Scope and Objectives Our review of te EDGE program was completed in October Te objectives of our review were to assess weter: EDGE corporations are properly assessed, approved and monitored; and program objectives, performance indicators and measurable targets ave been establised, and actual results are measured and reported against tese targets. Conclusions Te Department of Innovation, Trade and Rural Development's objective for te EDGE program is to encourage new businesses to start or expand in Newfoundland and Labrador. However, since te Department as not establised specific targets for te program, it cannot determine weter te program objective is being met or weter te EDGE program is a success. Our review indicated te following: As of June 2004, 53 (43%) of te 122 EDGE corporations wic were approved under te EDGE program since it began in 1995 ad teir EDGE status revoked by Cabinet for failing to meet te requirements of te program. Te remaining 69 approved EDGE corporations reported employment and capital investment for 2004 far below te total amounts projected. Wile employment and capital investment by EDGE corporations are two of te main EDGE program performance indicators, tese indicators ave sown a significant decrease between 2001 and Te estimated employment declined from a projection of 3,850 jobs in 2001 to a projection of 2,777 in 2004, wit actual reported employment for 2004 of only 1,473. Te estimated amount of capital investment declined from a projection of $1.12 billion in 432 Auditor General of Newfoundland and Labrador

3 2001 to a projection of $187.9 million in 2004, wit actual reported investment for 2004 of only $70.3 million. Te Department of Innovation, Trade and Rural Development is not adequately monitoring program activity. As a result, neiter te Department nor te House of Assembly can determine weter te program as been successful in meeting its objective. In particular: te Department as not establised specific targets in te areas of jobs created, capital invested, incremental sales and substantial net economic benefit to te Province; te management information system used by te Department to record information on eac EDGE corporation is not being used for monitoring and periodic reporting; EDGE corporations are not always providing annual reports to te Minister as required and te Department is not always following up wit te corporations to obtain tese reports; and neiter te Department of Innovation, Trade and Rural Development nor te Department of Finance receive information on all incentives provided to EDGE corporations. EDGE applications are not always approved on a timely basis and in accordance wit te Economic Diversification and Growt Enterprises Act. Te average time delay between te receipt of te application and te approval by Cabinet was 7 monts. One application was not approved until 11 monts after te application was received. Tese delays are in large part due to infrequent meetings of te EDGE Board and te fact tat Cabinet is not providing its decision witin te 30 day timeframe set out in te Act. Corporations tat qualify for EDGE status are provided certain tax incentives and prior to 2003 were provided wit wage grants. Our review indicated tat incentives provided to some EDGE corporations were not adequately supported. Findings and Recommendations Application Process From te implementation of te EDGE program in 1995 to 15 June 2004, te Department ad received 298 applications for EDGE status. Of tese 298 applications, 192 were assessed and provided to te EDGE Board for recommendation and 106 did not provide te necessary information to assess te application or were witdrawn by te company or are still in te Auditor General of Newfoundland and Labrador 433

4 Figure 2 assessment pase. Figure 2 summarizes information gatered during te application process. Department of Innovation, Trade and Rural Development Economic Diversification and Growt Enterprises Program Statistical Information 6 Oct Oct Oct Nov Oct April June 04 Approved applications Rejected applications Deferred applications Total applications assessed Revoked applications (1) (20) (30) (37) (42) (53) (53) Active EDGE companies Not available Not available Not available # of estimated jobs on applications approved 666 2,452 3,549 3,656 3,850 2,950 2,777 Amount expected to be invested in capital $194.2 M $164 M $1.12 B $1.14 B $1.12B $1.07B $187.9 M Source: Department of Innovation, Trade and Rural Development As te Figure sows, bot te number of estimated jobs and te expected amount of capital to be invested dropped significantly between 2001 and As of June 2004, 53 of te 122, or 43% of EDGE corporations wic were approved EDGE since 1995 ad teir EDGE status revoked by Cabinet. Tis is an increase of 11 revoked applications since October 2001, an increase of 26%. A significant portion of te decrease in te number of estimated jobs related to te EDGE status for Friede Goldman Newfoundland Limited (Marystown sipyard) being revoked in October Te Department indicated tat in 1998 tis company ad estimated tat 900 jobs would be created. 434 Auditor General of Newfoundland and Labrador

5 Similarly, a significant portion of te decrease in te expected amount of capital to be invested related to te EDGE status for two related companies being revoked in Marc Te Department indicated tat in 1999 tese companies ad estimated tat $883 million would be invested. Only 8 companies ave been approved EDGE status since 1 January In order to qualify for EDGE status a company must submit an application and meet certain eligibility criteria. 1. Application Assessment and Approval Applications for EDGE are submitted to te Department and are to be accompanied by a business plan. Applications are assessed by te Department's two Industrial Developmental Officers and forwarded to te EDGE Board wic makes recommendations to Cabinet for approval or rejection. From 1 January 2002 to 15 June 2004, te Department received 33 applications for EDGE approval. As at 15 June 2004, te Board recommended tat 7 of tese 33 applications, as well as 1 application received prior to 1 January 2002, be approved by Cabinet. A review of tese 8 applications indicated tat tey were not approved on a timely basis and in accordance wit te Act. For example: Te average time delay between te receipt of te application and te approval by Cabinet was 7 monts. One application was not approved until 11 monts after te application was received. Officials indicated tat te main reasons for tese delays are te EDGE Board does not meet on a regular basis, Cabinet is not providing its decision witin te 30 day requirement of te Act (i.e. after receipt of te Board's recommendation), and EDGE companies do not provide information on a timely basis. Altoug te Act provides for te appointment and composition of te Board and states tat applications sall be evaluated by a Board, tere is no provision for ow often te Board sould meet. Our review indicated tat te Board as only met six times from 1 January 2002 to October Altoug te Act requires Cabinet to make its decision on a corporation's EDGE designation witin 30 days of te Board's recommendation, our review indicated tat te average time between te Board's recommendation and Cabinet's approval was approximately 105 days. Auditor General of Newfoundland and Labrador 435

6 Te Act requires tat te Minister of Innovation, Trade and Rural Development give notice to te House of Assembly witin 15 days after te signing of an EDGE contract or witin 15 days after te next House sitting if te House of Assembly was not in session. However, officials indicated tat no notices were made by te Minister to te House of Assembly for te 8 EDGE corporations approved since 1 January Eligibility Criteria Te Department as establised specific criteria wic eac EDGE corporation must meet and maintain in order to receive EDGE approval and incentives. Our review of documentation supporting te 8 approved EDGE corporations since January 2002 indicated tat one corporation did not meet all of te criteria. Altoug one of te criteria is tat business activities would not be undertaken witin te Province or at te time of application witout te presence of EDGE incentives, te company did not meet tis criterion. Tis company ad already started te proposed operations prior to te approval of its application in August Terefore, business activities ad been undertaken before te company received EDGE status and as a result, te company did not meet tis criterion. Program Monitoring A company approved under te EDGE program can receive benefits for up to 20 years. It is terefore important tat tese companies be monitored to ensure tat te requirements of te program continue to be met. In order to monitor te results of te EDGE program we would expect te Department to ave documented policies and procedures, a management information system to record expected and actual results for eac EDGE corporation, and timely and relevant reporting. In addition, we would expect incentives provided to EDGE corporations to be properly approved and supported. 1. Policies and Procedures Te Department as establised policies and procedures for te monitoring of EDGE corporations to determine if tey are maintaining program criteria. 436 Auditor General of Newfoundland and Labrador

7 2. Information Systems Te Department as a management information system wic records application and approval information for eac EDGE corporation and information received from eac EDGE corporation on teir actual progress in meeting and maintaining program criteria. However, our review indicated tat te information system is not being used for monitoring and periodic reporting. As a result, te Department cannot adequately monitor program activity. For example: Te Department provided a listing of te 298 projects wic reported information related to te application date, date received, capital investment, annual sales, jobs created, type of business and te status of te application. However, te listing did not include project numbers 1216 to Tis was brougt to te attention of Departmental staff, and after searcing troug te EDGE database, a revised report was prepared wit all projects included. Altoug information regarding applications approved, rejected, deferred, incomplete, or witdrawn is recorded in te system, reports providing tis information cannot be generated by te system. Department officials indicated tat te information must be extracted from te system, and compiled separately. Tese reports are only compiled to meet specific requests. Te last status report was prepared by te Department in May 2004 wic covered te period ending 31 December Tis report provided information suc as location, activity type, year approved, type of business (new or expansion), capital investment made, jobs created, amount of incentives granted to date. 3. Reporting by EDGE Corporations EDGE corporations are required to report annually in prescribed format to te Minister on te progress made in implementing its business proposal and compliance wit te terms and conditions of teir contract witin 90 days of its fiscal year end. Te annual report must include a report from te corporation's auditor stating weter te corporation complied wit te terms and conditions of te EDGE contract. Officials indicated tat te Department will notify EDGE corporations in writing if annual reports are not submitted on time. Auditor General of Newfoundland and Labrador 437

8 We examined 13 EDGE corporations and determined tat EDGE corporations are not always reporting to te Minister as required and tat te Department is not always notifying te corporations of teir noncompliance. As well, te reports do not always include te required auditor's report. Witout complete and timely reports, te Department cannot determine weter EDGE corporations continue to meet eligibility requirements, weter actual results compare wit expected results and weter program objectives are being met. Our review identified te following: None of te 13 EDGE corporations examined submitted all of teir annual reports witin 90 days. Of te total 76 annual reports to be submitted by tese 13 corporations, only 3 were submitted witin 90 days. One EDGE corporation submitted its annual reports for 1997 to 2000 in September Anoter EDGE corporation as not submitted an annual report subsequent to its 2000 report. Two oter EDGE corporations ave not submitted any of teir annual reports since being approved (in 2001 for one corporation and in 2002 for te oter). Wile Departmental officials indicated tat some EDGE corporations were notified verbally were an annual report was late, te Department did not notify 12 of te EDGE corporations in writing in 26 instances were an annual report was late. 2 EDGE corporations did not include an auditor's report in 5 annual reports and 4 EDGE corporations did not attac a copy of teir financial statements to 6 of teir annual reports as required. Te Department monitors te criteria requirements relating to employment troug te submission of te annual reports; owever, te Department does not conduct regular site visits to EDGE corporations. Suc site visits would provide furter evidence of weter EDGE corporations' activities continue to meet eligibility requirements. One EDGE company reported 6 employees in 2001 wic were related to EDGE activities; owever witin te next two years tis number increased to 13. Our review indicated tat in 2002, te company transferred certain equipment from non-edge activities to EDGE activities and sales related to EDGE activities increased from 11% in 2001 to 50% in Tere was no evidence on file to indicate tat te Department conducted a site visit or oterwise ensured tat canges were reasonable and weter tey would impact EDGE incentives. 438 Auditor General of Newfoundland and Labrador

9 4. Program Incentives Corporations tat qualify for EDGE status are provided certain incentives suc as tax incentives and prior to 2003 were provided wit wage grants. Our review indicated tat incentives provided to some EDGE corporations were not adequately supported. For example: In one instance a corporation as not submitted any annual reports as required by te Act for 2001 onwards; owever, it continues to receive incentives suc as payroll tax forgiveness under te program. Four of te 13 EDGE corporations we reviewed received start-up job grants of $2,000 for eac job created. Te last incentive grant paid out was in Our review indicated te following: Altoug te Department uses a standard 1,820-our work year for its calculation of jobs created, te number of jobs created for one EDGE corporation included ours in excess of te 1,820 standard. As a result, te number of jobs created was overstated. For 1998, te EDGE corporation included 42 employees wit ours in excess of 1,820 ours and for 2000, tere were 112 employees wit ours in excess of 1,820 ours. In 2000, one employee reported working 3,144.5 ours. For tis one employee, an incentive grant was paid out wic accounted for 1.73 employees or $3,460. One EDGE corporation's employee listings included international employees wic te corporation excluded in its incentive grant calculation from 1998 to However, in 2001, altoug te international employees were excluded from te total number of employees, teir days of work were still included in te calculation of incremental employment created. Altoug tis information was available to te Department, officials did not follow-up on tis inconsistency. One EDGE corporation did not provide a listing of 12 salaried employees in 1998 wic accounted for 499 ours of employment. Auditor General of Newfoundland and Labrador 439

10 Performance Reporting In order to provide good performance reporting, strategic objectives must be clearly defined, performance indicators wic allow te evaluation of program objectives must be identified, targets for tese indicators must be set, and actual performance must be reported against tese targets. 1. Strategic Objectives Te Department as establised broad goals for te program. Te EDGE program was establised in 1995 as a strategic economic development and marketing tool to encourage new business investment in te Province to elp diversify te economy and stimulate new private sector job creation, especially in rural areas. 2. Performance Indicators Te Department as identified certain performance indicators to evaluate its objectives. Tese performance indicators include jobs created, capital invested, incremental sales, and a substantial net economic benefit to te Province. 3. Measurable Targets Te Department as not establised specific measurable targets for eac of tese performance indicators. As a result, te Department cannot compare actual results to targets in order to determine if program objectives are being met. Te Department does record te expected number of jobs to be created, investment of capital and incremental sales for eac approved EDGE corporation; owever, tis only provides targets for measuring wat te program is doing, not wat te program can or sould do. In addition, te Department as not quantified wat would qualify as a substantial net economic benefit. 4. Performance Te Department reports on te actual results of te EDGE program eac year in its annual report, wic is tabled in te House of Assembly. Information reported includes te number of new approvals, current active EDGE corporations, employment created and investment made in capital. However, since te Department as not establised specific targets it can not report on weter program objectives are being met. In addition, oter actual results of te program suc as te number of applications received, te number of approvals revoked, te amount of incentives provided, EDGE companies not complying wit reporting requirements, and weter te program continues to provide a substantial net economic 440 Auditor General of Newfoundland and Labrador

11 benefit to te Province are not reported. Witout tis information, te Department and te House of Assembly cannot determine weter te program is meeting its objectives. Our review indicated te following: Two of te main EDGE program performance indicators ave sown a significant decrease between 2001 and te estimated jobs declined from 3,850 in 2001 to 2,777 in 2004 and te expected amount of capital to be invested declined from $1.12 billion in 2001 to $187.9 million in Te 69 approved EDGE corporations ad projected employment for 2004 totalling 2,777 and estimated capital investment for 2004 of $187.9 million. However, as of June 2004, tese 69 companies ad only reported employment of 1,473, and capital investment of $70.3 million. Te Department does not report te breakdown of eac job created between full-time, part-time and seasonal employees. Suc a breakdown is important for te Department to be able to assess te impact of jobs created as a result of te EDGE program. For example, a review of one of tese companies indicated tat te EDGE report received for 2000 reported 272 person years of employment created for 553 employees. We note tat 82 of tese 553 employees were employed for less tan 100 ours during te year. As part of its assessment process, te Department of Innovation, Trade and Rural Development provides financial information gatered in te application process to te Projects Analysis Division of te Department of Finance wo in turn inputs te information into a computerized economic impact analysis to determine te net economic benefit to te Province. Altoug tis process is performed in te assessment pase based on projected financial information, te Department does not conduct tis assessment eac year wit actual financial information to ensure tat business activities acieve and maintain a substantial net economic benefit to te Province. Te Department of Finance administers tax incentives provided to EDGE corporations. Te Department of Finance reported approximately $6.1 million in tax incentives eiter refunded or forgiven by te Province to EDGE corporations since te inception of te EDGE program in Auditor General of Newfoundland and Labrador 441

12 Te Department of Innovation, Trade and Rural Development administered te start-up job grants up until 2002, te last year grants were provided. Te Department of Innovation, Trade and Rural Development reported approximately $1.9 million in startup job grants. Figure 3 provides details on tese incentives. Figure 3 Department of Innovation, Trade and Rural Development Economic Diversification and Growt Enterprises Program Incentives Provided to EDGE Corporations 1995 to 2004 Incentive Provided to EDGE Corporation Amount Approved Amount Paid Corporate income tax $1,768,546 $1,768,546 $ - Amount Forgiven Retail sales tax 1,778,542 1,778,542 - Payroll tax 2,549, ,174 2,270,415 Total tax incentives 6,096,677 3,826,262 2,270,415 Start-up job grants 1,861,746 1,861,746 - Total $7,958,423 $5,688,008 $2,270,415 Altoug te Province reports te refund of corporate income taxes in te notes to te Scedule of Current Account Revenue of te Public Accounts; it does not report te amount of forgiven payroll tax for EDGE corporations in te Public Accounts of te Province. As a result, te Province as not reported over $2.5 million in forgiven payroll tax revenues since Our review indicated tat not all incentives provided to EDGE corporations are reported by Government. Witout complete and accurate information on te cost and benefits of te EDGE program, Government cannot determine te overall success of te program in meeting its objectives. For example: 442 Auditor General of Newfoundland and Labrador

13 Te Department of Finance reported tat 30 EDGE corporations ad not registered for purposes of payroll tax reporting. Department officials indicated tat 12 of tese companies ave exceeded payroll tax exemption amounts since being approved; owever, te Department as not determined weter tese 12 corporations ave reduced any payroll tax oterwise payable by te amount of te EDGE payroll tax incentive. Discussions wit Department staff indicated tat unregistered EDGE corporations ave been notified and tat te Department is in te process of collecting payroll information for any applicable previous years. Te Department of Finance uses a spreadseet program to record incentives approved and provided to EDGE corporations. However, at te time of our review tis spreadseet was not updated to sow all incentives provided. A review of a sample of 13 EDGE corporations identified approximately $299,000 in forgiven payroll tax for 3 corporations wic were not reported in te spreadseet. One EDGE corporation, wic registered under te payroll tax in 1996, reported employment ranging from 39 in 1997 to 90 in 2001 troug te annual reporting process; owever, it as not reported any payroll information to te Department of Finance for tese years. Te Department of Finance as requested tis information but te company ad not responded as at October As a result, te Department is not aware weter tis corporation ad reduced any payroll tax oterwise payable, by te amount of te EDGE payroll tax incentive. A municipal autority may grant a remission of property and business tax to an EDGE corporation wic establises or expands a business activity witin its boundaries. Te Department of Innovation, Trade and Rural Development reported tat 45 municipalities ad adopted te remission of municipal taxes for 10 or 15 years. Te Department, owever, does not request from te municipalities te number of EDGE corporations tat were provided wit incentives or te amount of taxes forgiven eac year. Witout tis information, te Department cannot determine te success of te EDGE program as it relates to municipal incentives. Auditor General of Newfoundland and Labrador 443

14 Recommendations Te Department sould ensure: applications are approved on a timely basis; EDGE corporations meet and maintain program criteria; te EDGE management information system is used in te monitoring and reporting of te EDGE program; EDGE corporations submit annual reports as required and are notified on a timely basis of non-compliance; all incentives provided to EDGE corporations from all sources are supported and recorded in te Department's management information system; and performance indicators are clear, measurable performance targets for tese indicators are establised, actual results are assessed against tese targets, and results are reported to te House of Assembly. Department s Response EDGE was designed to encourage new business start-ups and expansions in te Province. EDGE is performance based - companies must pay taxes in order to receive te EDGE benefits. Your report concludes tat because te Department as not establised specific targets for te program, it can not determine if EDGE is a success. Te Department as establised performance indicators (jobs, investment), but as not establised measurable performance targets for tese indicators. Te Department as been working on te issue over te past year and will establis measurable performance targets for EDGE beginning in Your review indicates tat over 40% of te companies tat received EDGE ave since ad teir EDGE status revoked and tat te EDGE companies ave not collectively acieved te employment and investment targets outlined in teir original business plans. New business start-ups are risky and not all succeed or indeed raise te necessary financing to start and once a company as ad its EDGE status revoked, tey no longer receive any EDGE benefits. Wile te EDGE companies did not acieve teir projected employment and investment targets, tey still created almost 1,500 jobs and generated $70 million in investment. 444 Auditor General of Newfoundland and Labrador

15 Your conclusion tat te Department is not adequately monitoring program activity is based on te following four issues: No establised program targets - te Department as been reviewing tis issue for te past year for all its programs and will be establising targets for EDGE for Management system used to record information is not being updated - Te Department acknowledges tat tere as been some tecnical issues wit its computerized system and are looking at ways to address te issue. Having said tis, all te information is available eiter troug te computer system or manually. EDGE corporations are not always filing activity reports and te Department is not always following up. -Te Department always follow-ups wit te companies in tis regard but not always in writing. Te Department will ensure written follow-up occurs in te future. Te Department does not receive all te information on incentives -Te Auditor General is essentially talking about incentives provided by participating municipalities - te Department will immediately begin to collect te information. Wit respect to te time frame to review applications, Government is aware of tis issue wit respect to timing and are looking at ways to speed up te process. Te Report states tat certain incentives provided to EDGE companies were not adequately supported and were calculated incorrectly. Essentially you are talking about te start-up jobs grant of $2,000 for eac new job created over 5 years. Tis was one of te initial incentives wen EDGE was first establised but was discontinued in You ave raised potential issues wit tree companies tat received te grant: One EDGE company was paid for 1.73 employees for 1 job. Te Department used person years (i.e. 1,820 ours equals 1 person year) instead of actual number of employees. Person years is a standard form used in many similar situations. Te Department is reviewing tis particular file given your comments. Auditor General of Newfoundland and Labrador 445

16 One EDGE company may ave received te grant for international employees wose positions were ineligible. Te Department's payment was based on an independent auditor's verification and your report is now questioning te accuracy of tis verification. In ligt of tis, te Department is reviewing tis individual file. One EDGE company did not provide a listing of twelve salaried employees in 1998 wic accounted for 499 ours of employment - te department is reviewing tis particular file. Te Department is aware tat te EDGE Act requires te Minister of Innovation, Trade and Rural Development to give notice in te House of Assembly witin fifteen days after signing of an EDGE contract. Since te new administration took office in November, 2003 until te closing of te House in te Spring of 2004, no new EDGE contracts were signed. Since ten, EDGE contracts ave been signed and a listing of all current EDGE companies was tabled in te House on December 13, Your report states tat one EDGE company did not meet te criteria - specifically it ad started operations prior to te EDGE Board recommending approval and terefore did not meet te EDGE criteria of EDGE induced (i.e. activity would not take place witout EDGE). Te Department refers to application date wen determining weter a company meets tis criterium. In tis particular case, te company submitted an EDGE application to Government prior to te start of operations; owever, it was not submitted to te officials responsible for te EDGE program. Tose officials received te application after te company commenced operation. Information on te receipt of te application was presented to te EDGE Board and government for teir consideration and it was decided to consider te date it was initially submitted to Government as te application date, wic was prior to te commenced date of operation. Wit respect to te annual reports of EDGE companies not always being submitted on time, te Department always follows-up on late annual reports but not always in writing. Te Department will now follow-up in writing. EDGE companies are not entitled to receive benefits until teir annual reports are filed. In addition, EDGE companies are currently required to file an annual report wit EDGE witin 90 days of teir fiscal year end; owever, tey ave 180 days after teir fiscal year end to file teir financial statements for income tax purposes. Consequently, many companies advise tey are unable to meet te EDGE time lines. Te Department is currently reviewing tis matter. 446 Auditor General of Newfoundland and Labrador

17 Your report indicated tat in one instance, an EDGE company ad not submitted any annual reports but as continued to receive benefits suc as payroll forgiveness. Te Department, as you are aware, as written several notices to te company and are actively trying to address tis matter. Your report states tat te Department did not request payroll records or perform site visits to confirm employment levels as part of its verification of employment ours for incentive grants ($2,000 per job), but instead relied on statements by te company's auditor. Te verification process required EDGE companies to ave teir independent auditors provide an audited statement verifying te payroll levels related to EDGE activity. Te independent auditor ad to sign te statement verifying te information's accuracy. To conclude, it sould be noted tat government is currently going troug a program renewal process wic is examining all government programs and services to determine teir effectiveness, including tose programs offered by te Department of Innovation, Trade and Rural Development. As well, te Department notes te Auditor General's comments wit respect to monitoring and will be reviewing our procedures in ligt of tese comments. Auditor General of Newfoundland and Labrador 447

18 448 Auditor General of Newfoundland and Labrador

2.23 Gambling Rehabilitation Services. Introduction

2.23 Gambling Rehabilitation Services. Introduction 2.23 Gambling Reabilitation Services Introduction Figure 1 Since 1995 provincial revenues from gambling activities ave increased over 56% from $69.2 million in 1995 to $108 million in 2004. Te majority

More information

2.13 Solid Waste Management. Introduction. Scope and Objectives. Conclusions

2.13 Solid Waste Management. Introduction. Scope and Objectives. Conclusions Introduction Te planning and delivery of waste management in Newfoundland and Labrador is te direct responsibility of municipalities and communities. Te Province olds overall responsibility for te development

More information

2.12 Student Transportation. Introduction

2.12 Student Transportation. Introduction Introduction Figure 1 At 31 Marc 2003, tere were approximately 84,000 students enrolled in scools in te Province of Newfoundland and Labrador, of wic an estimated 57,000 were transported by scool buses.

More information

Torchmark Corporation 2001 Third Avenue South Birmingham, Alabama 35233 Contact: Joyce Lane 972-569-3627 NYSE Symbol: TMK

Torchmark Corporation 2001 Third Avenue South Birmingham, Alabama 35233 Contact: Joyce Lane 972-569-3627 NYSE Symbol: TMK News Release Torcmark Corporation 2001 Tird Avenue Sout Birmingam, Alabama 35233 Contact: Joyce Lane 972-569-3627 NYSE Symbol: TMK TORCHMARK CORPORATION REPORTS FOURTH QUARTER AND YEAR-END 2004 RESULTS

More information

Can a Lump-Sum Transfer Make Everyone Enjoy the Gains. from Free Trade?

Can a Lump-Sum Transfer Make Everyone Enjoy the Gains. from Free Trade? Can a Lump-Sum Transfer Make Everyone Enjoy te Gains from Free Trade? Yasukazu Icino Department of Economics, Konan University June 30, 2010 Abstract I examine lump-sum transfer rules to redistribute te

More information

College Planning Using Cash Value Life Insurance

College Planning Using Cash Value Life Insurance College Planning Using Cas Value Life Insurance CAUTION: Te advisor is urged to be extremely cautious of anoter college funding veicle wic provides a guaranteed return of premium immediately if funded

More information

The EOQ Inventory Formula

The EOQ Inventory Formula Te EOQ Inventory Formula James M. Cargal Matematics Department Troy University Montgomery Campus A basic problem for businesses and manufacturers is, wen ordering supplies, to determine wat quantity of

More information

Working Capital 2013 UK plc s unproductive 69 billion

Working Capital 2013 UK plc s unproductive 69 billion 2013 Executive summary 2. Te level of excess working capital increased 3. UK sectors acieve a mixed performance 4. Size matters in te supply cain 6. Not all companies are overflowing wit cas 8. Excess

More information

SAMPLE DESIGN FOR THE TERRORISM RISK INSURANCE PROGRAM SURVEY

SAMPLE DESIGN FOR THE TERRORISM RISK INSURANCE PROGRAM SURVEY ASA Section on Survey Researc Metods SAMPLE DESIG FOR TE TERRORISM RISK ISURACE PROGRAM SURVEY G. ussain Coudry, Westat; Mats yfjäll, Statisticon; and Marianne Winglee, Westat G. ussain Coudry, Westat,

More information

Area-Specific Recreation Use Estimation Using the National Visitor Use Monitoring Program Data

Area-Specific Recreation Use Estimation Using the National Visitor Use Monitoring Program Data United States Department of Agriculture Forest Service Pacific Nortwest Researc Station Researc Note PNW-RN-557 July 2007 Area-Specific Recreation Use Estimation Using te National Visitor Use Monitoring

More information

What is Advanced Corporate Finance? What is finance? What is Corporate Finance? Deciding how to optimally manage a firm s assets and liabilities.

What is Advanced Corporate Finance? What is finance? What is Corporate Finance? Deciding how to optimally manage a firm s assets and liabilities. Wat is? Spring 2008 Note: Slides are on te web Wat is finance? Deciding ow to optimally manage a firm s assets and liabilities. Managing te costs and benefits associated wit te timing of cas in- and outflows

More information

For Sale By Owner Program. We can help with our for sale by owner kit that includes:

For Sale By Owner Program. We can help with our for sale by owner kit that includes: Dawn Coen Broker/Owner For Sale By Owner Program If you want to sell your ome By Owner wy not:: For Sale Dawn Coen Broker/Owner YOUR NAME YOUR PHONE # Look as professional as possible Be totally prepared

More information

Strategic trading in a dynamic noisy market. Dimitri Vayanos

Strategic trading in a dynamic noisy market. Dimitri Vayanos LSE Researc Online Article (refereed) Strategic trading in a dynamic noisy market Dimitri Vayanos LSE as developed LSE Researc Online so tat users may access researc output of te Scool. Copyrigt and Moral

More information

Verifying Numerical Convergence Rates

Verifying Numerical Convergence Rates 1 Order of accuracy Verifying Numerical Convergence Rates We consider a numerical approximation of an exact value u. Te approximation depends on a small parameter, suc as te grid size or time step, and

More information

Schedulability Analysis under Graph Routing in WirelessHART Networks

Schedulability Analysis under Graph Routing in WirelessHART Networks Scedulability Analysis under Grap Routing in WirelessHART Networks Abusayeed Saifulla, Dolvara Gunatilaka, Paras Tiwari, Mo Sa, Cenyang Lu, Bo Li Cengjie Wu, and Yixin Cen Department of Computer Science,

More information

Instantaneous Rate of Change:

Instantaneous Rate of Change: Instantaneous Rate of Cange: Last section we discovered tat te average rate of cange in F(x) can also be interpreted as te slope of a scant line. Te average rate of cange involves te cange in F(x) over

More information

A strong credit score can help you score a lower rate on a mortgage

A strong credit score can help you score a lower rate on a mortgage NET GAIN Scoring points for your financial future AS SEEN IN USA TODAY S MONEY SECTION, JULY 3, 2007 A strong credit score can elp you score a lower rate on a mortgage By Sandra Block Sales of existing

More information

INDEX OF PERSONS EMPLOYED IN RETAIL TRADE (2010=100.0)

INDEX OF PERSONS EMPLOYED IN RETAIL TRADE (2010=100.0) NDX OF PRSONS MPLOYD N RTAL TRAD (20000.0. ntroduction Te ndex of Persons mployed in Retail Trade is a quarterly index tat was compiled for te first time in 2004 wit 200000.0 as te base year and backdated

More information

- 1 - Handout #22 May 23, 2012 Huffman Encoding and Data Compression. CS106B Spring 2012. Handout by Julie Zelenski with minor edits by Keith Schwarz

- 1 - Handout #22 May 23, 2012 Huffman Encoding and Data Compression. CS106B Spring 2012. Handout by Julie Zelenski with minor edits by Keith Schwarz CS106B Spring 01 Handout # May 3, 01 Huffman Encoding and Data Compression Handout by Julie Zelenski wit minor edits by Keit Scwarz In te early 1980s, personal computers ad ard disks tat were no larger

More information

An inquiry into the multiplier process in IS-LM model

An inquiry into the multiplier process in IS-LM model An inquiry into te multiplier process in IS-LM model Autor: Li ziran Address: Li ziran, Room 409, Building 38#, Peing University, Beijing 00.87,PRC. Pone: (86) 00-62763074 Internet Address: jefferson@water.pu.edu.cn

More information

Once you have reviewed the bulletin, please

Once you have reviewed the bulletin, please Akron Public Scools OFFICE OF CAREER EDUCATION BULLETIN #5 : Driver Responsibilities 1. Akron Board of Education employees assigned to drive Board-owned or leased veicles MUST BE FAMILIAR wit te Business

More information

Tangent Lines and Rates of Change

Tangent Lines and Rates of Change Tangent Lines and Rates of Cange 9-2-2005 Given a function y = f(x), ow do you find te slope of te tangent line to te grap at te point P(a, f(a))? (I m tinking of te tangent line as a line tat just skims

More information

Derivatives Math 120 Calculus I D Joyce, Fall 2013

Derivatives Math 120 Calculus I D Joyce, Fall 2013 Derivatives Mat 20 Calculus I D Joyce, Fall 203 Since we ave a good understanding of its, we can develop derivatives very quickly. Recall tat we defined te derivative f x of a function f at x to be te

More information

1. Case description. Best practice description

1. Case description. Best practice description 1. Case description Best practice description Tis case sows ow a large multinational went troug a bottom up organisational cange to become a knowledge-based company. A small community on knowledge Management

More information

Referendum-led Immigration Policy in the Welfare State

Referendum-led Immigration Policy in the Welfare State Referendum-led Immigration Policy in te Welfare State YUJI TAMURA Department of Economics, University of Warwick, UK First version: 12 December 2003 Updated: 16 Marc 2004 Abstract Preferences of eterogeneous

More information

2 Limits and Derivatives

2 Limits and Derivatives 2 Limits and Derivatives 2.7 Tangent Lines, Velocity, and Derivatives A tangent line to a circle is a line tat intersects te circle at exactly one point. We would like to take tis idea of tangent line

More information

Geometric Stratification of Accounting Data

Geometric Stratification of Accounting Data Stratification of Accounting Data Patricia Gunning * Jane Mary Horgan ** William Yancey *** Abstract: We suggest a new procedure for defining te boundaries of te strata in igly skewed populations, usual

More information

7.6 Complex Fractions

7.6 Complex Fractions Section 7.6 Comple Fractions 695 7.6 Comple Fractions In tis section we learn ow to simplify wat are called comple fractions, an eample of wic follows. 2 + 3 Note tat bot te numerator and denominator are

More information

Analyzing the Effects of Insuring Health Risks:

Analyzing the Effects of Insuring Health Risks: Analyzing te Effects of Insuring Healt Risks: On te Trade-off between Sort Run Insurance Benefits vs. Long Run Incentive Costs Harold L. Cole University of Pennsylvania and NBER Soojin Kim University of

More information

An Orientation to the Public Health System for Participants and Spectators

An Orientation to the Public Health System for Participants and Spectators An Orientation to te Public Healt System for Participants and Spectators Presented by TEAM ORANGE CRUSH Pallisa Curtis, Illinois Department of Public Healt Lynn Galloway, Vermillion County Healt Department

More information

Digital evolution Where next for the consumer facing business?

Digital evolution Where next for the consumer facing business? Were next for te consumer facing business? Cover 2 Digital tecnologies are powerful enablers and lie beind a combination of disruptive forces. Teir rapid continuous development demands a response from

More information

Pioneer Fund Story. Searching for Value Today and Tomorrow. Pioneer Funds Equities

Pioneer Fund Story. Searching for Value Today and Tomorrow. Pioneer Funds Equities Pioneer Fund Story Searcing for Value Today and Tomorrow Pioneer Funds Equities Pioneer Fund A Cornerstone of Financial Foundations Since 1928 Te fund s relatively cautious stance as kept it competitive

More information

Catalogue no. 12-001-XIE. Survey Methodology. December 2004

Catalogue no. 12-001-XIE. Survey Methodology. December 2004 Catalogue no. 1-001-XIE Survey Metodology December 004 How to obtain more information Specific inquiries about tis product and related statistics or services sould be directed to: Business Survey Metods

More information

Background Facts on Economic Statistics

Background Facts on Economic Statistics Background Facts on Economic Statistics 2003:3 SAMU Te system for co-ordination of frame populations and samples from te Business Register at Statistics Sweden epartment of Economic Statistics Te series

More information

Pre-trial Settlement with Imperfect Private Monitoring

Pre-trial Settlement with Imperfect Private Monitoring Pre-trial Settlement wit Imperfect Private Monitoring Mostafa Beskar University of New Hampsire Jee-Hyeong Park y Seoul National University July 2011 Incomplete, Do Not Circulate Abstract We model pretrial

More information

M(0) = 1 M(1) = 2 M(h) = M(h 1) + M(h 2) + 1 (h > 1)

M(0) = 1 M(1) = 2 M(h) = M(h 1) + M(h 2) + 1 (h > 1) Insertion and Deletion in VL Trees Submitted in Partial Fulfillment of te Requirements for Dr. Eric Kaltofen s 66621: nalysis of lgoritms by Robert McCloskey December 14, 1984 1 ackground ccording to Knut

More information

Improved dynamic programs for some batcing problems involving te maximum lateness criterion A P M Wagelmans Econometric Institute Erasmus University Rotterdam PO Box 1738, 3000 DR Rotterdam Te Neterlands

More information

Operation go-live! Mastering the people side of operational readiness

Operation go-live! Mastering the people side of operational readiness ! I 2 London 2012 te ultimate Up to 30% of te value of a capital programme can be destroyed due to operational readiness failures. 1 In te complex interplay between tecnology, infrastructure and process,

More information

The modelling of business rules for dashboard reporting using mutual information

The modelling of business rules for dashboard reporting using mutual information 8 t World IMACS / MODSIM Congress, Cairns, Australia 3-7 July 2009 ttp://mssanz.org.au/modsim09 Te modelling of business rules for dasboard reporting using mutual information Gregory Calbert Command, Control,

More information

AN ACT relating to sales and use tax incentives. Be it enacted by the General Assembly of the Commonwealth of Kentucky:

AN ACT relating to sales and use tax incentives. Be it enacted by the General Assembly of the Commonwealth of Kentucky: AN ACT relating to sales and use tax incentives. Be it enacted by the General Assembly of the Commonwealth of Kentucky: Section 1. KRS 154.32-020 is amended to read as follows: (1) The purposes of this

More information

Note nine: Linear programming CSE 101. 1 Linear constraints and objective functions. 1.1 Introductory example. Copyright c Sanjoy Dasgupta 1

Note nine: Linear programming CSE 101. 1 Linear constraints and objective functions. 1.1 Introductory example. Copyright c Sanjoy Dasgupta 1 Copyrigt c Sanjoy Dasgupta Figure. (a) Te feasible region for a linear program wit two variables (see tet for details). (b) Contour lines of te objective function: for different values of (profit). Te

More information

A system to monitor the quality of automated coding of textual answers to open questions

A system to monitor the quality of automated coding of textual answers to open questions Researc in Official Statistics Number 2/2001 A system to monitor te quality of automated coding of textual answers to open questions Stefania Maccia * and Marcello D Orazio ** Italian National Statistical

More information

We consider the problem of determining (for a short lifecycle) retail product initial and

We consider the problem of determining (for a short lifecycle) retail product initial and Optimizing Inventory Replenisment of Retail Fasion Products Marsall Fiser Kumar Rajaram Anant Raman Te Warton Scool, University of Pennsylvania, 3620 Locust Walk, 3207 SH-DH, Piladelpia, Pennsylvania 19104-6366

More information

His solution? Federal law that requires government agencies and private industry to encrypt, or digitally scramble, sensitive data.

His solution? Federal law that requires government agencies and private industry to encrypt, or digitally scramble, sensitive data. NET GAIN Scoring points for your financial future AS SEEN IN USA TODAY S MONEY SECTION, FEBRUARY 9, 2007 Tec experts plot to catc identity tieves Politicians to security gurus offer ideas to prevent data

More information

Comparison between two approaches to overload control in a Real Server: local or hybrid solutions?

Comparison between two approaches to overload control in a Real Server: local or hybrid solutions? Comparison between two approaces to overload control in a Real Server: local or ybrid solutions? S. Montagna and M. Pignolo Researc and Development Italtel S.p.A. Settimo Milanese, ITALY Abstract Tis wor

More information

Chapter 10: Refrigeration Cycles

Chapter 10: Refrigeration Cycles Capter 10: efrigeration Cycles Te vapor compression refrigeration cycle is a common metod for transferring eat from a low temperature to a ig temperature. Te above figure sows te objectives of refrigerators

More information

ANALYTICAL REPORT ON THE 2010 URBAN EMPLOYMENT UNEMPLOYMENT SURVEY

ANALYTICAL REPORT ON THE 2010 URBAN EMPLOYMENT UNEMPLOYMENT SURVEY THE FEDERAL DEMOCRATIC REPUBLIC OF ETHIOPIA CENTRAL STATISTICAL AGENCY ANALYTICAL REPORT ON THE 2010 URBAN EMPLOYMENT UNEMPLOYMENT SURVEY Addis Ababa December 2010 STATISTICAL BULLETIN TABLE OF CONTENT

More information

RISK ASSESSMENT MATRIX

RISK ASSESSMENT MATRIX U.S.C.G. AUXILIARY STANDARD AV-04-4 Draft Standard Doc. AV- 04-4 18 August 2004 RISK ASSESSMENT MATRIX STANDARD FOR AUXILIARY AVIATION UNITED STATES COAST GUARD AUXILIARY NATIONAL OPERATIONS DEPARTMENT

More information

NAFN NEWS SPRING2011 ISSUE 7. Welcome to the Spring edition of the NAFN Newsletter! INDEX. Service Updates Follow That Car! Turn Back The Clock

NAFN NEWS SPRING2011 ISSUE 7. Welcome to the Spring edition of the NAFN Newsletter! INDEX. Service Updates Follow That Car! Turn Back The Clock NAFN NEWS ISSUE 7 SPRING2011 Welcome to te Spring edition of te NAFN Newsletter! Spring is in te air at NAFN as we see several new services cropping up. Driving and transport emerged as a natural teme

More information

Pretrial Settlement with Imperfect Private Monitoring

Pretrial Settlement with Imperfect Private Monitoring Pretrial Settlement wit Imperfect Private Monitoring Mostafa Beskar Indiana University Jee-Hyeong Park y Seoul National University April, 2016 Extremely Preliminary; Please Do Not Circulate. Abstract We

More information

10 Building Code Opportunities for California Local Governments

10 Building Code Opportunities for California Local Governments IN PARTNERSHIP WITH 0 Building Code Opportunities for California Local Governments Go beyond Title 24 codes by instituting local ordinances tat elp you reac your climate goals sooner and reap rewards earlier.

More information

Free Shipping and Repeat Buying on the Internet: Theory and Evidence

Free Shipping and Repeat Buying on the Internet: Theory and Evidence Free Sipping and Repeat Buying on te Internet: eory and Evidence Yingui Yang, Skander Essegaier and David R. Bell 1 June 13, 2005 1 Graduate Scool of Management, University of California at Davis (yiyang@ucdavis.edu)

More information

Unemployment insurance/severance payments and informality in developing countries

Unemployment insurance/severance payments and informality in developing countries Unemployment insurance/severance payments and informality in developing countries David Bardey y and Fernando Jaramillo z First version: September 2011. Tis version: November 2011. Abstract We analyze

More information

EVALUATE TxDOT CHIP SEAL BINDER PERFORMANCE USING PAVEMENT MANAGEMENT INFORMATION SYSTEM AND FIELD MEASUREMENT DATA SAN ANTONIO DISTRICT

EVALUATE TxDOT CHIP SEAL BINDER PERFORMANCE USING PAVEMENT MANAGEMENT INFORMATION SYSTEM AND FIELD MEASUREMENT DATA SAN ANTONIO DISTRICT EVALUATE TxDOT CHIP SEAL BINDER PERFORMANCE USING PAVEMENT MANAGEMENT INFORMATION SYSTEM AND FIELD MEASUREMENT DATA SAN ANTONIO DISTRICT Interim Researc Report #3 Prepared by: Douglas D. Gransberg, P.D.,

More information

Multivariate time series analysis: Some essential notions

Multivariate time series analysis: Some essential notions Capter 2 Multivariate time series analysis: Some essential notions An overview of a modeling and learning framework for multivariate time series was presented in Capter 1. In tis capter, some notions on

More information

SHAPE: A NEW BUSINESS ANALYTICS WEB PLATFORM FOR GETTING INSIGHTS ON ELECTRICAL LOAD PATTERNS

SHAPE: A NEW BUSINESS ANALYTICS WEB PLATFORM FOR GETTING INSIGHTS ON ELECTRICAL LOAD PATTERNS CIRED Worksop - Rome, 11-12 June 2014 SAPE: A NEW BUSINESS ANALYTICS WEB PLATFORM FOR GETTING INSIGTS ON ELECTRICAL LOAD PATTERNS Diego Labate Paolo Giubbini Gianfranco Cicco Mario Ettorre Enel Distribuzione-Italy

More information

Lecture 10: What is a Function, definition, piecewise defined functions, difference quotient, domain of a function

Lecture 10: What is a Function, definition, piecewise defined functions, difference quotient, domain of a function Lecture 10: Wat is a Function, definition, piecewise defined functions, difference quotient, domain of a function A function arises wen one quantity depends on anoter. Many everyday relationsips between

More information

Model Quality Report in Business Statistics

Model Quality Report in Business Statistics Model Quality Report in Business Statistics Mats Bergdal, Ole Blac, Russell Bowater, Ray Cambers, Pam Davies, David Draper, Eva Elvers, Susan Full, David Holmes, Pär Lundqvist, Sixten Lundström, Lennart

More information

Welfare, financial innovation and self insurance in dynamic incomplete markets models

Welfare, financial innovation and self insurance in dynamic incomplete markets models Welfare, financial innovation and self insurance in dynamic incomplete markets models Paul Willen Department of Economics Princeton University First version: April 998 Tis version: July 999 Abstract We

More information

Optimized Data Indexing Algorithms for OLAP Systems

Optimized Data Indexing Algorithms for OLAP Systems Database Systems Journal vol. I, no. 2/200 7 Optimized Data Indexing Algoritms for OLAP Systems Lucian BORNAZ Faculty of Cybernetics, Statistics and Economic Informatics Academy of Economic Studies, Bucarest

More information

Math Test Sections. The College Board: Expanding College Opportunity

Math Test Sections. The College Board: Expanding College Opportunity Taking te SAT I: Reasoning Test Mat Test Sections Te materials in tese files are intended for individual use by students getting ready to take an SAT Program test; permission for any oter use must be sougt

More information

Ending tobacco smoking in Britain. Radical strategies for prevention and harm reduction in nicotine addiction

Ending tobacco smoking in Britain. Radical strategies for prevention and harm reduction in nicotine addiction Ending tobacco smoking in Britain Radical strategies for prevention and arm reduction in nicotine addiction A report by te Tobacco Advisory Group of te Royal College of Pysicians, September 2008 Acknowledgements

More information

Math 113 HW #5 Solutions

Math 113 HW #5 Solutions Mat 3 HW #5 Solutions. Exercise.5.6. Suppose f is continuous on [, 5] and te only solutions of te equation f(x) = 6 are x = and x =. If f() = 8, explain wy f(3) > 6. Answer: Suppose we ad tat f(3) 6. Ten

More information

Valdivia v. Valdivia, %13 SO.2c1 1190. Page 1190

Valdivia v. Valdivia, %13 SO.2c1 1190. Page 1190 Valdivia v. Valdivia, %13 SO.2c1 1190 Page 1190 593 So.2d 1190 17 Fla. L. Weekly D514 Isabel VALDIVIA, Appellant, v. Ester Fajardo VALDIVIA, Appellee. No. 91-1438. District Court of Appeal of Florida,

More information

Distances in random graphs with infinite mean degrees

Distances in random graphs with infinite mean degrees Distances in random graps wit infinite mean degrees Henri van den Esker, Remco van der Hofstad, Gerard Hoogiemstra and Dmitri Znamenski April 26, 2005 Abstract We study random graps wit an i.i.d. degree

More information

SWITCH T F T F SELECT. (b) local schedule of two branches. (a) if-then-else construct A & B MUX. one iteration cycle

SWITCH T F T F SELECT. (b) local schedule of two branches. (a) if-then-else construct A & B MUX. one iteration cycle 768 IEEE RANSACIONS ON COMPUERS, VOL. 46, NO. 7, JULY 997 Compile-ime Sceduling of Dynamic Constructs in Dataæow Program Graps Soonoi Ha, Member, IEEE and Edward A. Lee, Fellow, IEEE Abstract Sceduling

More information

Human Capital, Asset Allocation, and Life Insurance

Human Capital, Asset Allocation, and Life Insurance Human Capital, Asset Allocation, and Life Insurance By: P. Cen, R. Ibbotson, M. Milevsky and K. Zu Version: February 25, 2005 Note: A Revised version of tis paper is fortcoming in te Financial Analysts

More information

Yale ICF Working Paper No. 05-11 May 2005

Yale ICF Working Paper No. 05-11 May 2005 Yale ICF Working Paper No. 05-11 May 2005 HUMAN CAPITAL, AET ALLOCATION, AND LIFE INURANCE Roger G. Ibbotson, Yale cool of Management, Yale University Peng Cen, Ibbotson Associates Mose Milevsky, culic

More information

Chapter 11. Limits and an Introduction to Calculus. Selected Applications

Chapter 11. Limits and an Introduction to Calculus. Selected Applications Capter Limits and an Introduction to Calculus. Introduction to Limits. Tecniques for Evaluating Limits. Te Tangent Line Problem. Limits at Infinit and Limits of Sequences.5 Te Area Problem Selected Applications

More information

RULES GOVERNING THE FUTURE TEACHERS OF NORTH CAROLINA SCHOLARSHIP LOAN FUND

RULES GOVERNING THE FUTURE TEACHERS OF NORTH CAROLINA SCHOLARSHIP LOAN FUND RULES GOVERNING THE FUTURE TEACHERS OF NORTH CAROLINA SCHOLARSHIP LOAN FUND A Program of the State of North Carolina Administered by the State Education Assistance Authority 10 Alexander Drive P. O. Box

More information

An Interest Rate Model

An Interest Rate Model An Interest Rate Model Concepts and Buzzwords Building Price Tree from Rate Tree Lognormal Interest Rate Model Nonnegativity Volatility and te Level Effect Readings Tuckman, capters 11 and 12. Lognormal

More information

a joint initiative of Cost of Production Calculator

a joint initiative of Cost of Production Calculator a joint initiative of Cost of Production Calculator 1 KEY BENEFITS Learn to use te MAKING MORE FROM SHEEP cost of production calculator to: Measure te performance of your seep enterprise year on year Compare

More information

Staffing and routing in a two-tier call centre. Sameer Hasija*, Edieal J. Pinker and Robert A. Shumsky

Staffing and routing in a two-tier call centre. Sameer Hasija*, Edieal J. Pinker and Robert A. Shumsky 8 Int. J. Operational Researc, Vol. 1, Nos. 1/, 005 Staffing and routing in a two-tier call centre Sameer Hasija*, Edieal J. Pinker and Robert A. Sumsky Simon Scool, University of Rocester, Rocester 1467,

More information

Note: Principal version Modification Modification Complete version from 1 October 2014 Business Law Corporate and Contract Law

Note: Principal version Modification Modification Complete version from 1 October 2014 Business Law Corporate and Contract Law Note: Te following curriculum is a consolidated version. It is legally non-binding and for informational purposes only. Te legally binding versions are found in te University of Innsbruck Bulletins (in

More information

Distributed and Centralized Bypass Architectures Compared. E. Guidotti - AC Power Product Manager A. Ferro - Key Account Manager

Distributed and Centralized Bypass Architectures Compared. E. Guidotti - AC Power Product Manager A. Ferro - Key Account Manager Distributed and Centralized Bypass Arcitectures Compared E. Guidotti - AC Power Product Manager A. Ferro - Key Account Manager Contents Executive Summary 3 Distributed / Centralized - System description

More information

Research on Risk Assessment of PFI Projects Based on Grid-fuzzy Borda Number

Research on Risk Assessment of PFI Projects Based on Grid-fuzzy Borda Number Researc on Risk Assessent of PFI Projects Based on Grid-fuzzy Borda Nuber LI Hailing 1, SHI Bensan 2 1. Scool of Arcitecture and Civil Engineering, Xiua University, Cina, 610039 2. Scool of Econoics and

More information

CHAPTER 7. Di erentiation

CHAPTER 7. Di erentiation CHAPTER 7 Di erentiation 1. Te Derivative at a Point Definition 7.1. Let f be a function defined on a neigborood of x 0. f is di erentiable at x 0, if te following it exists: f 0 fx 0 + ) fx 0 ) x 0 )=.

More information

PART 3.7 DEPARTMENT OF HEALTH AND COMMUNITY SERVICES NEWFOUNDLAND AND LABRADOR CENTRE FOR HEALTH INFORMATION

PART 3.7 DEPARTMENT OF HEALTH AND COMMUNITY SERVICES NEWFOUNDLAND AND LABRADOR CENTRE FOR HEALTH INFORMATION PART 3.7 DEPARTMENT OF HEALTH AND COMMUNITY SERVICES NEWFOUNDLAND AND LABRADOR CENTRE FOR HEALTH INFORMATION Executive Summary The Newfoundland and Labrador Centre for Health Information (the Centre) is

More information

ON LOCAL LIKELIHOOD DENSITY ESTIMATION WHEN THE BANDWIDTH IS LARGE

ON LOCAL LIKELIHOOD DENSITY ESTIMATION WHEN THE BANDWIDTH IS LARGE ON LOCAL LIKELIHOOD DENSITY ESTIMATION WHEN THE BANDWIDTH IS LARGE Byeong U. Park 1 and Young Kyung Lee 2 Department of Statistics, Seoul National University, Seoul, Korea Tae Yoon Kim 3 and Ceolyong Park

More information

Lecture 10. Limits (cont d) One-sided limits. (Relevant section from Stewart, Seventh Edition: Section 2.4, pp. 113.)

Lecture 10. Limits (cont d) One-sided limits. (Relevant section from Stewart, Seventh Edition: Section 2.4, pp. 113.) Lecture 10 Limits (cont d) One-sided its (Relevant section from Stewart, Sevent Edition: Section 2.4, pp. 113.) As you may recall from your earlier course in Calculus, we may define one-sided its, were

More information

Research on the Anti-perspective Correction Algorithm of QR Barcode

Research on the Anti-perspective Correction Algorithm of QR Barcode Researc on te Anti-perspective Correction Algoritm of QR Barcode Jianua Li, Yi-Wen Wang, YiJun Wang,Yi Cen, Guoceng Wang Key Laboratory of Electronic Tin Films and Integrated Devices University of Electronic

More information

MULTY BINARY TURBO CODED WOFDM PERFORMANCE IN FLAT RAYLEIGH FADING CHANNELS

MULTY BINARY TURBO CODED WOFDM PERFORMANCE IN FLAT RAYLEIGH FADING CHANNELS Volume 49, Number 3, 28 MULTY BINARY TURBO CODED WOFDM PERFORMANCE IN FLAT RAYLEIGH FADING CHANNELS Marius OLTEAN Maria KOVACI Horia BALTA Andrei CAMPEANU Faculty of, Timisoara, Romania Bd. V. Parvan,

More information

Predicting the behavior of interacting humans by fusing data from multiple sources

Predicting the behavior of interacting humans by fusing data from multiple sources Predicting te beavior of interacting umans by fusing data from multiple sources Erik J. Sclict 1, Ritcie Lee 2, David H. Wolpert 3,4, Mykel J. Kocenderfer 1, and Brendan Tracey 5 1 Lincoln Laboratory,

More information

Notes: Most of the material in this chapter is taken from Young and Freedman, Chap. 12.

Notes: Most of the material in this chapter is taken from Young and Freedman, Chap. 12. Capter 6. Fluid Mecanics Notes: Most of te material in tis capter is taken from Young and Freedman, Cap. 12. 6.1 Fluid Statics Fluids, i.e., substances tat can flow, are te subjects of tis capter. But

More information

Contact Details. Physical Address: Corner Church & Bosman Street CGO Building Pretoria

Contact Details. Physical Address: Corner Church & Bosman Street CGO Building Pretoria Contact Details Pysical Address: Corner Curc & Bosman Street CGO Building Postal Address: Telepone No: +27 12 337 2000 Fax No: +27 12 328 4217 E-mail Address: ttp://www.publicworks.gov.za 1. Introduction

More information

RECOMMENDATIONS FOR ADJUSTING WEIGHTS FOR ZAMBIA POST-HARVEST SURVEY DATA SERIES AND IMPROVING ESTIMATION METHODOLOGY FOR FUTURE SURVEYS

RECOMMENDATIONS FOR ADJUSTING WEIGHTS FOR ZAMBIA POST-HARVEST SURVEY DATA SERIES AND IMPROVING ESTIMATION METHODOLOGY FOR FUTURE SURVEYS FOOD SECURITY RESEARCH PROJECT RECOENDATIONS FOR ADJUSTING WEIGHTS FOR ZABIA POST-HARVEST SURVEY DATA SERIES AND IPROVING ESTIATION ETHODOLOGY FOR FUTURE SURVEYS By David J. egill WORKING PAPER No. 13

More information

Detailed Project Proposal on Development of Tourism in the Javakheti National Park Support Zone

Detailed Project Proposal on Development of Tourism in the Javakheti National Park Support Zone Detailed Project Proposal on Development of Tourism in te Javaketi National Park Support Zone 2012-2013 Content: 1. Project Primary Information and Situational Analysis 2. Description of te Problem and

More information

Dynamic Competitive Insurance

Dynamic Competitive Insurance Dynamic Competitive Insurance Vitor Farina Luz June 26, 205 Abstract I analyze long-term contracting in insurance markets wit asymmetric information and a finite or infinite orizon. Risk neutral firms

More information

Macroeconomic conditions influence consumers attitudes,

Macroeconomic conditions influence consumers attitudes, Yu Ma, Kusum L. Ailawadi, Dines K. Gauri, & Druv Grewal An Empirical Investigation of te Impact of Gasoline Prices on Grocery Sopping Beavior Te autors empirically examine te effect of gas prices on grocery

More information

Care after stroke. or transient ischaemic attack. Information for patients and their carers

Care after stroke. or transient ischaemic attack. Information for patients and their carers Care after stroke or transient iscaemic attack Information for patients and teir carers 2008 Tis booklet is based on te National Clinical Guideline for Stroke, tird edition, wic includes te National Institute

More information

On Distributed Key Distribution Centers and Unconditionally Secure Proactive Verifiable Secret Sharing Schemes Based on General Access Structure

On Distributed Key Distribution Centers and Unconditionally Secure Proactive Verifiable Secret Sharing Schemes Based on General Access Structure On Distributed Key Distribution Centers and Unconditionally Secure Proactive Verifiable Secret Saring Scemes Based on General Access Structure (Corrected Version) Ventzislav Nikov 1, Svetla Nikova 2, Bart

More information

h Understanding the safe operating principles and h Gaining maximum benefit and efficiency from your h Evaluating your testing system's performance

h Understanding the safe operating principles and h Gaining maximum benefit and efficiency from your h Evaluating your testing system's performance EXTRA TM Instron Services Revolve Around You It is everyting you expect from a global organization Te global training centers offer a complete educational service for users of advanced materials testing

More information

The National Council of the Slovak Republic has adopted the following Act: Article I. 1 Scope of the act

The National Council of the Slovak Republic has adopted the following Act: Article I. 1 Scope of the act Slovak Investment and Trade Development Agency Address: Trnavská cesta 100, 821 01 Bratislava, Slovak Republic Tel.: +421 2 58 260 100, Fax: +421 2 58 260 109, E-mail: invest@sario.sk, www.sario.sk Act

More information

RULES GOVERNING THE PHYSICAL EDUCATION-COACHING SCHOLARSHIP LOAN PROGRAM

RULES GOVERNING THE PHYSICAL EDUCATION-COACHING SCHOLARSHIP LOAN PROGRAM RULES GOVERNING THE PHYSICAL EDUCATION-COACHING SCHOLARSHIP LOAN PROGRAM A Program of the State of North Carolina Administered by the State Education Assistance Authority 10 Alexander Drive P. O. Box 13663

More information

Rewards-Supply Aggregate Planning in the Management of Loyalty Reward Programs - A Stochastic Linear Programming Approach

Rewards-Supply Aggregate Planning in the Management of Loyalty Reward Programs - A Stochastic Linear Programming Approach Rewards-Supply Aggregate Planning in te Management of Loyalty Reward Programs - A Stocastic Linear Programming Approac YUHENG CAO, B.I.B., M.Sc. A tesis submitted to te Faculty of Graduate and Postdoctoral

More information

Government Debt and Optimal Monetary and Fiscal Policy

Government Debt and Optimal Monetary and Fiscal Policy Government Debt and Optimal Monetary and Fiscal Policy Klaus Adam Manneim University and CEPR - preliminary version - June 7, 21 Abstract How do di erent levels of government debt a ect te optimal conduct

More information

Using Intelligent Agents to Discover Energy Saving Opportunities within Data Centers

Using Intelligent Agents to Discover Energy Saving Opportunities within Data Centers 1 Using Intelligent Agents to Discover Energy Saving Opportunities witin Data Centers Alexandre Mello Ferreira and Barbara Pernici Dipartimento di Elettronica, Informazione e Bioingegneria Politecnico

More information

NATIONAL APARTMENT ASSOCIATION OPERATIONS & MAINTENANCE PLAN FOR MOLD AND MOISTURE CONTROL IN APARTMENT PROPERTIES

NATIONAL APARTMENT ASSOCIATION OPERATIONS & MAINTENANCE PLAN FOR MOLD AND MOISTURE CONTROL IN APARTMENT PROPERTIES NATIONAL APARTMENT ASSOCIATION OPERATIONS & MAINTENANCE PLAN FOR MOLD AND MOISTURE CONTROL IN APARTMENT PROPERTIES 201 NORTH UNION STREET SUITE 200 ALEXANDRIA, VA 22314 703/518-6141 703/518-6191 FAX WWW.NAAHQ.ORG

More information

Simultaneous Location of Trauma Centers and Helicopters for Emergency Medical Service Planning

Simultaneous Location of Trauma Centers and Helicopters for Emergency Medical Service Planning Simultaneous Location of Trauma Centers and Helicopters for Emergency Medical Service Planning Soo-Haeng Co Hoon Jang Taesik Lee Jon Turner Tepper Scool of Business, Carnegie Mellon University, Pittsburg,

More information