Share CITY MOVES | WHO’S SWITCHING JOBS Monday 25 October 2010 7:34 pm whatsapp LazardThe financial advisory and asset management firm has hired Fotis Hasiotis as co-head of the European financial sponsors group, based in London.Hasiotis joins from Bank of America Merrill Lynch, where he was head of EMEA financial sponsors. He originally joined Merrill’s New York team in 2004 from CIBC World Markets, later moving to London in 2008. He started his banking career at Bankers Trust.GartmoreThe fund management group has hired Vincent Houtteville as an investment analyst reporting to Chris Palmer, the head of global emerging markets.Houtteville has two decades of investment experience, most recently as a global financial services analyst at First State Investments. Prior to that, he held roles at Axa Investment Management, covering European financials, and with Scudder Stevens Clark in New York, focusing on insurance and banking.RathbonesThe investment management firm has appointed Sarah Tobey as an investment director.Tobey joins from Rowan Dartington, part of the Astaire group, where she was a company director with responsibility for private clients.Alvarez & MarsalThe professional services firm has boosted its European transaction advisory group with the appointment of Joop de Hoogh as a managing director, based between London and Amsterdam.De Hoogh has previously advised on numerous complex European cross-border acquisitions, disposals and refinancings, with a particular focus on the oil and gas industry. Prior to joining A&M, he headed up the oil and gas sector group within KPMG Advisory in the Netherlands and worked for several years at Shell.Tridos BankHuw Davies has joined the ethical and sustainable banking group as head of personal banking.Davies joins from Nationwide Building Society, where he has been savings product marketing controller since 2007.CapcoThe financial services-focused business and technology consultancy has hired John Quamina from IBM to head up its payments and transaction banking practice, part of the firm’s UK banking team. KCS-content whatsapp Show Comments ▼ Tags: NULL
Cricket TAGSBrendon McCullumIndian Premier LeagueIPLIPL PLAYER AUCTIONIPL Season 12Mohammed ShamiYuvraj Singh SHARE by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeGrammarlyImprove Your Spelling With This Helpful Browser ExtensionGrammarlyUndo24/7 SportsIt’s Amazing To See How These NBA Stars Have Changed Since College24/7 SportsUndoE! OnlineTLC’s So Freaking Cheap Takes Penny-Pinching to the ExtremeE! OnlineUndoThe IPL 2019 Player Auction list is out with a total pool of 346 cricketers set to undergo the hammer in Jaipur on December 18, 2018. While 1,003 players had initially registered, the final list has been pruned after the eight franchises submitted their shortlist of players, states a Press release.Also Read: IPL Auction: No Indian in ₹2 cr bracket; Yuvraj back with ₹ 1 cr…With ₹2 crore as the highest reserve price, nine overseas players – Brendon McCullum, Chris Woakes, Lasith Malinga, Shaun Marsh, Colin Ingram, Corey Anderson, Angelo Mathews, D’Arcy Short – have opted to be slotted in the highest bracket. There is no Indian in the top base price bracket.Jaydev Unadkat, last season’s top Indian grosser with a whopping final bid amount of ₹11.5 crore leads the pack among Indian players with a base price of ₹1.5 crore. Former Kings XI Punjab all-rounders Yuvraj Singh and Axar Patel have set their base price at ₹1 crore.With ₹1.5 crore as base price, Dale Steyn and Morne Morkel will hope to return to action for the 12th season of the VIVO IPL. Among the Indian quicks, Mohammed Shami has set his base price at ₹1 crore while Ishant Sharma will invite the first bid at ₹75 lacs. The lanky seamer had failed to find a buyer for the past two seasons.Click Here for the final list of the players for the IPL Season 12 Auction.The eight franchisees will turn up in the auction hall with a total ₹145.25 crore to buy up to a maximum of 75 players during the one-day auction process. WTC Final Day 3 LIVE Score: Another blow for India, Wagner dismisses Ajinkya Rahane; IND 182/6; follow Live Updates Cricket Share on Facebook Tweet on Twitter YourBump15 Actors That Hollywood Banned For LifeYourBump|SponsoredSponsoredUndoDaily FunnyFemale Athlete Fails You Can’t Look Away FromDaily Funny|SponsoredSponsoredUndoPost FunThese Twins Were Named “Most Beautiful In The World,” Wait Until You See Them TodayPost Fun|SponsoredSponsoredUndoMaternity WeekA Letter From The Devil Written By A Possessed Nun In 1676 Has Been TranslatedMaternity Week|SponsoredSponsoredUndoDefinitionTime Was Not Kind To These 28 CelebritiesDefinition|SponsoredSponsoredUndoMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStory|SponsoredSponsoredUndo Facebook Twitter By Kunal Dhyani – December 12, 2018 This Day That Year: Australia thrashed Pakistan to lift their 2nd World Cup title RELATED ARTICLESMORE FROM AUTHOR Cricket WTC Final Live: Kyle Jamieson continues fine Test form, rattles India’s middle-order with venomous swing Euro 2020: Belgium suffer another blow, after Castagne now Thorgan Hazard ruled out Cricket WTC Final Live: Virat Kohli continues century drought as Kyle Jamieson wins IPL team rivalry Cricket F1 French GP 2021 Live: Max Verstappen vs Lewis Hamilton today at 6:30 pm — Follow Live Updates CricketLatest Sports NewsSports BusinessNewsSport Total 346 players have been shortlisted for the Indian Premier League Season 12 auction at Jaipur on December 18 following a nod from the franchisees.Yuvraj Singh, put back in the auction pool by Kings XI Punjab, still finds the team owners interest as he seeks yet another year in the cash-rich league. To stay in contention one of the T20 cricket’s biggest talents has slashed his base price by 50% to ₹ 1 crore. The cricket icon figures in the IPL auction short list alogn with Axar Patel and various other international stars. Cricket Formula 1 Cricket Previous articleThe Test dedicated to cancer crusaders to have CA Pink Village at SGCNext articleCricket Australia’s ‘sunscreen’ solution to draw crowds to Perth stadium Kunal DhyaniSports Tech enthusiast, he reports on Sports Tech industry and writes on sports products. PSL 2021 Playoffs: Schedule, Timing, LIVE streaming, list of champions; all you need to know Virat Kohli completes 10 years in Test Cricket: 10 things you should know about India skipper- check out LIVE Cricket Score IND vs NZ WTC Final: India VS New Zealand Live score, ball by ball coverage, Virat Kohli starts Day 3: Follow… Cricket Football WTC Final LIVE: Shubman Gill declares, ‘Total above 300 will be really competitive score for us’ IPL Player Auction LIVE Update: Yuvraj in final 346 to go under the hammer
Real Estate Investments Zambia PLC (REIZ.zm) listed on the Lusaka Securities Exchange under the Property sector has released it’s 2017 abridged results.For more information about Real Estate Investments Zambia PLC (REIZ.zm) reports, abridged reports, interim earnings results and earnings presentations, visit the Real Estate Investments Zambia PLC (REIZ.zm) company page on AfricanFinancials.Document: Real Estate Investments Zambia PLC (REIZ.zm) 2017 abridged results.Company ProfileReal Estate Investments Zambia PLC (REIZ), listed on the Lusaka Securities Exchange (LuSE), is the leading real estate investment, development and management company in Zambia. Originally the North Western Rhodesia Farmers Co-operative in the 1920’s, secured the current location of Central Park on Cairo Road as a collection centre for farming produce. The Co-op went through various guises until after independence in 1964 when it was renamed the Zambian Farmers Co-operative. The construction of the Farmers House building was completed in the 1970’s, hence the name by which that property became known.
Development Finance Company of Uganda Limited (DFCU.ug) listed on the Uganda Securities Exchange under the Banking sector has released it’s 2018 abridged results.For more information about Development Finance Company of Uganda Limited (DFCU.ug) reports, abridged reports, interim earnings results and earnings presentations, visit the Development Finance Company of Uganda Limited (DFCU.ug) company page on AfricanFinancials.Document: Development Finance Company of Uganda Limited (DFCU.ug) 2018 abridged results.Company ProfileDevelopment Finance Company of Uganda is a commercial bank offering products and services for the retail, commercial and corporate banking sectors in Uganda through its subsidiary, DFCU Bank Ltd. Its product offering ranges from savings and current accounts to investment, fixed and demand deposits and personal and corporate credit. The bank provides medium and long-term finance to the private sector; with a focus on the agricultural, construction, tourism and hospitality, education, manufacturing and transport sectors. In addition to standard commercial banking products and services, DFCU Bank offers lease and mortgage finance, foreign exchange trading and money market transfer services. The company has an extensive network of branches and ATMS located in the major towns and cities of Uganda. Development Finance Company of Uganda Limited was founded in 1964; it became a commercial bank in 2000 after taking over and renaming Gold Trust Bank. Development Finance Company of Uganda is listed on the Uganda Securities Exchange
G4S Botswana Limited (G4S.bw) listed on the Botswana Stock Exchange under the Support Services sector has released it’s 42020 abridged results.For more information about G4S Botswana Limited (G4S.bw) reports, abridged reports, interim earnings results and earnings presentations, visit the G4S Botswana Limited (G4S.bw) company page on AfricanFinancials.Document: G4S Botswana Limited (G4S.bw) 42020 abridged results.Company ProfileG4S (Botswana) Limited provides security solutions for individual and business needs in Botswana. It operates in the following sectors: Manned Security provides integrated security solutions to airports, energy, mining, construction, custodial services, cash solutions, hospitality and financial institutions; Security Systems provides a service to monitor alarms, electric fences, fire alarms, medical emergency alarms, illegal access signals, vehicle tracking, low battery power alerts, remote panic buttons, CCTV remote images and fleet management services; Facilities Management provides a service for rent collection, utilities and services, inspecting and maintaining properties, and maintenance services which include electrical, plumbing, carpentry and building services; Cleaning Services provides contract cleaning services for offices, shopping malls, banks, schools and universities. G4S (Botswana) Limited is a subsidiary of G4S International 105 (UK) Limited.
The BT share price is starting to rise. Here’s what I’m doing now Renowned stock-picker Mark Rogers and his analyst team at The Motley Fool UK have named 6 shares that they believe UK investors should consider buying NOW.So if you’re looking for more stock ideas to try and best position your portfolio today, then it might be a good day for you. Because we’re offering a full 33% off your first year of membership to our flagship share-tipping service, backed by our ‘no quibbles’ 30-day subscription fee refund guarantee. It has been a tough year for BT Group (LSE:BT-A) investors as the share price has dropped almost 40% since January. The stock has hardly been a stellar performer over the past few years, but is it now selling at a bargain price?As a reminder, BT Group is a telecoms infrastructure business. Operating under numerous retail brands – BT, EE, Plusnet, and Openreach – the firm supplies approximately 35% of the UK population with broadband.5G is here – and shares of this ‘sleeping giant’ could be a great way for you to potentially profit!According to one leading industry firm, the 5G boom could create a global industry worth US$12.3 TRILLION out of thin air…And if you click here we’ll show you something that could be key to unlocking 5G’s full potential…On the enterprise-facing side of the company, BT owns and manages the UK’s core fixed network. Over 650 communications providers piggyback off the system to provide their customers with strong mobile signal for 2G, 3G, 4G, and soon 5G.Why the BT share price has droppedWith such a diverse and far-reaching portfolio of services, it may seem odd that the BT share price has performed so poorly. The biggest problem is its level of debt. Building and maintain its communications network is a costly process.The firm spent billions securing 3G licenses across Europe, repeated the process for 4G, and will likely repeat the story with 5G. It doesn’t help that the government restrictions on Huawei’s involvement with building the UK’s 5G network have added more pressure. As it stands, this pressure amounts to an expected £500m additional cost for BT over the next five years.The company’s rapid growth during its early days created a vast need for cash flow that operations were simply not producing. So BT turned to debt financing and then seemingly never stopped. As a result, it now has over £27bn in long term obligations, including loans, leases, pensions, and tax deferrals.Today, the total debt is nearly double the firm’s £10bn market capitalisation.Furthermore, with the impact from Covid-19, the board of directors announced the suspension of all dividend payments until 2022. Subsequently, the share price fell to a 10-year low.Light at the end of the tunnel?The stock price has recently begun to rally following the release of the half-year report. Management raised guidance on the expected earnings before interest, taxes, depreciation & amortisation (EBITDA) from £7.2bn-£7.5bn to £7.3bn-£7.5bn. I’ve estimated this to translate into a net income of £1.6bn-£1.9bn.Operationally, the business appears to be doing rather well. A new partnership with Belfast Harbour to deploy 5G was secured, improvements made to infrastructure have reduced annual costs by £352m, and the 5G network is now live across 112 cities around the UK.Yet despite all this good news, revenues and profits continued to fall by 8% and 20%, respectively. However, a very positive sign was the repayment of £720m of debt. 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I would like to receive emails from you about product information and offers from The Fool and its business partners. Each of these emails will provide a link to unsubscribe from future emails. More information about how The Fool collects, stores, and handles personal data is available in its Privacy Statement. Click here to claim your copy now — and we’ll tell you the name of this Top US Share… free of charge! Enter Your Email Address Zaven Boyrazian | Thursday, 12th November, 2020 | More on: BT-A
All the latest news on players injured throughout this year’s Six Nations Championship LATEST RUGBY WORLD MAGAZINE SUBSCRIPTION DEALS Can’t get to the shops? You can download the digital edition of Rugby World straight to your tablet or subscribe to the print edition to get the magazine delivered to your door.Follow Rugby World on Facebook, Instagram and Twitter. Six Nations Fixtures 2022 Six Nations Table 2021 — Leinster Rugby (@leinsterrugby) February 25, 2021Scrum-half Conor Murray missed the matches against France and Italy after suffering a hamstring injury, but is expected to be fit to play Scotland in round four.Following the Italy match, Jordan Larmour (hip), Tadhg Furlong (ankle), Dave Kilcoyne (HIA) and Ronan Kelleher (ankle) are being assessed by the Ireland medical team.Related: Ireland Six Nations Squad Great to see @caelan_doris making progress and taking part in a restricted training programme this week #LeinsterRugby pic.twitter.com/SA5DKinxR0 The highs and lows of Rugby…I have loved every second of training and playing in an England shirt and it has been a dream come true to be involved in such a great group of lads and coaches. I’m truly gutted with the way it ended on Saturday but these things happen… pic.twitter.com/gbnQ4V4HLN— Jack Willis (@jackswillis7) February 15, 2021Uncapped Bristol scrum-half Harry Randall (ankle) and experienced Northampton lock Courtney Lawes (pectoral) have also been ruled out for the rest of the championship after picking up injuries in training. Take a look at what games are being… 2021 Six Nations Injuries UpdateAll eyes are on the 2021 Six Nations and while we debate who could win it all, whether a Grand Slam is on and who is in red hot British & Irish Lions form there is the perpetual issue: who has the healthiest squad?Every season players drop out, so here is a rolling update of the major injuries for each team.2021 Six Nations InjuriesEnglandJack Willis suffered a serious knee injury in the win over Italy as he was cleared out at a ruck. The back-row was taken off on a stretcher and has subsequently had surgery. Rest up, @Courtney_Lawes The forward will undergo surgery on an injury sustained in England training last week.— Northampton Saints (@SaintsRugby) March 3, 2021Related: England Six Nations SquadFranceRather than injuries, it’s Covid-19 that has caused the most disruption in the French squad and led to the postponement of their third-round match against Scotland.Ahead of the scheduled Scotland fixture, Demba Bamba was recalled to the France squad having recovered from a hamstring problem, but reports in France suggest he is likely to miss the remainder of the championship having suffered another injury while training at home. Expand Six Nations Fixtures 2022 The 2022 Six Nations… Six Nations TV Coverage 2021: BBC and ITV Matches Enjoyed the creativity of this little nudge by Callum Sheedy once in behind the English defence. Nearly sits up for Kieran Hardy [gets injured here], one of a couple of occasions of good cover by Anthony Watson. pic.twitter.com/aulkSD3xoa— Murray Kinsella (@Murray_Kinsella) March 2, 2021Scarlets star Josh Macleod was due to win his first cap against Scotland but ruptured his Achilles tendon in training and is now likely to be out for six months.Related: Wales Six Nations SquadThis post will be updated throughout the Six Nations. Demba Bamba probably out of the reckoning for the rest of the Six Nations after picking up an injury exercising at home https://t.co/p0mZ60MB58— James Harrington (@Jamesonrugby) March 2, 2021Related: France Six Nations SquadIreland Caelan Doris is set to miss the entire championship after coach Andy Farrell said the back-rower would be “out for the foreseeable future” with concussion symptoms but he has started to make a limited return to training with Leinster. ItalyA dislocated finger ruled Italy scrum-half Stephen Varney out of the Ireland match but he is back in the squad ahead of their fourth-round fixture against Wales.However, prop Cherif Traore will miss the rest of the championship after breaking his arm against Ireland.Related: Italy Six Nations SquadScotlandCentre Cameron Redpath wasn’t part of the squad selected for the France match, which was subsequently postponed, due to a neck problem while back-rowers Gary Graham and Blade Thomson also returned to their clubs because of injury.Related: Scotland Six Nations SquadWalesDan Lydiate was released from the squad and ruled out of the championship due to an anterior cruciate ligament injury sustained in Wales’ opening match against Ireland. He has subsequently undergone surgery.Hamstring injuries have been causing problems for the scrum-halves. Tomos Williams suffered a hamstring injury in the game against Ireland and missed both the Scotland and England fixtures but could return to face Italy, especially after Kieran Hardy was ruled out for the rest of the championship. One of the try-scorers in the win over England, Hardy damaged his hamstring in that match. Six Nations TV Coverage 2021: BBC and ITV Matches Six Nations Fixtures 2022 Collapse Six Nations Table 2021 Scrum-half Kieran Hardy has been ruled out of Wales’ last two matches with a hamstring injury (Getty Images) Expand Who is leading the way in the Six…
Assistant/Associate Rector Morristown, NJ david myers says: Block grants, whose use is decided by the recipient with audits and progress reports required. For example, $1.5 million is budgeted for the Dioceses of Alaska, Navajoland, North Dakota, and South Dakota to enhance work with indigenous populations. Those grants represent an increase over the current triennium. The budget includes its traditional grant to historically black colleges, which is a slightly lower $ 1.6 million. However, there is an additional $400,000 to be divided between the two colleges (St. Augustine’s College in Raleigh, North Carolina, and Voorhees College in Denmark, South Carolina) as development grants, increasing the total granting by $20,000 Rector Smithfield, NC Featured Jobs & Calls New initiatives grants for experimental approaches to building up the body of Christ. Racial Justice and Reconciliation is such a grant. Rector Shreveport, LA Racial justice work is highlight of proposed 2016-2018 budget Committee proposes to reduce diocesan asking to 15 percent over three years Inaugural Diocesan Feast Day Celebrating Juneteenth San Francisco, CA (and livestream) June 19 @ 2 p.m. PT Rector and Chaplain Eugene, OR By Mary Frances SchjonbergPosted Jul 1, 2015 Rector/Priest in Charge (PT) Lisbon, ME Youth Minister Lorton, VA $300,000 training in the use of the church’s Title IV clergy disciplinary canons (line 281b).Lloyd and Lane said they were extremely appreciative that so many resolutions with funding implications began moving through convention very early, thus helping the committee’s budget process.“The hardest thing in an operating budget is to reserve funds for new work and I am particularly gratified that Program, Budget and Finance has been creative and aggressive in seeking ways to pool resources and so this budget does have significant new work in it in the midst of trying to be true to the program and structure of The Episcopal Church,” Lane said.Any changes in that structure enacted by General Convention “might mean that Executive Council will have to take the budget that we pass and rework it to a greater extent than it ever has had to before,” Lloyd acknowledged.PB&F had to operate under the current canons, she said, and could not anticipate canonical changes.“We knew all along that even if restructuring had passed on Day 2, the canons wouldn’t take effect until Jan. 1 so we had to produce a budget based on the old canonical model,” she said.The committee said in a narrative it presented along with the budget spreadsheet that it is grateful that: PB&F members were involved in creating the process Executive Council used to develop its draft budget; how members were welcomed into every council meeting; and how council shared the feedback it solicited from the church at large.“The collaborative approach taken by Executive Council produced a cogent and balanced budget,” the committee said in its narrative. “However, a budget so tightly balanced does not permit easy changes. Large allocations in response to legislation are even harder to come by.”PB&F’s narrative suggests that council consider allocating an undesignated block of $2 million to $5 million in its 2019-2021 draft budget to give PB&F greater flexibility in responding to “the needs and the priorities of the General Convention.”— The Rev. Mary Frances Schjonberg is an editor/reporter for the Episcopal News Service. Priest-in-Charge Lebanon, OH Curate Diocese of Nebraska Associate Rector Columbus, GA Bishop Diocesan Springfield, IL Director of Administration & Finance Atlanta, GA Episcopal Charities of the Diocese of New York Hires Reverend Kevin W. VanHook, II as Executive Director Episcopal Charities of the Diocese of New York Seminary of the Southwest announces appointment of two new full time faculty members Seminary of the Southwest Director of Music Morristown, NJ Rector Knoxville, TN In-person Retreat: Thanksgiving Trinity Retreat Center (West Cornwall, CT) Nov. 24-28 Comments (1) Remember Holy Land Christians on Jerusalem Sunday, June 20 American Friends of the Episcopal Diocese of Jerusalem Associate Rector for Family Ministries Anchorage, AK Virtual Celebration of the Jerusalem Princess Basma Center Zoom Conversation June 19 @ 12 p.m. ET An Evening with Presiding Bishop Curry and Iconographer Kelly Latimore Episcopal Migration Ministries via Zoom June 23 @ 6 p.m. ET The Church Pension Fund Invests $20 Million in Impact Investment Fund Designed to Preserve Workforce Housing Communities Nationwide Church Pension Group Rector Washington, DC $1.2 million as the church’s contribution to the Anglican Communion Office, an increase of $500,000 (line 193). Press Release Service Submit a Press Release The Church Investment Group Commends the Taskforce on the Theology of Money on its report, The Theology of Money and Investing as Doing Theology Church Investment Group New Berrigan Book With Episcopal Roots Cascade Books Associate Priest for Pastoral Care New York, NY Rector (FT or PT) Indian River, MI TryTank Experimental Lab and York St. John University of England Launch Survey to Study the Impact of Covid-19 on the Episcopal Church TryTank Experimental Lab Episcopal Migration Ministries’ Virtual Prayer Vigil for World Refugee Day Facebook Live Prayer Vigil June 20 @ 7 p.m. ET Advocacy Peace & Justice, Rector Pittsburgh, PA An Evening with Aliya Cycon Playing the Oud: Crossing continents and cultures with the most beautiful instrument you’ve never heard Lancaster, PA (and streaming online) July 3 $1.1 million (an increase of $257,357) for renamed line 281a, (formerly called Committees, Commissions, Agencies and Boards, and now named Interim Bodies). The budget assumes a one-third reduction in the number of interim bodies, and a one-third reduction in the number of members on each but increases the funding available for face-to-face meetings. Tags Curate (Associate & Priest-in-Charge) Traverse City, MI This Summer’s Anti-Racism Training Online Course (Diocese of New Jersey) June 18-July 16 Join the Episcopal Diocese of Texas in Celebrating the Pauli Murray Feast Online Worship Service June 27 General Convention 2015, Course Director Jerusalem, Israel Rector Albany, NY Submit a Job Listing Featured Events Assistant/Associate Rector Washington, DC Family Ministry Coordinator Baton Rouge, LA Rector Collierville, TN Cathedral Dean Boise, ID Missioner for Disaster Resilience Sacramento, CA Racial Justice & Reconciliation Comments are closed. Special purpose grants for specific programs with a purpose and plan. For instance, the current triennium’s $3 million in Mission Enterprise Zones and New Church Starts grants are examples of these grants. The proposed budget increases their funding by $1 million.Other highlights in the budget:$750,000 for digital evangelism has been added to the communication budget in response to Presiding Bishop-elect Michael Curry’s commitment to evangelism (line 53b). July 2, 2015 at 10:16 am c019 calls on the church to respond to “systemic racial injustice”; really? The only reference to this injustice is the shootings of african-american men . i assume meaning Ferguson etc. it fails to mention that the men were criminals participating in a criminal act. where is any other “systemic racial injustice? we have a black president and now a black bishop.the church appears to have become a secular organ for leftist politics. further evidence of this is Bishop schori stating that ” global warming denial is immoral” Scientist don’t even agree on global warming so if you are skeptical you are immoral. how arrogant! the church is sick probably terminal. Program Budget & Finance, AddThis Sharing ButtonsShare to PrintFriendlyPrintFriendlyShare to FacebookFacebookShare to TwitterTwitterShare to EmailEmailShare to MoreAddThis Rector Tampa, FL Rector Martinsville, VA Priest Associate or Director of Adult Ministries Greenville, SC General Convention, Central New York deputy Chuck Stewart studies the budget, with fellow deputy the Rev. Georgina Hegney. Photo: Tracy Sukraw/Episcopal News Service[Episcopal News Service – Salt Lake City] The Joint Standing Committee on Program, Budget and Finance (PB&F) July 1 proposed a budget for The Episcopal Church in the 2016-2018 triennium that includes a major new $2 million initiative on racial justice and reconciliation, even as it reduces the amount of money it asks dioceses to contribute to 15 percent by 2018.The 2016-2018 triennial budget is based on $122,259,959 in revenue, compared to a forecasted $118,243,102 for triennium that ends Dec. 31 of this year. The committee projected expenses of $122,189,125. Thus, the proposed budget comes in with a surplus of $70,834, a figure that the committee in the budget document called “negligible in view of the multiple forecasts in a three-year budget.”The committee presented the budget to a joint session on July 1. Both the House of Bishops and the House of Deputies must approve the budget, agreeing on any changes supported by one house or the other.Presiding Bishop Katharine Jefferts Schori called the session to prayer. “We are gathered here to consider how best to use the resources you have given us for the work of your healed world. Keep us open in heart and mind and spirit that we may discern the leading of your spirit.”Diocese of Maine Bishop Stephen Lane, PB&F vice chair, told the joint session that the budget process, jointly designed by PB&F and Executive Council, was “collaborative and friendly [and] … was good for PB&F and good for the church.”The budget is available as a PDF here in English and Spanish.The impetus for the budget’s racial justice and reconciliation initiative came from Resolution C019 that calls on the church to respond to systemic racial injustice. It asks for $1.2 million for that work.“It was the sense of the (PB&F) committee that given the atmosphere we’re living in now the shootings and the plight of African-American men, that we wanted to do more,” the Rev. Mally Lloyd of Massachusetts, PB&F chair, told ENS the day before the budget was presented. “Give them $2 million and a blank slate to really try something new for the church that we hope will have major impact.”Lloyd said the committee decided to leave the dimensions of the work “for the movement of the spirit” to guide the church’s leaders.The $2 million will come from the Domestic and Foreign Missionary Society’s short-term reserves and is part of the $4.7 million surplus with which the 2013-2015 triennium is predicted to end.“We’re taking a risk as a church that we don’t have an emergency that would call on those reserves,” Lane told ENS. “We’re seeing this as an extraordinary circumstance and an extraordinary opportunity and, therefore using extraordinary means to support it.”Income assumptionsThe budget assumes $76.6 million in commitments from the church’s dioceses (line 2), about $2.1 million more than was projected in the current triennium. Nearly 62 percent of the budget’s revenue comes from pledges by the church’s dioceses and regional mission areas. The actual diocesan giving in the current triennium is forecast to amount to $79.3 million.Massachusetts deputy Sarah Neumann studies the budget via the virtual binder on her iPad. Photo: Tracy Sukraw/Episcopal News ServiceEach year’s annual giving in the three-year budget is based on a diocese’s income two years earlier, minus $120,000. Those entities are currently asked annually to contribute 19 percent of their income from two years earlier, minus $120,000.PB&F’s proposed budget increases that exemption to $150,000. Its revenue projection is based on asking the church’s dioceses and regional mission areas to give 18 percent of their income to fund the 2016 budget, 16.5 percent for the 2017 budget and 15 percent in 2018.Lloyd and Lane said that PB&F felt the Executive Council’s draft 2016-2018 triennium budget was based on solid research when it came to predicting how diocesan giving would respond to a reduced asking. Lane said he and Ohio Bishop Mark Hollingsworth, who chaired the council committee that drafted the budget given to PB&F, also conducted an informal poll of bishops whose diocese did not meet the 19 percent asking.“We found complete support for the 15 percent goal,” he said. “We found substantial commitment on the part of those below 15 percent to move in that direction over the triennium. I have confidence that the 15 percent objective is solidly supported by the bishops of the church.”Lloyd added that she believed there are some dioceses “for whom this 15 percent will never be reachable.” However, she said, council’s planned Diocesan Assessment Review Committee will help those dioceses’ “realistic” percentage contributions be seen as “full participation” in funding the church-wide budget, rather than feeling penalized and criticized for not paying the full asking.The budget’s revenue is calculated on the assumption that the approximately one-third of the dioceses that pay 19 percent or more will decrease their contributions to match the annual asking, as will those who now pay between 19 and 15 percent.Those dioceses that give less than 15 percent are predicted to increase their annual giving by a minimum of 10 percent of their giving each year. Thus if a diocese is paying 9 percent, it will increase its giving in the first year to 9.9 percent and so forth.The diocesan commitments revenue projection is also based on income earned at the diocesan level growing by a half percent, according to the notes in line 1.Despite pending resolutions calling for the assessment to drop to 15 percent immediately, Lloyd said the committee rejected such requests early on. “We felt it was too deep a drop too quickly and it would present the new presiding bishop with some tough choices to make that didn’t seem fair his first year,” she said.The diocesan asking is not a canonically mandated assessment and the Task Force for Reimagining The Episcopal Church called in its final report for such a move. The House of Deputies considered substitute Resolution D013 (which would take the place of its original version and those of A008, A110 and A111) and would, among other things, change the voluntary diocesan asking to a mandatory assessment. PB&F does not have the authority to make the asking mandatory.Out of 109 dioceses and three regional areas, 49 dioceses paid the full asking or more in 2014. A list of 2013 diocesan commitments and payments made, and 2014 commitments, is here.The budget revenue also includes a 5 percent draw, or dividend, on the income from the Domestic and Foreign Missionary Society’s approximately $220 million in unrestricted invested assets. The draw amounts to $28.2 million, compared with $24.5 million anticipated in the current triennium (line 3).In addition to diocesan payments, the 5 percent draw and the short-term reserves draw for the racial justice program, other major income line items include nearly $10 million in rental income from The Episcopal Church Center, $2.1 million from Episcopal Migration Ministries’ refugee loan collection program, a $1.1 million draw to support the development office and $1.2 million in General Convention income, along with other smaller sources.The expenses sideSpending in the 2016-2018 budget is structured around the Anglican Communion’s Five Marks of Mission, as is the current budget.To conform to canonical requirements to designate spending in the areas of canonical, corporate and program, each expense line is coded to one of those three categories, and the budget’s enabling resolution, which does not yet have a number, summarizes the spending in that way.Program expenses are funded at $64.3 million, corporate at $35.2 million, and canonical $22.5 million. The amounts for each category in each year are specified in the budget resolution.There are four kinds of grants in the proposed budget:Long-term development/sustainability grants which facilitate partnerships with dioceses and the rest of the church. For the first time, the budget reflects the operating costs and income for the United Thank Offering board (lines 265-268). Rector Belleville, IL Submit an Event Listing Ya no son extranjeros: Un diálogo acerca de inmigración Una conversación de Zoom June 22 @ 7 p.m. ET Rector Hopkinsville, KY Assistant/Associate Priest Scottsdale, AZ Canon for Family Ministry Jackson, MS Rector Bath, NC