Financing PFI projects in the credit crisis and the Treasury s response
|
|
- Alvin Dean
- 8 years ago
- Views:
Transcription
1 HM Tresury Finncing PFI projects in the credit crisis nd the Tresury s response Appendices Four nd Five JULY 2010
2 Contents Appendix Four Cse studies 3 Appendix Five Modelling the costs nd enefits of strting over 7 Design nd Production y NAO Communictions DP Ref:
3 Finncing PFI projects in the credit crisis nd the Tresury s response 3 Appendix Four Cse studies Cse A London & Home Counties Authority Highwys Agency Investor Connect Plus Contrctors Construction JV: Blfour Betty 50 per cent nd Sknsk 50 per cent; Operting & Mintennce JV Blfour Betty 52.5 per cent, Atkins 32.5 per cent & Egis 15 per cent Sector nd rtionle A single Design Build Finnce Operte project in the rod trnsport sector The project opertes nd mintins the M25 nd plns to widen two sections of the M25 (sections 1 nd 4) efore the 2012 Olympics. Section 1 covers the North West etween the A40 (junction 16) nd the A1 (junction 23). Section 4 covers the North Est etween the M11 (junction 27) nd the A13 (junction 30). The originl usiness cse included two further sections, which form optionl dditions to the finl contrct. 30 yer cost 3.4 illion (present vlue, up from 2.7 illion efore the nking crisis) Amount of cpitl investment 1.1 illion Amount of Equity 200 million s shreholder lons (nd 1,000 shreholder equity) Amount of Senior Det (Funders) 1,108.7 million ( million of senior nk lons nd 400 million Europen Investment Bnk lon). The lons cover cpitl investment, working cpitl nd provision towrds interest pyments. Interest Rte Mrgins per cent Other significnt terms ffecting the rising of finnce nd/ or risk trnsfer to senior lenders Lenders required unitry chrge tht, suject to performnce, would provide the orrower in ech period with csh flow t the level of 1.4 times the mount of lon interest nd principl pyle. The lons were scheduled to e pid off in full 42 months efore the end of the concession (incresed from six months). The Highwys Agency s dvisers estimted tht the overll impct of this chnge ws n extr 55 million. Lenders, cting on technicl dvice, lso required tht dditionl contingency e dded to the estimted price in vrious wys tht dded further 123 million (Mrch 2009 estimte). Extent of chnge The results set out t i) elow were clculted using model sed on PFI project with senior det of 190 million nd other terms nd conditions tken from the smple of projects descried in Appendix One. i) Previous project The unitry chrge would e 6 per cent higher thn for the Future Strtegic Tnker Aircrft project (which hd closed when underlying interest rtes were out one per cent higher). ii) Preferred Bidder Stge The M25 unitry chrge, mostly ttriutle to finncing, incresed y etween 0.6 illion (excluding de-risking mesures) to 0.7 illion (including incresed lour infltion nd reserve ccounts). iii) Other enchmrking Privte sector regulted utilities The difference etween verge mrket prices for det issued y utilities nd UK Government det (gilts) peked t 3.2 per cent in Decemer 2008, ut y Septemer 2009 this det ws eing priced t 1.8 per cent more thn gilts. Trget Finncil Close Ferury 2008 Actul Finncil Close 20 My 2009
4 4 Finncing PFI projects in the credit crisis nd the Tresury s response Cse B London Authority London Borough of Newhm Investor Newhm Lerning Prtnership Contrctors Ling O Rourke Sector nd rtionle The uilding of two PFI finnced nd two trditionlly finnced secondry schools In 2003, the Deprtment for Children Schools nd Fmilies nnounced the Building Schools for the Future (BSF) progrmme. BSF ims to renew ll 3,500 English secondry schools over the 15 yer period , suject to future pulic spending decisions. BSF provides eductionl nd lso recretionl socil environments tht support modern teching nd lerning methods nd the locl community. This is the first of six Newhm project phses. 30 yer cost 193 million ( 80 million present vlue) Amount of cpitl investment 69 million Amount of Equity 5.9 million (in vrious forms) 12.7 per cent lended internl rte of return Amount of Senior Det (Funder) The Aviv funding structure ( 55 million) for this project ws kin to ond type funding solution rther thn the long-term senior det structure of other schools dels. Interest Rte Mrgins 1.8 per cent Other significnt terms ffecting the rising of finnce nd/ or risk trnsfer to senior lenders Funding for the Newhm project ws originlly to e provided y Dexi, the French Belgin nk which withdrew in erly Decemer No replcement nk lender cme forwrd. The Authority considered short term switch from PFI to Design nd Build with n option to move ck (or flip ). For udgetry resons, Newhm ws the only such rrngement tht went hed, lthough some schools projects, scheduled for Spring 2009, did not close until the summer s result of this. Grnt funded finncil close took plce in Jnury 2009, with PFI close tking plce five months lter in June 2009 fter the life ssurnce compny, Aviv, hd stepped in. The extr costs for Newhm involved oth direct costs nd dvisory nd legl fees, though the lower interest rte more thn compensted for this. Extent of chnge The scope of the project ws lrgely unchnged t Finncil Close from tht proposed t Outline Business Cse. i) Previous project At the Finl Business Cse stge Newhm estimted tht the PFI procurement sved 38.5 million compred to it s estimte of shdow id. However the timing of PFI funding to the project chnged. ii) Preferred Bidder Stge An Erly Works Agreement provided flexiility nd enled the Authority to meet the school opening timetle. iii) Other enchmrking The Authority commissioned Rthones, the investment dviser, to provide the pproprite gilt ginst which pricing would tke plce. The enchmrk gilt used ws the Tresury 4.25 per cent 2027 gilt. A rte of 4.26 per cent ws included within the Commercil Close Finncil Model, eing the ctul gilt rte t tht dte. The fixed funding rte of 6.2 per cent cme in elow commercil nk rtes. Mny schools dels re refinnced once construction work is completed, ut Aviv s del is unlikely to e refinnced ecuse compensting the fund mnger would offset ny reduction in finncing costs. Trget Finncil Close Summer 2008 Actul Finncil Close June 2009
5 Finncing PFI projects in the credit crisis nd the Tresury s response 5 Cse C Brnsley Authority Brnsley Metropolitn Council Investor Brnsley Prtnership for Lerning Contrctors Ling O Rourke Sector nd rtionle The uilding of three PFI finnced nd two trditionlly finnced secondry schools The Brnsley schools project forms the first phse of three BSF phses in Brnsley. This phse plns to provide 10 schools in the Brnsley re, s prt of the BSF progrmme. 30 yer cost 304 million ( 130 million present vlue) Amount of cpitl investment 111 million Amount of Equity 9.4 million (in vrious forms) 13 per cent lended internl rte of return Amount of Senior Det (Funders) The senior det finncing ( 78 million) is provided y Ntionwide Building Society, Nord/LB Bnk ( 39.5 million) nd Europen Investment Bnk (EIB) ( 38.5 million). Interest Rte Mrgins Commercil lon mrgin 2.55 per cent, EIB lon mrgin 0.4 per cent Other significnt terms ffecting the rising of finnce nd/or risk trnsfer to senior lenders Prtnerships for Schools pproched EIB, s potentil source of finnce for schools projects struggling to complete dels, in lte EIB hd previously jointly provided senior det for BSF project in Newcstle, s one-off del, which closed in July EIB pproved funding of 300 million for BSF projects from Mrch 2009 enough finnce to cover round 25 to 30 individul schools. This funding covers hlf the det required nd is imed t lrger dels with cut-off set t round 70 million (from ll sources of funds). EIB fces competing clls on its resources, thus setting minimum del size which ffects the rte of closing dels. EIB hs susequently provided joint finnce to three schools projects reching finncil close, of which Brnsley ws the first. Extent of chnge i) Previous project At Finl Business Cse stge, 16 Mrch 2009, Brnsley estimted tht the procurement sved 68.6 million compred to its estimte of shdow id. The Council confirmed tht there hd een no mteril chnges in the scope of works from tht set out in the Outline Business Cse which might hve led to n increse in cost of 25 per cent or more, over nd ove the originl cost, including estimtes of optimism is. ii) Preferred Bidder Stge There hd lso een no significnt dely (i.e. in the order of nine to twelve months) or mrket filure (e.g. competition reduced to one idder) nd the Council therefore confirmed tht in its view further quntittive nlysis exercise is not necessry. iii) Other enchmrking The ll-in rte of 7.32 per cent for Brnsley ws representtive of other school projects reching finncil close in summer Refer to Figure 10 on pge 23 of the pulished report. Brnsley s Averge Det Service Cover Rtio ws competitive eing 1.17 per cent. Trget Finncil Close Autumn 2008 Actul Finncil Close July 2009 NOTE 1 Technicl terms used ove, such s Averge Det Service Cover Rtio, re explined in the Glossry on pge 34 of the pulished report.
6 6 Finncing PFI projects in the credit crisis nd the Tresury s response Cse D Greter Mnchester Authority Greter Mnchester Wste Disposl Authority Investors 1 Viridor Ling (Greter Mnchester) Limited: Viridor Wste Mngement Limited 50 per cent John Ling Infrstructure Limited 50 per cent 2 Ineos Runcorn (TPS) Limited: Ineos Chlor Ltd 60 per cent Viridor Wste Mngement Limited 20 per cent John Ling Infrstructure Limited 20 per cent Sector nd rtionle Wste collection nd recycling, including providing feedstock to generte electricity The Authority is the lrgest wste uthority in Englnd, ccounting for 5 per cent of ntionl wste. The Contrct is 25 yer Recycling nd Wste Mngement Contrct with 631 million construction progrmme, creting wste-fired therml power sttion nd network of 36 recycling fcilities cross 23 sites. The contrct is worth 3.8 illion to Viridor over its term. All fcilities will e completed y 2012 nd will reduce locl wste diverted to lndfill y 75 per cent. 30 yer cost 5.1 illion (nominl) Other fctors ffecting the Authority s risk The Authority is oliged y mesures originting from the EU Lndfill Directive to reduce the mount of wste going into lndfill, to 50 per cent of 1995 levels, y 2013 or fce, yet to e specified, penlty regime under the directive. In ddition the remining wste must e pre-sorted into vrious ctegories. Extent of chnge The mount of credit support the Deprtment for Environment, Food nd Rurl Affirs ccorded to this project, s result of the nking crisis, ws incresed from million to million. In Jnury 2007, the second stge review y Prtnerships UK commented It is lso pprent from the ids received, tht the Authority s originl cost ssumptions were excessively conservtive, hence the considerle ffordility hedroom. Other enchmrking Riverside Wste: A 22 yer pre crisis del originlly priced with mrgin of 2 per cent. Despite flexing mrgins to 2.75 per cent nd csh sweep 1 t yer 10 this del ws not successfully syndicted t the sme time s Greter Mnchester ws reching finncil close. Bores: A 325 million project finncing closed in Octoer 2009 with 15 yer lon hving mrgins strting t 3 per cent to yer five rising to 3.25 per cent to yer 8 nd 3.75 per cent therefter. There is csh sweep t yer nine. Trget Finncil Close Spring 2008 Actul Finncil Close 8 April 2009 Amount of cpitl investment 1.1 illion Amount of Equity 584 million Interest Rte Mrgins Construction: Completion to Yer 9: Yers 9 to 15: Yers 15 to 21: Yer per cent 3.35 per cent 3.70 per cent 3.95 per cent 4.50 per cent NOTE 1 A csh sweep prioritises immedite repyment to lenders over distriutions to shreholders.
7 Finncing PFI projects in the credit crisis nd the Tresury s response 7 Appendix Five Modelling the costs nd enefits of strting over 1 This is n illustrtive pproch to modelling the costs of ndoning PFI procurement in order to find the tipping point t which the enefits of strting over could outweigh the costs involved. The stge reched in the procurement process will e key vrile, s costs rise fter the notice in the Officil Journl of the Europen Union (OJEU notice). 2 A preliminry identifiction of costs follows for two distinct cses: Cse (A) A lrge PFI project with one-off chrcteristics Cse (B) A project in progrmme or series of projects (e.g. Locl Eduction Prtnership or Locl Improvement Finnce Trust schemes) 3 Benefits tht modify/mitigte the pprent extr cost of finnce when continuing with PFI projects common to Cse (A) nd (B) 4 c The 70 per cent or pplicle shre of the pulic sector of refinncing gins (to e modelled t vrious time intervls). The mcroeconomic enefits from strting shovel redy projects s soon s possile. The Tresury guidnce issued in August 2009 trets relevnt projects tht hve issued n OJEU notice s hving selected the PFI delivery mechnism, suject to Finl Business Cse tests of vlue for money. Costs of strting over tht re common to Cse (A) nd (B) Any contrctully committed reimursement of idders costs, excluding overhed nd profit. Cost of dely in re-idding (scertinle costs only) fter pplying ny mitignts, such s pying for enling works during the re-idding period. Risk of higher finncing chrges from shrinking the PFI nking mrket, during wht my susequently prove to hve een temporry crisis. This cost could e estimted y nlogy to the impct on finncing chrges of regultory risk. This cost my e mitigted y short mrket memory nd possile trend to lower mrgins s competition increses fter the UK emerges from the recession.
8 8 Finncing PFI projects in the credit crisis nd the Tresury s response 5 c d e f g Vrile strting over costs tht differ etween Cse (A) nd Cse (B) Out of pocket costs of holding new competition. In-house stff costs of holding new competition. Bidders costs of new competition (if ville within id udgets). Cost of project specific finncil penlties, such s EU penlties for continuing wste disposl using lndfill sites. Cost of extending current operting nd mintennce rrngements. Cost, including dely cost (if dditionl) in renewing plnning pprovls. Cost of chnges in mrket conditions, such s the ernings index nd indices relevnt to specilised or long led procurement items. 6 Soft costs, in the sense of hrd to quntify strting over costs tht re likely to differ etween Cse (A) nd Cse (B) c d 7 Loss of key project personnel, their corporte knowledge nd expertise nd the more generl loss of stff cused y timing nd uncertinty over some employment terms, for exmple pension rights, when trnsferring to the privte sector. Cost of dely in re-idding, such s loss of enefits for dely period which might extend to full cdemic yer in the cse of school. For detiled exmple of enefits foregone nd cncelltion costs incurred clcultion see Figure 19, The Chnnel Tunnel Ril Link HC 302 pulished Mrch Dely would require proportionte clcultion. The emerging preferred idder hs secured n informtion dvntge nd my not e chllenged y losing idders (loss of competitive tension) especilly in Cse (A). Reduced risk trnsfer from chnging the form of procurement my not e fully compensted y idders lowering the risk premium. Benefits from strting over tht my modify/mitigte the cost findings Most of the due diligence enefits my e retined, reducing the rel impct of reimursing ll the costs incurred t 4. ove. In Cse (B), the Locl Eduction Prtnership or other joint venture my lredy hve pid for nd s consequence own the preliminry nd detiled design work.
Enterprise Risk Management Software Buyer s Guide
Enterprise Risk Mngement Softwre Buyer s Guide 1. Wht is Enterprise Risk Mngement? 2. Gols of n ERM Progrm 3. Why Implement ERM 4. Steps to Implementing Successful ERM Progrm 5. Key Performnce Indictors
More informationFeatures. This document is part of the Terms and Conditions for Personal Bank Accounts. 16-20 Barolin St, PO Box 1063 Bundaberg Queensland 4670
S This document is prt of the Terms nd Conditions for Personl Bnk Accounts Issued y Auswide Bnk Ltd ABN 40 087 652 060/Austrlin Finncil Services & Austrlin Credit Licence 239686 Effective from Jnury 18
More informationSmall Businesses Decisions to Offer Health Insurance to Employees
Smll Businesses Decisions to Offer Helth Insurnce to Employees Ctherine McLughlin nd Adm Swinurn, June 2014 Employer-sponsored helth insurnce (ESI) is the dominnt source of coverge for nonelderly dults
More informationDlNBVRGH + Sickness Absence Monitoring Report. Executive of the Council. Purpose of report
DlNBVRGH + + THE CITY OF EDINBURGH COUNCIL Sickness Absence Monitoring Report Executive of the Council 8fh My 4 I.I...3 Purpose of report This report quntifies the mount of working time lost s result of
More informationCombined Liability Insurance. Information and Communication Technology Proposal form
Comined Liility Insurnce Informtion nd Communiction Technology Proposl form Comined Liility Insurnce Informtion nd Communiction Technology - Proposl form This proposl form must e completed nd signed y
More informationIn addition, the following elements form an integral part of the Agency strike prevention plan:
UNITED STTES DEPRTMENT OF GRICULTURE Wshington, DC 20250 Federl Grin Inspection Service FGIS Directive 4711.2 6/16/80 STRIKE PREVENTION ND STRIKE CONTINGENCY PLNS I PURPOSE This Instruction: Estlishes
More informationTemplate convertible loan agreement. User notes
Templte convertile lon greement User notes This is simple convertile lon greement intended to e used when shreholder lends money to compny, generlly s form of ridging finnce until n expected event tkes
More informationLump-Sum Distributions at Job Change, p. 2
Jnury 2009 Vol. 30, No. 1 Lump-Sum Distributions t Job Chnge, p. 2 E X E C U T I V E S U M M A R Y Lump-Sum Distributions t Job Chnge GROWING NUMBER OF WORKERS FACED WITH ASSET DECISIONS AT JOB CHANGE:
More informationContinuing NHS Healthcare Follow-up Report
29 Jnury 2015 Archwilydd Cyffredinol Cymru Auditor Generl for Wles Continuing NHS Helthcre Follow-up Report I hve prepred nd pulished this report in ccordnce with the Government of Wles Acts 1998 nd 2006.
More informationHealth insurance exchanges What to expect in 2014
Helth insurnce exchnges Wht to expect in 2014 33096CAEENABC 02/13 The bsics of exchnges As prt of the Affordble Cre Act (ACA or helth cre reform lw), strting in 2014 ALL Americns must hve minimum mount
More informationVendor Rating for Service Desk Selection
Vendor Presented By DATE Using the scores of 0, 1, 2, or 3, plese rte the vendor's presenttion on how well they demonstrted the functionl requirements in the res below. Also consider how efficient nd functionl
More informationJaERM Software-as-a-Solution Package
JERM Softwre-s--Solution Pckge Enterprise Risk Mngement ( ERM ) Public listed compnies nd orgnistions providing finncil services re required by Monetry Authority of Singpore ( MAS ) nd/or Singpore Stock
More informationNote: Principal version Modification Amendment Equivalence list Consolidated version from October 1 2014
Note: The following curriculum is consolidted version. It is leglly non-inding nd for informtionl purposes only. The leglly inding versions re found in the University of Innsruck Bulletins (in Germn).
More informationHealth insurance marketplace What to expect in 2014
Helth insurnce mrketplce Wht to expect in 2014 33096VAEENBVA 06/13 The bsics of the mrketplce As prt of the Affordble Cre Act (ACA or helth cre reform lw), strting in 2014 ALL Americns must hve minimum
More informationReasoning to Solve Equations and Inequalities
Lesson4 Resoning to Solve Equtions nd Inequlities In erlier work in this unit, you modeled situtions with severl vriles nd equtions. For exmple, suppose you were given usiness plns for concert showing
More informationAntiSpyware Enterprise Module 8.5
AntiSpywre Enterprise Module 8.5 Product Guide Aout the AntiSpywre Enterprise Module The McAfee AntiSpywre Enterprise Module 8.5 is n dd-on to the VirusScn Enterprise 8.5i product tht extends its ility
More informationCorporate Compliance vs. Enterprise-Wide Risk Management
Corporte Complince vs. Enterprise-Wide Risk Mngement Brent Sunders, Prtner (973) 236-4682 November 2002 Agend Corporte Complince Progrms? Wht is Enterprise-Wide Risk Mngement? Key Differences Why Will
More informationUtilization of Smoking Cessation Benefits in Medicaid Managed Care, 2009-2013
Utiliztion of Smoking Cesstion Benefits in Medicid Mnged Cre, 2009-2013 Office of Qulity nd Ptient Sfety New York Stte Deprtment of Helth Jnury 2015 Introduction According to the New York Stte Tocco Control
More informationPEARLS MONITORING SYSTEM
WORLD COUNCIL OF CREDIT UNIONS TOOLKIT SERIES Number 4 PEARLS MONITORING SYSTEM by: Dvid C. Richrdson World Council of Credit Unions October 2002 2001 The World Council of Credit Unions The World Council
More informationActive & Retiree Plan: Trustees of the Milwaukee Roofers Health Fund Coverage Period: 06/01/2015-05/31/2016 Summary of Benefits and Coverage:
Summry of Benefits nd Coverge: Wht this Pln Covers & Wht it Costs Coverge for: Single & Fmily Pln Type: NPOS This is only summry. If you wnt more detil bout your coverge nd costs, you cn get the complete
More informationThe Determinants of Private Medical Insurance Prevalence in England
The Determinnts of Privte Medicl Insurnce Prevlence in Englnd Derek R. King, Elis Mossilos LSE Helth nd Socil Cre, London School of Economics nd Politicl Science LSE Helth nd Socil Cre Discussion Pper
More informationUNITED STATES DEPARTMENT OF AGRICULTURE Washington, D.C. 20250. ACTION BY: All Divisions and Offices. FGIS Directive 2510.
UNITED STATES DEPARTMENT OF AGRICULTURE Wshington, D.C. 20250 ACTION BY: All Divisions nd Offices FGIS Directive 2510.1 12-11-73 FEDERAL TORT CLAIMS I PURPOSE This Instruction: A Sets forth the bsic provisions
More informationNQF Level: 2 US No: 7480
NQF Level: 2 US No: 7480 Assessment Guide Primry Agriculture Rtionl nd irrtionl numers nd numer systems Assessor:.......................................... Workplce / Compny:.................................
More informationYour duty, however, does not require disclosure of matter:
Your Duty of Disclosure Before you enter into contrct of generl insurnce with n insurer, you hve duty, under the Insurnce Contrcts Act 1984 (Cth), to disclose to the insurer every mtter tht you know, or
More informationAn Undergraduate Curriculum Evaluation with the Analytic Hierarchy Process
An Undergrdute Curriculum Evlution with the Anlytic Hierrchy Process Les Frir Jessic O. Mtson Jck E. Mtson Deprtment of Industril Engineering P.O. Box 870288 University of Albm Tuscloos, AL. 35487 Abstrct
More informationEuropean Convention on Certain International Aspects of Bankruptcy
Europen Trety Series - No. 136 Europen Convention on Certin Interntionl Aspects of Bnkruptcy Istnul, 5.VI.1990 Premle The memer Sttes of the Council of Europe, signtories hereto, Considering tht the im
More informationc. Values in statements are broken down by fiscal years; many projects are
Lecture 18: Finncil Mngement (Continued)/Csh Flow CEE 498 Construction Project Mngement L Schedules A. Schedule.of Contrcts Completed See Attchment # 1 ll. 1. Revenues Erned 2. Cost of Revenues 3. Gross
More informationAnthem Blue Cross Life and Health Insurance Company University of Southern California Custom Premier PPO 800/20%/20%
Anthem Blue Cross Life nd Helth Insurnce Compny University of Southern Cliforni Custom Premier 800/20%/20% Summry of Benefits nd Coverge: Wht this Pln Covers & Wht it Costs Coverge Period: 01/01/2015-12/31/2015
More information2001 Attachment Sequence No. 118
Form Deprtment of the Tresury Internl Revenue Service Importnt: Return of U.S. Persons With Respect to Certin Foreign Prtnerships Attch to your tx return. See seprte instructions. Informtion furnished
More informationThe Morgan Stanley FTSE Protected Growth Plan. Investor Pack
The Morgn Stnley FTSE Protected Growth Pln Investor Pck The Morgn Stnley FTSE Protected Growth Pln Introduction The current investment environment with its extreme levels of uncertinty nd voltility, mkes
More information13 June 2013 www.wao.gov.uk. Implementation of the National Framework for Continuing NHS Healthcare
13 June 2013 www.wo.gov.uk Implementtion of the Ntionl Frmework for Continuing NHS Helthcre Implementtion of the Ntionl Frmework for Continuing NHS Helthcre I hve prepred this report for presenttion to
More informationa GAO-03-568 GAO COLLEGE COMPLETION Additional Efforts Could Help Education with Its Completion Goals Report to Congressional Requesters
GAO United Sttes Generl Accounting Office Report to Congressionl Requesters My 2003 COLLEGE COMPLETION Additionl Efforts Could Help Eduction with Its Completion Gols GAO-03-568 My 2003 COLLEGE COMPLETION
More informationHealth insurance exchanges What to expect in 2014
Helth insurnce exchnges Wht to expect in 2014 33096CAEENABC 11/12 The bsics of exchnges As prt of the Affordble Cre Act (ACA or helth cre reform lw), strting in 2014 ALL Americns must hve minimum mount
More informationCity of Dade City AGENDA MEMO. participants permitted. participants Currently as the plan was approved loans to are not
City of Dde City AGENDA MEMO To From Honorble Myor nd Members ofthe City Commission Willim C Poe Jr City Mnger Subject Request to chnge Section74 ofthe Ntionwide 40 pln to llow lons to prticipnts Dte August
More informationClearPeaks Customer Care Guide. Business as Usual (BaU) Services Peace of mind for your BI Investment
ClerPeks Customer Cre Guide Business s Usul (BU) Services Pece of mind for your BI Investment ClerPeks Customer Cre Business s Usul Services Tble of Contents 1. Overview...3 Benefits of Choosing ClerPeks
More informationHow To Set Up A Network For Your Business
Why Network is n Essentil Productivity Tool for Any Smll Business TechAdvisory.org SME Reports sponsored by Effective technology is essentil for smll businesses looking to increse their productivity. Computer
More informationQUESTIONNAIRE. 1. Your Name: 2. Age-group: Below 25 years 26-35 years. 3. Gender : Male Female. 4. Education : H.S.C or Below H.S.C.
QUESTIONNAIRE A. PERSONAL DETAILS: 1. Your Nme: 2. Age-group: Below 25 yers 26-35 yers 36-45 yers Over 45 yers 3. Gender : Mle Femle 4. Eduction : H.S.C or Below H.S.C. Grdution Post-Grdution Any other
More informationHow To Write A Jcc Letter
JOINT CONCILIATION COMMITTEE OF THE HEATING, VENTILATING AND DOMESTIC ENGINEERING INDUSTRY COMPRISING: 107 Building & Engineering Services Assocition (B&ES) (formerly Heting nd Ventilting Contrctors' Assocition
More information2 Workload and duration of the Program 3 Courses 4 Types of course units and number of participants
The English version of the consolidted curriculum for the "Bchelor Progrm in Mngement nd Economics" is not leglly inding nd is for informtionl purposes only. The leglly inding text which regultes the different
More informationSmall Business Cloud Services
Smll Business Cloud Services Summry. We re thick in the midst of historic se-chnge in computing. Like the emergence of personl computers, grphicl user interfces, nd mobile devices, the cloud is lredy profoundly
More information2. Transaction Cost Economics
3 2. Trnsction Cost Economics Trnsctions Trnsctions Cn Cn Be Be Internl Internl or or Externl Externl n n Orgniztion Orgniztion Trnsctions Trnsctions occur occur whenever whenever good good or or service
More informationTeen Rescue Foundation
Teen Rescue Foundtion Trust Deed Contents 1 Nme 2 2 Definitions nd interprettion 2 2.1 Definitions... 2 2.2 Interprettion... 4 2.3 Hedings... 5 3 Declrtion of trust 5 4 Trust Purpose 5 4.1 Pyment nd ppliction
More informationPre-Approval Application
Pre-Approvl Appliction In tody s rel estte mrket, Pre-Approved mortgge provides you the buyer with powerful tool in the home purchse process! Once you hve received your Pre-Approvl, you cn shop for your
More informationHumana Critical Illness/Cancer
Humn Criticl Illness/Cncer Criticl illness/cncer voluntry coverges py benefits however you wnt With our criticl illness nd cncer plns, you'll receive benefit fter serious illness or condition such s hert
More informationEes. KIRLOSKAR INDUSTRIES LIMITED A Kirloskar GrouP ComPanY
KIRLOSKAR INDUSTRIES LIMITED A Kirloskr GrouP ComPnY Ees 29 Jnury 206 Ntionl Stock Exchnge of Indi Ltd. Exchnge PIz, C -, Block G, Bndr-Kurl ComPlex, Bndr (E), Mumi - 400 05 Ref.: Stock Code KIRLOSIND
More informationSmall Business Networking
Why network is n essentil productivity tool for ny smll business Effective technology is essentil for smll businesses looking to increse the productivity of their people nd business. Introducing technology
More informationS a l e s Ta x, U s e Ta x, I n c o m e Ta x W i t h h o l d i n g a n d M i c h i g a n B u s i n e s s Ta x E s t i m a t e s
78 (Rev. 8-08) S l e s T x, U s e T x, I n c o m e T x W i t h h o l d i n g n d M i c h i g n B u s i n e s s T x E s t i m t e s Forms nd Instructions Cll (517) 636-4730 or visit Tresury s Web site t
More informationRevisions published in the University of Innsbruck Bulletin of 18 June 2014, Issue 31, No. 509
Plese note: The following curriculum is for informtion purposes only nd not leglly inding. The leglly inding version is pulished in the pertinent University of Innsruck Bulletins. Originl version pulished
More informationBadger Explorer Group - 1H 2010 3. 2 Badger Explorer Group - 1H 2010 SUCCESSFUL DEMONSTRATION OF THE BADGER EXPLORER CONCEPT
Semi-nnul Report 1H 2010 2 Bdger Explorer Group - 1H 2010 Bdger Explorer Group - 1H 2010 3 SUCCESSFUL DEMONSTRATION OF THE BADGER EXPLORER CONCEPT The ctivities during 1H 2010 hve been focused on the Bdger
More informationGuide to Reading Your Morgan Stanley Smith Barney Statement
Guide to Reding Your Morgn Stnley Smith Brney Sttement Your Morgn Stnley Smith Brney ( MSSB ) ccount sttement is vluble nd, powerful resource tht provides you with the informtion you need to prtner with
More informationGAO IRS AUDIT RATES. Rate for Individual Taxpayers Has Declined But Effect on Compliance Is Unknown
GAO United Sttes Generl Accounting Office Report to the Chirmn, Subcommittee on Oversight, Committee on Wys nd Mens, House of Representtives April 2001 IRS AUDIT RATES Rte for Individul Txpyers Hs Declined
More informationIntroduction 1 From need to demand Solutions 1 a
Introduction 1 From need to demnd Solutions 1 Need Existence need Sfety need Socil need Esteem need Self-ctuliztion need Exmples Clothing, medicl cre, wrmth, sexulity Protection ginst threts, stility Belonging
More information2006 IPCC Software for National Greenhouse Gas Inventories: Application and use for India
2006 IPCC Softwre for Ntionl Greenhouse Gs Inventories: Appliction nd use for Indi Presenttion for NGGIP Side Event Bonn, June 8, 2013 Prof. Amit Grg (mitgrg@iimhd.ernet.in), INDIA GHG Inventory Softwre
More informationMorgan Stanley Ad Hoc Reporting Guide
spphire user guide Ferury 2015 Morgn Stnley Ad Hoc Reporting Guide An Overview For Spphire Users 1 Introduction The Ad Hoc Reporting tool is ville for your reporting needs outside of the Spphire stndrd
More information2 Admission requirements 3 Duration of the program 4 Courses 5 Types of course units and number of participants
The English version of the curriculum for the Mster Progrm in Bnking nd Finnce is not leglly inding nd is for informtionl purposes only. The legl sis is regulted in the curriculum pulished in the University
More informationFDIC Study of Bank Overdraft Programs
FDIC Study of Bnk Overdrft Progrms Federl Deposit Insurnce Corportion November 2008 Executive Summry In 2006, the Federl Deposit Insurnce Corportion (FDIC) initited two-prt study to gther empiricl dt on
More informationRecognition Scheme Forensic Science Content Within Educational Programmes
Recognition Scheme Forensic Science Content Within Eductionl Progrmmes one Introduction The Chrtered Society of Forensic Sciences (CSoFS) hs been ccrediting the forensic content of full degree courses
More informationPROTOCOL No. 11 TO THE CONVENTION FOR THE PROTECTION OF HUMAN RIGHTS AND FUNDAMENTAL FREEDOMS, RESTRUCTURING THE CONTROL MACHINERY ESTABLISHED THEREBY
Europen Trety Series - No. 155 PROTOCOL No. 11 TO THE CONVENTION FOR THE PROTECTION OF HUMAN RIGHTS AND FUNDAMENTAL FREEDOMS, RESTRUCTURING THE CONTROL MACHINERY ESTABLISHED THEREBY Strsourg, 11.V.1994
More informationLong Term Financial Planning
Long Term Finncil Plnning Overview of New Pltform City of Knss City, Missouri 2013 2018 Long term finncil plnning combines finncil forecsting with finncil strtegizing to identify future chllenges nd opportunities
More informationSmall Business Networking
Why network is n essentil productivity tool for ny smll business Effective technology is essentil for smll businesses looking to increse the productivity of their people nd processes. Introducing technology
More informationabcdefghijklmnopqrstu
NHS Circulr: PCS(AFC)2008/2 The Scottish Government Helth Workforce Directorte Employment nd Retention Division bcdefghijklmnopqrstu Der Collegue MANAGING SICKNESS ABSENCE Summry 1. This py circulr informs
More informationCurrent Topics. Implications for Compliance Organizations. Presentation to the IIB. October, 2015
Current Topics Implictions for Complince Orgniztions Presenttion to the IIB October, 2015 This presenttion contins generl informtion only nd Deloitte is not, by mens of this presenttion, rendering ccounting,
More informationPay over time with low monthly payments. Types of Promotional Options that may be available: *, ** See Page 10 for details
With CreCredit... Strt cre immeditely Py over time with low monthly pyments For yourself nd your fmily Types of Promotionl Options tht my be vilble: Not ll enrolled helthcre prctices offer ll specil finncing
More informationBPF & BCO Model Clauses for an FRI Office Lease of Whole
BPF & BCO Model Cluses for n FRI Office Lese of Whole Ferury 2003 BPF nd BCO Model Cluses for n FRI Office Lese of Whole CONTENTS pge pge Introduction 1 - Summry 3 - Model Cluses Commentry Cluses 1 Pying
More informationCurriculum for the Master Program in Strategic Management at the University of Innsbruck School of Management
The English version of the curriculum for the Mster Progrm in Strtegic Mngement is not leglly inding nd is for informtionl purposes only. The legl sis is regulted in the curriculum pulished in the University
More informationPsychological health and safety in the workplace Prevention, CAN/CSA-Z1003-13/BNQ 9700-803/2013
Psychologicl helth nd sfety in the workplce Prevention, CAN/CSA-Z1003-13/BNQ 9700-803/2013 promotion, nd guidnce to stged implementtion This smple udit tool is n nnex of the Ntionl Stndrd of Cnd on Psychologicl
More informationCATHOLIC EMPLOYING AUTHORITIES SINGLE ENTERPRISE COLLECTIVE AGREEMENT - RELIGIOUS INSTITUTE SCHOOLS OF QUEENSLAND 2012
[2012] FWAA 10524 DECISION Fir Work Act 2009 s.185 Enterprise greement All Hllows School Limited; Brigidine College Indooroopilly; Downlnds College; Ion College Limited; Lourdes Hill College; Mount Alverni
More informationGAO HIGHER EDUCATION. Improved Tax Information Could Help Families Pay for College. Report to the Committee on Finance, U.S.
GAO United Sttes Government Accountbility Office Report to the Committee on Finnce, U.S. Sente My 2012 HIGHER EDUCATION Improved Tx Informtion Could Help Fmilies Py for College GAO-12-560 My 2012 HIGHER
More informationGAO HOME MORTGAGE INTEREST DEDUCTION. Despite Challenges Presented by Complex Tax Rules, IRS Could Enhance Enforcement and Guidance
GAO United Sttes Government Accountbility Office Report to the Joint Committee on Txtion July 2009 HOME MORTGAGE INTEREST DEDUCTION Despite Chllenges Presented by Complex Tx Rules, IRS Could Enhnce Enforcement
More informationSmall Business Networking
Why network is n essentil productivity tool for ny smll business Effective technology is essentil for smll businesses looking to increse the productivity of their people nd business. Introducing technology
More informationAdditional Protocol to the Convention on Human Rights and Biomedicine concerning Genetic Testing for Health Purposes
Council of Europe Trety Series - No. 203 Additionl Protocol to the Convention on Humn Rights nd Biomedicine concerning Genetic Testing for Helth Purposes Strsourg, 27.XI.2008 2 CETS 203 Humn Rights nd
More informationSmall Business Networking
Why network is n essentil productivity tool for ny smll business Effective technology is essentil for smll businesses looking to increse the productivity of their people nd processes. Introducing technology
More informationHow To Understand And Understand The Benefits Of Accounting
This rticle ppered in journl published by Elsevier. The ttched copy is furnished to the uthor for internl non-commercil reserch nd eduction use, including for instruction t the uthors institution nd shring
More informationHow To Network A Smll Business
Why network is n essentil productivity tool for ny smll business Effective technology is essentil for smll businesses looking to increse the productivity of their people nd processes. Introducing technology
More informationNew Internet Radio Feature
XXXXX XXXXX XXXXX /XW-SMA3/XW-SMA4 New Internet Rdio Feture EN This wireless speker hs een designed to llow you to enjoy Pndor*/Internet Rdio. In order to ply Pndor/Internet Rdio, however, it my e necessry
More informationHow To Study The Effects Of Music Composition On Children
C-crcs Cognitive - Counselling Reserch & Conference Services (eissn: 2301-2358) Volume I Effects of Music Composition Intervention on Elementry School Children b M. Hogenes, B. Vn Oers, R. F. W. Diekstr,
More informationEcon 4721 Money and Banking Problem Set 2 Answer Key
Econ 472 Money nd Bnking Problem Set 2 Answer Key Problem (35 points) Consider n overlpping genertions model in which consumers live for two periods. The number of people born in ech genertion grows in
More informationVoIP for the Small Business
Reducing your telecommunictions costs VoIP (Voice over Internet Protocol) offers low cost lterntive to expensive trditionl phone services nd is rpidly becoming the communictions system of choice for smll
More informationQuick Reference Guide: One-time Account Update
Quick Reference Guide: One-time Account Updte How to complete The Quick Reference Guide shows wht existing SingPss users need to do when logging in to the enhnced SingPss service for the first time. 1)
More informationWeek 7 - Perfect Competition and Monopoly
Week 7 - Perfect Competition nd Monopoly Our im here is to compre the industry-wide response to chnges in demnd nd costs by monopolized industry nd by perfectly competitive one. We distinguish between
More informationEQUATIONS OF LINES AND PLANES
EQUATIONS OF LINES AND PLANES MATH 195, SECTION 59 (VIPUL NAIK) Corresponding mteril in the ook: Section 12.5. Wht students should definitely get: Prmetric eqution of line given in point-direction nd twopoint
More informationAN ANALYTICAL HIERARCHY PROCESS METHODOLOGY TO EVALUATE IT SOLUTIONS FOR ORGANIZATIONS
AN ANALYTICAL HIERARCHY PROCESS METHODOLOGY TO EVALUATE IT SOLUTIONS FOR ORGANIZATIONS Spiros Vsilkos (), Chrysostomos D. Stylios (),(b), John Groflkis (c) () Dept. of Telemtics Center, Computer Technology
More informationA National Look at the High School Counseling Office
A Ntionl Look t the High School Counseling Office Wht Is It Doing nd Wht Role Cn It Ply in Fcilitting Students Pths to College? by Alexndri Wlton Rdford, Nicole Ifill, nd Terry Lew Introduction Between
More informationWhy is the NSW prison population falling?
NSW Bureu of Crime Sttistics nd Reserch Bureu Brief Issue pper no. 80 September 2012 Why is the NSW prison popultion flling? Jcqueline Fitzgerld & Simon Corben 1 Aim: After stedily incresing for more thn
More informationPETER M. ROSS 22 Four Oaks Crescent London, Ontario N6J 4B7 Telephone: 51 9-661-4005/Facsimile: 5 19-471-0085 Email: pmross@,uwo.
PETER M. ROSS 22 Four Oks Crescent London, Ontrio N6J 4B7 Telephone: 51 9-661-4005/Fcsimile: 5 19-471-0085 Emil: pmross@,uwo.c April 2lS', 2005 Corportion of the City of London City Clerk's Office Room
More informationMotor Fleet Factfinder
Motor Fleet Fctfinder Motor Fleet Fctfinder Hulge ANTHONY JONES INSURANCE BROKERS Importnt: The informtion you give on this form is is relevnt to to our our ssessment of of the the insurnce risk risk t
More informationMove, Inc. 2010 Citi EMT Conference January 5, 2010
Move, Inc. 2010 Citi EMT Conference Jnury 5, 2010 Sfe Hrbor Sttement 2 This presenttion my contin forwrd-looking sttements, including informtion bout mngement s view of Move s future expecttions, plns
More informationCurriculum for the Master Program in Accounting, Auditing and Taxation at the University of Innsbruck School of Management
The English version of the curriculum for the Mster Progrm in Accounting, Auditing nd Txtion is not leglly inding nd is for informtionl purposes only. The legl sis is regulted in the curriculum pulished
More informationP.3 Polynomials and Factoring. P.3 an 1. Polynomial STUDY TIP. Example 1 Writing Polynomials in Standard Form. What you should learn
33337_0P03.qp 2/27/06 24 9:3 AM Chpter P Pge 24 Prerequisites P.3 Polynomils nd Fctoring Wht you should lern Polynomils An lgeric epression is collection of vriles nd rel numers. The most common type of
More informationPatient Perceptions of Reimbursement for Arthroscopic Meniscectomy and Anterior Cruciate Ligament Reconstruction
Ptient Perceptions of Reimursement for Arthroscopic nd Anterior Crucite Ligment Reconstruction Kelechi R. Okoroh, MD; Roert A. Keller, MD; Nthn E. Mrshll, MD; Jonthn R. Lynch, MD; John-Michel Guest, BS;
More informationo Bol Meeting 29 July restructuring and UK Schemes. Applicability ofwarehousing Initiatives in Northern Ireland
I Agend Item I - Updte since 13 June Meeting o Bol Meeting 29 July restructuring nd UK Schemes. Applicbility ofwrehousing Inititives in Northern Irelnd Updte from 13 June Meeting Both AIB nd BOI were consulted
More informationAnswer, Key Homework 10 David McIntyre 1
Answer, Key Homework 10 Dvid McIntyre 1 This print-out should hve 22 questions, check tht it is complete. Multiple-choice questions my continue on the next column or pge: find ll choices efore mking your
More informationVoIP for the Small Business
VoIP for the Smll Business Reducing your telecommunictions costs Reserch firm IDC 1 hs estimted tht VoIP system cn reduce telephony-relted expenses by 30%. Voice over Internet Protocol (VoIP) hs become
More informationTest Management using Telelogic DOORS. Francisco López Telelogic DOORS Specialist
Test Mngement using Telelogic DOORS Frncisco López Telelogic DOORS Specilist Introduction Telelogic solution for Requirements Mngement DOORS Requirements mngement nd trcebility pltform for complex systems
More informationPROPERTY AND CASUALTY INSURANCE. Effects of the Nonadmitted and Reinsurance Reform Act of 2010
United Sttes Government Accountbility Office Report to Congressionl Committees Jnury 2014 PROPERTY AND CASUALTY INSURANCE Effects of the Nondmitted nd Reinsurnce Reform Act of 2010 GAO-14-136 Jnury 2014
More informationVoIP for the Small Business
Reducing your telecommunictions costs Reserch firm IDC 1 hs estimted tht VoIP system cn reduce telephony-relted expenses by 30%. Voice over Internet Protocol (VoIP) hs become vible solution for even the
More informationYour car insurance policy
Your cr insurnce policy If you hve n ccident...cll us stright wy on 0844 891 5391. For our joint protection, clls my be recorded nd/or monitored. Welcome. We ve got you covered. Together with your policy
More informationOptimal Execution of Open-Market Stock Repurchase Programs
Optiml Eecution of Open-Mrket Stock Repurchse Progrms Jcob Oded This Drft: December 15, 005 Abstrct We provide theoreticl investigtion of the eecution of open-mrket stock repurchse progrms. Our model suggests
More informationVoIP for the Small Business
VoIP for the Smll Business Reducing your telecommunictions costs Reserch firm IDC 1 hs estimted tht VoIP system cn reduce telephony-relted expenses by 30%. Voice over Internet Protocol (VoIP) hs become
More information