- MILITARY-INDUSTRIAL COMPLEX: Defense Dept. Contracts for Aug. 29, 2014
- BOOK REVIEW: 'The Prevent and Reverse Heart Disease Cookbook': Long-Awaited Cookbook Companion to 'Prevent and Reverse Heart Disease' Now Available
- Gridiron Streak as Metaphor for Life's Challenges Score Touchdowns for "Game"
- CARIBBEAN VIEW: Scotland’s Independence: Does it matter?
- Appalachian Shale Cracker Enterprise, LLC (ASCENT) Submits Voluntary Remediation Program Application
- BOOK REVIEW: 'Above the East China Sea': The Okinawa Experience for 2 Teen-Aged Girls
- CARIBBEAN VIEW: No Caribbean Appetite for a Rum Fight
- A Dad’s Point-of-View: No One Is More Vicious than…
- MILITARY-INDUSTRIAL COMPLEX: Defense Dept. Contracts for Aug. 22, 2014
- "If I Stay" Touching, but Confusing
Williams Prefers a Greater "Cushion" Between Revenue, Expenses; Stock Market in Watch Mode
“I’d like to have a bit more of a cushion between revenues and expenses,” Williams explained, adding that the financials are “a little closer” than the 50%-47% ratio. “Our sales tax has subsequently came in at a figure higher than projected level.”
Early in the 2013-2014 fiscal year, the Mayor said “we had that (revenue to expense) cushion, it started to disappear, then (the cushion) started to stretch back out again. The best time to deal with a crisis is before it happens. We don’t foresee a crisis, but from what I learned in the investment business, one thing you expect is the unexpected , you better plan for it.”
Trends show quarterly, but monthly reports give him “ebb and flow” of projecting outcomes. When he announced the freeze, the Mayor noted that he had cash concerns in contingency based on other liquidities that under the right insurance scenario would become immediately necessary encumbrances.
Revealing the current market turbulence is “something to keep an eye on,” the mayor noted that in 2013 “the market went continuously upward. Some correction is expected. There’s also international concerns and uncertainty in the U.S. market related to the Affordable Care Act. Businesses do not know what their expenses are going to be. Hospitals do not know what the expense is going to be. People don’t know what to expect. When there’s uncertainty , (investors) just say no or wait.” The hesitancy of institutional investors “ripples” downward.
During the 2009 market bust, Huntington ran “about six to nine months behind the national trend,” the former investment broker explained. Effects of the possible correction will not show up locally until Fall, Williams added. “This is even more reason to take careful steps now.”
An unaudited version of Huntington's December 2013 expenses/revenue totals are now on line. A summary of revenue/expenses is available for PDF download.
For the full 50 page document, click: http://www.cityofhuntington.com/pages/aa-gov-financialreports.html
- Dec Unaudited Expenses/Revenue Summary (1.98 MB)