Generating profit & revenue in emerging cash intensive businesses (Part 4)

first_imgThis is the fourth in a series of articles covering the generation of non-interest income in cash-intensive businesses with an emphasis on Marijuana Related Businesses (MRB’s). The first article discussed evaluating if entering this vertical is appropriate for your specific institution. The second article focused on the regulatory guidance that surrounds providing financial services to MRB’s. The third article discussed establishing appropriate policies and procedures within the institution surrounding the banking of MRB’s. This installment will begin discussions on implementation and operations.At Hypur, we are involved in regular and frequent conversations with both financial institutions and regulators at the state and federal level. Although this series of articles has an emphasis on the banking of state legal cannabis accounts, many of the concepts discussed also pertain to Money Service Businesses (MSB’s) and other cash intensive business accounts as well.I have seen a growing trend this year with regulators requiring that financial institutions apply more technology and automation to their operations, especially those that are involved with the banking of MRB’s and MSB’s. It is now a common practice for our financial institution clients to send our Scope of Services to their regulator to show them in advance how our services will improve efficiencies and increase their ability to properly maintain cash-intensive business accounts. Others are having to submit our Scope of Services to their regulator to clean up and rectify existing problems or deficiencies.Regulators are now seeing a greater importance in involving technology from the initial planning stage, and not as an afterthought once problems start emerging. Although we can apply our services at Hypur to clean up problems, we would prefer have those regulatory problem situations never occur. Keep in mind that the banking of cash-intensive businesses may be very profitable, but you must devote the proper human, financial, and technology resources in order to maintain the compliance necessary to protect this revenue stream.From last year’s popular song “All About That Bass,” for bankers it’s all about that baseline. Establishing trends and baselines are critical to determine anticipated activity and to create alerts and red flags for suspicious transactions.For many of you reading this article, MRB’s may be new to your state. How do you determine and establish baselines for an industry that is relatively new to any state, and possibly brand new to your state? A good place to begin is with publically available information, such as:Other states’ information. Research states that have had legalized cannabis for a while. Colorado, for example, releases data from their Department of Revenue regarding cannabis sales and the associated taxes and fees collected. They also publically list Licensed Facilities such as Centers, Cultivators, Infused Product Manufacturers and Testing Facilities. You can use this information to start backing into averages such as sales per store to start getting a feel for deposit volume. Bear in mind that a small MRB in a remote location may have a greatly different sales volume than an MRB located in downtown Denver.Your own state’s information. If your state is new to this vertical, they may or may not have information that will be useful to you.Market data. There are a number of research companies that exist in the MRB space. I have seen information from companies such as ArcView Market Research and New Frontier that I deemed beneficial in market research.Applicant information. Finally, a financial institution will need to rely on the information provided by the applicant seeking an account.Keep in mind that a client’s projections are estimates, but this is a very good place to start. You will most likely be underwriting these accounts based on the estimates they provide, plus research information you have gathered from state and other sources. Know that you may need to quickly adjust anticipated volume up or down based on actual activity. However, be careful not to underwrite or change permissible deposit volume midstream that would violate any of your other applicable policies.I divide activity into the following categories:Estimated Activity (Report by client via their application)Anticipated Activity (Derived by baseline analysis and Estimated Activity)Actual ActivityYou will utilize all three of these categories in all phases of the banking of an MRB client.Establishing baselines applies to more than aggregate deposit volume. You also need to consider and review not only all sources of deposits, but all methods of the client in removing money from your institution. The ability to detect unusual and suspicious transactions applies to both credits and debits, and there are a number of moving parts that you need to control and monitor.The next article in this series will continue to discuss baseline analysis and how to calculate and deal with the three categories of activity. 43SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Andre Herrera Andre’s broad experience in payment system and banking technology management spans over 22 years and includes the management of complex, large-scale conversions, migrations and new product implementations. He also … Web: hypur.com Detailslast_img read more

Lampard seeking fresh challenge

first_img “All the brilliant team-mates who I have been lucky enough to train and play alongside for so long. Not just their football qualities but also the friendships I have gained along the way. “I’d also like to give a special mention to all the staff and people behind the scenes at the club who do not receive the glory but without them the club would simply not function. “The club will move forward, and as a Chelsea man I have no doubt that with the quality of the players that are there, they will continue with the success that we have all enjoyed over the past seasons.” Lampard joined the Blues in 2001 after six seasons at Upton Park and went on to make 648 appearances and become the club’s all-time top goalscorer with 211 in all competitions. During his time at Stamford Bridge, Lampard won the Champions League, the Europa League, three Premier League titles, four FA Cups and two League Cups. The England international formed a vital part of the spine of the team built by Jose Mourinho after the arrival of owner Abramovich alongside the likes of John Terry, Petr Cech and Didier Drogba. Drogba left the Blues in 2012 and, while Terry has penned a new deal after an impressive season, Cech’s place is likely to come under threat from the returning Thibaut Courtois. Left-back Ashley Cole has left the club after his contract ran out and Mourinho appears to be reshaping his squad after a third-placed finish in last season’s Barclays Premier League. Lampard went on to pay tribute to the Chelsea supporters, adding: “Finally and most importantly, I would like to thank the Chelsea fans. “I believe they are the greatest fans in world football. You have supported me from the moment I arrived. Not only on the pitch, but in difficult moments in my personal life off the pitch. I will never forget. “I feel honoured to have shared so many special times with you. Bolton, Amsterdam, Munich, the list goes on and on. I, and we as a team, could not have achieved those moments without your support. “Whatever the next challenge is for me I will always be amongst you and have Chelsea in my home and in my heart. Hopefully I will get to see you all soon to say goodbye properly. “In the meantime thank you for the memories and keep making history!” England goalkeeper Ben Foster, who like Milner is currently with Lampard at England’s pre-World Cup training camp in Miami, also paid a rich tribute. “Not only as a player, as a person as well he is so professional,” added Foster. “He always goes about his business very well. “He has been a great servant for the club – and not only the club but England as well. “He is a great guy and he’s somebody that as an England team we are very lucky to have amongst us.” Chelsea posted a lengthy tribute to the departing midfielder on their website on Monday evening, looking back on his achievements and hailing him as one of their finest players of all time. It concluded: “That Lampard has won more international caps while playing for Chelsea than anyone else in our history only strengthens the argument that he is one of the very greatest players to have represented the club. “Any Chelsea supporter who has had the good fortune to watch Super Frank Lampard in full flow will know we have never seen his like in our midfield before, and we will be very blessed to again see his equal.” Frank Lampard has confirmed he will seek a new challenge after returning from the World Cup in Brazil as he brings an end to his 13-year association with Chelsea. Fellow England midfielder James Milner said: “He’s not finished yet. He’s still got that quality and still has the goals, so I am sure he’ll have plenty of offers and he will choose what is right. “Players have ups and downs in their career, but every season he delivers and the example is set for the younger players coming in. “Since I’ve been in the England squad he’s been a top player, a top pro and that’s exactly what we need going into a major tournament.” Lampard gave no immediate indication as to what the future might hold, instead choosing to thank those who helped him make such a success of his Stamford Bridge career. Lampard said: “When I arrived at this fantastic club 13 years ago I would never have believed that I would be fortunate enough to play so many games and enjoy sharing in so much success. “This club has become part of my life and I have so many people to thank for the opportunity. Firstly, Ken Bates, who put his neck on the line to sign me as a young player and without him I would not have even begun this experience. “Roman Abramovich, the man who saved our club and took us all to new levels. His desire to push the club to the top of the football world has rubbed off on everyone. “All the managers and coaches who have helped me develop my game during the time I have been here. I have learnt from every one of them. The 35-year-old issued a statement on Monday evening in which he revealed he has played his last game for the Blues. Lampard has already been linked with a move to New York City FC but his England team-mates are convinced he still has a future at the highest level. Press Associationlast_img read more

Bob Hendershot awarded 2017 Distinguished Grasslander Award

first_imgShare Facebook Twitter Google + LinkedIn Pinterest The American Forage and Grassland Council awarded Bob Hendershot, retired State Grassland Conservationist in Ohio for the United States Department of Agriculture (USDA) Natural Resources Conservation Service (NRCS), the 2017 Distinguished Grasslander Award at its annual conference in Roanoke, Virginia.The Distinguished Grasslander Award is presented to individuals who, during their careers, have served the forage and grassland segment of agriculture with distinction.“My desire has been to help farmers conserve and improve their soil, water and plant resources. Forages and pastures are one of our most misunderstood, underutilized and abused land uses. I have been blessed to share knowledge and information on soils, plants, animals and water to help producers protect the environment, improve their families’ lifestyle and increase their income,” Hendershot said.Hendershot is known throughout the grazing community. He has walked countless number of pasture fields and provided technical services to many farmers across Ohio and surrounding states. He has participated in hundreds of pasture walks and field days across Ohio. He has given presentations at numerous grazing conferences across the state and country.Hendershot began his career with the Soil Conservation Service (later changed to the Natural Resources Conservation Service) as a soil scientist mapping soils for the soil survey program in five different counties in Ohio. He was promoted to a Conservation Agronomist and he and his young family moved to Circleville, Ohio. He later was promoted to Resource Conservationist and finally promoted to State Grassland Conservationist in 1985. Bob presently lives on the same pasture farm, raising sheep and cattle that his family moved to 33 years ago. He and his late wife Connie have three grown children. After retiring from NRCS he started Green Pasture Services, a pasture consulting service that sells forage seed and temporary fencing materials.Hendershot has received many honors including being named the nation’s Outstanding Pastureland Conservationist in 1999, inducted into the Ohio State Conservationist’s Hall of Fame in 1998 and was presented the NRCS Regional Grazing Lands Conservation award in 1996. He has been president of three state organizations: Ohio Sheep Improvement Association, the Ohio Association of Pedologist (soil scientists), and the Ohio Forage and Grassland Council. He received the American Sheep Industry Flock Guardian Award in 2006 for his work in grazing systems for sheep producers and was presented the 2010 Ohio Master Shepherd Award. He was one of the founders of the Ohio Forage and Grassland Council (OFGC) and still serves on the board of directors. He helped develop the Pasture for Profit grazing schools, the Forage for Horses and the Equine Environmental and Liability Awareness Programs. Hendershot has also been presented the OFGC Bob Evans Leadership Award for being a “champion” of forages. He is a past president and life member of the American Forage and Grassland Council and represents the organization on the National Grazing Lands Coalition Committee.last_img read more

President Trump Imposes Tariffs on Solar Panels

first_img RELATED ARTICLES Some experts worried that the protectionist moves would touch off more widespread trade disputes. Chad Brown of the Peterson Institute for International Economics told The Washington Post, “There’s a real chance that this opens the floodgates.”The Times reported that more than 95% of solar panels sold in the U.S. are imported, half of them from Malaysia and South Korea. China has became a powerhouse in solar cell and module manufacturing, with its share of global cell production rising from 7% in 2005 to 61% in 2012, The Post reported, while as many as 30 U.S. manufacturers of PV modules have gone out of business.Low prices on imported solar cells and panels hurt U.S. manufacturers, but they also have driven down the cost of solar installations by 70% since 2010. And in the wake of the decision, the Solar Energy Industries Association warned that 23,000 Americans who install PV systems would lose their jobs this year, while billions in solar investments would be delayed or canceled. In a statement, SEIA President Abigail Ross said the tariffs would not be enough to keep either Suniva or SolarWorld afloat and would damage a sector of the economy that has been booming.SEIA included a statement from Tony Clifford, the chief development officer at Standard Solar, a SEIA member. “It boggles my mind that this president — any president, really — would voluntarily choose to damage one of the fastest-growing segments of our economy,” he said. “This decision is misguided and denies the reality that bankrupt foreign companies will be the beneficiaries of an American taxpayer bailout.”GTM Research predicted that the tariffs would mean an 11% drop in U.S. solar installations over the next five years, a reduction of 7.6 gigawatts of installed capacity through 2022. President Trump has announced the imposition of new tariffs on imported photovoltaic (PV) cells and panels, acceding to the request of two foreign-owned companies with facilities in the U.S., Suniva and SolarWorld. The tariffs were vigorously opposed by a trade group representing the U.S. solar industry.The new duties start at 30% but will decline over four years to 15%. In each of those four years, the first 2.5 gigawatts of imported solar cells won’t be subject to the tariff, The New York Times reported, a move designed to help PV module manufacturers in the U.S. retain access to cheap cells.Trump acted after getting recommendations from the U.S. International Trade Commission, which conducted hearings on the request from Suniva and SolarWorld. Also on Monday, Trump ordered new tariffs on imported washing machines.The tariffs are part of a trade broadside from the Trump administration that also includes his withdrawal from the Trans-Pacific Partnership and negotiations to rewrite the North American Free Trade Agreement to make the agreement more favorable to the U.S.center_img Hearings Open on Solar Panel Trade CaseCould a Trade Dispute With China End the U.S. Solar Boom?New Tariffs on Chinese Solar PanelsTariff Threat Strangling Solar MarketAn Introduction to Photovoltaic Systemslast_img read more

San Miguel reclaims lead

first_imgPBA IMAGESPlaying steadier when the game was truly on the line, San Miguel Beer bounced back from its first loss of the season to reclaim the solo lead in the PBA Philippine Cup eliminations.Chico Lanete hit the triple that climaxed what was a game-long fightback by the Beermen with 1:29 left as San Miguel scored a 77-76 nipping of Magnolia on Sunday night at Ynares Center in Antipolo.ADVERTISEMENT June Mar Fajardo hit three free throws inside the final 56.3 seconds and the Beermen pounced on numerous misses by the Hotshots to improve to 6-1 and put behind a bitter 100-96 loss to Barangay Ginebra last Sunday.It was the first loss in five games and the second in eight overall for the Hotshots, who fell into a second-place tie with Alaska, which gutted out a 105-98 win over GlobalPort in the first game.FEATURED STORIESSPORTSWATCH: Drones light up sky in final leg of SEA Games torch runSPORTSLillard, Anthony lead Blazers over ThunderSPORTSMalditas save PH from shutoutThe Aces rallied from 13 points down in the third quarter to force extension before Vic Manuel scored seven of Alaska’s last nine points that keyed their sixth straight win.Alaska rose to 6-2 overall and dealt the Batang Pier their fourth loss in seven games as the Aces remained in pursuit of the leaders with jockeying for the top two spots in the playoffs still a wide open affair. Typhoon Kammuri accelerates, gains strength en route to PH NEXT BLOCK ASIA 2.0 introduces GURUS AWARDS to recognize and reward industry influencers MOST READ 2 ‘newbie’ drug pushers fall in Lucena sting LATEST STORIES AFP official booed out of forum View comments Manuel finished with a game-high 21 points to go along with five rebounds coming off the bench.Guards JV Casio and Chris Banchero scored 16 apiece, with Casio making 5-of-10 attempts from beyond the arc.Calvin Abueva completed a double-double with 12 points and the same number of boards as the former Rookie of the Year celebrated his 30th birthday in style.“We’re so fortunate to come away with this,” said Alaska coach Alex Compton as Alaska battled back from 62-75 in the third period. “Hats off to the players. They didn’t give up.”The Aces stormed back in the payoff period, capped by an Abueva pass to Kevin Racal for an undergoal stab that made it 92-91 with 61 seconds to go.—WITH REPORTS FROM RANDOLPH B. LEONGSON, INQUIRER.NETADVERTISEMENTcenter_img Read Next John Lloyd Cruz a dashing guest at Vhong Navarro’s wedding Brace for potentially devastating typhoon approaching PH – NDRRMC Globe Business launches leading cloud-enabled and hardware-agnostic conferencing platform in PH Ancajas destroys foe Trending Articles PLAY LIST 00:50Trending Articles01:30’Excited’ Terrence Romeo out to cherish first PBA finals appearance01:33Leo Austria, SMB wary of ‘more experienced’ Hotshots ahead of PBA Finals rematch01:29Police teams find crossbows, bows in HK university01:35Panelo suggests discounted SEA Games tickets for students02:49Robredo: True leaders perform well despite having ‘uninspiring’ boss02:42PH underwater hockey team aims to make waves in SEA Games01:44Philippines marks anniversary of massacre with calls for justice01:19Fire erupts in Barangay Tatalon in Quezon City Don’t miss out on the latest news and information. Slow and steady hope for near-extinct Bangladesh tortoiseslast_img read more

Residents and Tourists Comfortable With State of Public Emergency

first_imgStory Highlights Joan Jameson of Toronto, Canada, who was on her fourth trip to Jamaica, said she had only learnt that there was a State of Public Emergency after her children called to make queries, as everything appeared normal to her. Residents and visitors who go to the busiest commercial, tourism and recreational areas in Montego Bay say they have been going about their daily business as usual, as the State of Public Emergency in St. James has had a positive impact on their sense of safety. Residents and visitors who go to the busiest commercial, tourism and recreational areas in Montego Bay say they have been going about their daily business as usual, as the State of Public Emergency in St. James has had a positive impact on their sense of safety.On Friday (January 19), visitors to the island, tour operators and residents of Montego Bay who frequent Gloucester Avenue and the Sunset Beach were busy with their regular activities.Some tourists even conversed with Jamaica Defence Force (JDF) soldiers who traversed that thoroughfare en route to the city centre.Joan Jameson of Toronto, Canada, who was on her fourth trip to Jamaica, said she had only learnt that there was a State of Public Emergency after her children called to make queries, as everything appeared normal to her.Nevertheless, she told JIS News that she is looking forward to returning to the island very soon after her current vacation ends.“There are 17 of us here, and we will keep coming back. I would love to live here. The people are so lovely. The climate is fine and everybody has fun. There is never any trouble. It is the most beautiful place we have ever been. The people are fantastic… everybody is so very accommodating,” she said.Tour operator, Denton Martin, told JIS News that tourists are still coming in large numbers to the island via the Sangster International Airport.“There are a lot of tourists on the streets, coming out of the hotels, walking around and enjoying themselves. They are going to the gift shops and doing their shopping just the same. I am not even sure they are aware that there is a State of Public Emergency, because they don’t see anything,” he said.Meanwhile, Shanique McGhie of Rose Heights said the State of Public Emergency is welcome, and she appreciates the presence of members of the security forces.“I think this state of emergency is really good, as it shows that something is being done,” Ms. McGhie said.Donna-rae Dunston of Maroon Town expressed similar sentiments. “I feel safer. I know I can walk out and have my pocketbook and know I’m not gonna get robbed, she said.Part-time University of the West Indies student, Kaben Davis, of Richmond Hill told JIS News that she believes the State of Public Emergency will result in more visitors making Jamaica their place of choice for vacations, “if they see that the Government is putting measures in place to decrease the crime rate”.“I welcome it. I think it is a good move. My co-workers say they feel more comfortable going home in the evenings. The police and soldiers are out at that time and they have no fear… . I am sure, going forward, we will have a positive outcome,” she said.In the meantime, Mayor of Montego Bay and Chairman of the St. James Municipal Corporation, Homer Davis, called on residents who have been declared as “persons of interest” to report to the closest police station.“I am appealing to those persons out there who know that the police have an interest in them to hand over themselves to the police and to probably make life easier for themselves,” he said. “There are 17 of us here, and we will keep coming back. I would love to live here. The people are so lovely. The climate is fine and everybody has fun. There is never any trouble. It is the most beautiful place we have ever been. The people are fantastic… everybody is so very accommodating,” she said.last_img read more

Charlie Lake Elementary student raises over 13k for cancer patients in Fort

first_imgLandon said he was inspired to raise the money after his grandmother Suzanne Sutherland shaved her head while undergoing chemotherapy treatment last fall. Sutherland was diagnosed with lung cancer five years ago. Landon’s mom Jackie Tolsma said that Landon’s inspiration for the fundraiser came while his family was shopping for scarves for his grandmother.Though he might not have his hair at the moment, Landon will be continuing the fundraiser until March 31st. To donate to the campaign, contact Jackie Tolsma by phone at (250) 262-6224, or email [email protected] of the donations received will be posted on the Landon’s Wish Facebook group page: https://www.facebook.com/groups/1862574167149041/about/ FORT ST. JOHN, B.C. — 10 year-old Charlie Lake Elementary School student Landon Tolsma had probably one of his most exciting and nerve-wracking lunch hours today.Tolsma, who turns 11 on Sunday, had the close to seven inches of hair that he’s been growing since October shaved off today to raise money for cancer patients in Fort St. John and Dawson Creek. A fundraiser that was launched by his family almost three weeks ago brought in over $13,000 from an initial goal to raise $1,500 to buy scarves and other essentials for those battling with cancer. A bake sale at Charlie Lake Elementary brought in over $700 of the total on Wednesday and Thursday. Photo by Chris Newton Photo by Chris Newton Photo by Chris Newton Photo by Chris Newton Photo by Chris Newton Photo by Chris Newton Jackie and Landon Tolsma show off his new Charlie Lake Elementary Lakers toque. Photo by Chris Newton Jackie and Landon Tolsma show off his new Charlie Lake Elementary Lakers toque. Photo by Chris Newton last_img read more

Alberta move to cut energy shipments expected to hit more than BC

first_img“(But) if there’s curtailment all the way to the point of discontinuing that flow of product … that utilization taken away from the refineries would have a pretty negative effect on therefineries.”Refiners would be forced to find alternative markets, accept lower prices, or run operations at less than optimum capacity to restrict output, he said.Tighter supplies of gasoline and diesel in B.C. would likely drive up prices in B.C.’s Lower Mainland by about 10 cents per litre, said fuel market analyst Michael Ervin, senior vice-president at the Kent Group Ltd.The estimate is lower than other experts have estimated, but he said it’s high enough that refiners on the U.S. West Coast or possibly even Asia Pacific would be motivated to overcome logistical hurdles and start supplying the market.In Alberta, meanwhile, the glut of gasoline and diesel would likely result in cheaper prices for motorists, especially in the Edmonton area, he said.Ervin said cutting off light oil supplies through Trans Mountain would hurt Alberta-based Parkland Fuels Corp., which bought the 55,000-barrel-per-day Burnaby refinery last year and has enjoyed good margins thanks to its access to low-cost Alberta feedstock.Imperial Oil Ltd. spokesman Jon Harding said Tuesday the Calgary-based company, which ships refined products on Trans Mountain, “understands the rationale” for Bill 12 and will comply if it’s passed, but hopes a solution can be found that negates the need for its use.Suncor Energy Inc., meanwhile, has a “vast logistics network” and would look to send refined product out of Edmonton to other markets if needed, said spokeswoman Sneh Seetal.Andrew Leach, an associate professor with the University of Alberta’s business school, said any economic impact of an Alberta energy export ban would be brief because he doesn’t think the province’s legislation is constitutional.He suggested any attempts to implement a ban would be swiftly and successfully attacked by interested parties in court.(THE CANADIAN PRESS) The Alberta government said Monday it might restrict shipments on the existing 300,000-barrel-per-day Trans Mountain pipeline to diluted bitumen, thus displacing the refined products and light oil it carries.The move would likely push fuel costs higher in B.C. but would also hurt Alberta’s four refineries, said Brian Ahearn, Western Canada vice-president for the Canadian Fuels Association, which represents the refining industry.He said about 25 percent of the gasoline, diesel, jet fuel and other products produced at the Edmonton-area refineries goes to B.C., a total of 80,000 to 100,000 barrels per day, the pipeline carries about 45,000 to 50,000 barrels per day and the rest is shipped by train or truck.“Directionally, we are supportive of the government’s overall objective and the reason is we are a supporter of the Trans Mountain pipeline expansion,” Ahearn said. On Monday, Alberta introduced legislation that would allow the energy minister to use export permits to control how much and what products truckers, pipeline companies and rail operators can ship.The province says it might use the legislation to fire back at B.C. if it continues to block the Trans Mountain pipeline expansion in the courts. The dispute is headed for a showdown on May 31, the date on which proponent Kinder Morgan Canada Ltd. has said it mightcancel the $7.4-billion project unless it is convinced it will be allowed to proceed to completion.D’Avignon pointed out that Alberta and B.C. have the most integrated economies in Canada and, if fuel costs rise in B.C., it will affect the cost of trade goods going to Alberta and the cost to ship Alberta products such as grain from West Coast ports.He said it could also affect the availability of B.C. residents to work in Alberta’s oilpatch and B.C. exports of electricity and natural gas to Alberta, while possibly reducing federal income taxes paid by B.C. residents.Alberta’s proposed legislation and B.C.’s response are the latest manoeuvres in the escalating dispute over the $7.4-billion Trans Mountain pipeline expansion that runs from Edmonton to Burnaby, B.C. The federal and Alberta governments support the project, while B.C. opposes it, saying it is defending its coast from a potentially catastrophic oil products spill.On Tuesday, the Saskatchewan government joined the fray, promising to also pass legislation allowing it to interrupt energy shipments to B.C.center_img CALGARY, A.B. – Economic damage will extend far beyond the fuel budgets of British Columbia residents if Alberta successfully enacts a bill allowing it to restrict oil and gas exports, observers say.The Bill 12 legislation and the trade war escalation it might spark would damage Alberta and Canadian businesses and citizens as well as those in British Columbia, warned Greg D’Avignon, CEO of the Business Council of B.C.“By punishing British Columbia because of the actions of the government of the day, while it might feel good and I completely understand it, it actually has consequences people aren’t thinking about for the citizens of Alberta and our country as a whole,” he said Tuesday.last_img read more

With election looming Alberta announces budget on track for 69B deficit

first_imgEDMONTON, A.B. – Alberta is on track for a $6.9-billion budget deficit amid speculation voters will go to the polls this spring before a new budget is introduced.The budget had originally forecast a deficit of $8.8 billion, but Finance Minister Joe Ceci says a lower dollar and higher than expected bitumen royalties have helped reduce the red ink.Ceci released the numbers as part of a third-quarter update for the current fiscal year. Total revenue this year is forecast at $49.6 billion and total expenses at $56.6 billion.Ceci has not confirmed whether his department will present a budget before the spring election call.However, the update contained long-term projections for deficit reduction, which are normally found in budgets, along with charts detailing what the NDP government has been doing to combat the downturn in oil prices.last_img read more