News
Illinois 2025 budget adds more money for early childhood and K-12 schools
Sign up for Chalkbeat Chicago’s free daily newsletter to keep up with the latest education news.
The Illinois House approved a $53.1 billion budget with increases for early childhood education, public K-12 schools and the state’s literacy plan Wednesday morning by a vote of 65 to 45. bill heads to Governor JB Pritzker’s desk for final approval.
“For the sixth year in a row, I have introduced and the legislature passed a balanced budget that invests in our future while putting money back into the hands of hardworking Illinoisans,” Pritzker said at a news conference Wednesday.
The state General Assembly also approved a state tax credit for children, which would make Illinois one of more than a dozen states to pass such legislation in the wake of the COVID pandemic, when the federal government temporarily expanded the benefit. Low-income Illinois families with children under age 12 and those who qualify for the state’s Earned Income Tax Credit would be eligible to receive the credit in 2025.
This version of the state child tax credit expands what Pritzker proposed in February, when he introduced a tax credit for families with young children ages 3 and younger.
Starting in July 2021, families across the country received up to $300 for children ages 17 and younger as part of the Biden Administration’s American Rescue Plan. The program, which ended in December 2021, has been credited with reducing child poverty and hunger. Since then, states like Colorado, California and New York have created their own child tax credit.
“The truth is we all think education should be better funded,” Pritzker said, when asked about Chicago City Council Speaker Brandon Johnson, who took a trip to Springfield to call for more education funding for the city’s schools.
But, the governor said, the need goes beyond Chicago.
“The city of Chicago represents 20 percent of the state’s population,” he said at Wednesday’s news conference. “So we have a lot of other kids across the state going to school. We need to better fund their schools too.”
Here are more highlights about education funding in the state budget for fiscal year 2025.
New state’s Early Childhood Department gains momentum
The budget includes about $14 million to start a new State Department of Early Childhood to help streamline early education and child care programs. Separate legislation to create the department still needs Pritzker’s signature.
The new department, which was approved by lawmakers during the session, will bring together early childhood education programs from the Illinois State Board of Education, the state Department of Human Services and the Department of Child and Family Services under one roof by Jan. 1. July 2026. The governor’s budget proposal called for $13 million to launch the department.
The Illinois State Board of Education received a $75 million increase to its early childhood grant, bringing the program’s total funding to nearly $750 million. Pritzker expects this to create 5,000 new seats for preschool students this year. Earlier this year, Pritzker and the state board added 5,800 preschool spaces during the first year of his Smart Start Initiative — a plan to create 20,000 preschool spaces for 3- and 4-year-olds and provide more funding for early childhood education.
The Department of Human Services’ early childhood programs will also see an increase. The state’s home visiting program, a program that supports pregnant women and families with children under age 5, received an additional $5 million. The department’s Child Assistance Programs, which provide financial assistance to low-income families, received an additional $36.5 million in state funding.
The state’s early intervention program received an additional $6 million to support children with disabilities up to age 3. Early childhood advocates were upset when this increase was proposed by Pritzker in February because advocates say it we have seen an increase in the number of children on the waiting list for services and experiencing service delays. They also said they observed a lack of incentives for early intervention providers to remain in programs or recruit more providers.
Advocates went to Springfield in April to ask the state to invest an additional $40 million, just like the previous year. The state said last year’s increase and this year’s increase are enough to ensure children continue to receive early intervention services.
Basic education receives US$350 million more
Illinois public school districts will receive $8.6 billion in state funding next year — $350 million more than last year. That’s the minimum annual increase lawmakers agreed to in 2017, when the state created a new formula to change the way K-12 schools are funded. The initial objective was to have all schools reach an adequate funding level by 2027.
Over time, districts received nearly $2 billion more in state funding. But education advocates and funding experts say districts won’t achieve adequate funding until at least 2030 unless the annual campaign increases jump to US$550 million or more. In a recent reportThe Center for Budget and Fiscal Responsibility noted a funding gap of about $2.3 billion.
Advance Illinois, a political and advocacy organization that focuses on education, was one of the groups that supported a $550 million increase for K-12 schools.
“This governor has demonstrated that education is a priority,” said Robin Steans, president of the organization. “This is a difficult year. We appreciate the new and increased investments they have made, although we recognize that we are disappointed that there is still some important work to be done.”
The 2025 budget includes $3 million to implement the state’s new literacy plan, which was completed at the beginning of this year by the Illinois State Board of Education.
Conspicuously absent from the budget is funding to support local school districts that have seen an increase in number of students who recently migrated to the United States.
In the spring of 2022, Illinois schools began to see a rapid increase in enrollment as families were bused from the southern Texas border to cities like Chicago. Chicago Public Schools and suburban school districts reported enrolling large numbers of students from Venezuela. With more English learners enrolled in schools, the need for bilingual staff and educators has increased. The overall needs of schools have also grown exponentially as they struggle with limited resources to support newly arrived students.
Keep learning.
Get the latest news about Chicago Public Schools and Illinois education policy in your inbox for free every weekday morning.
Some school districts have requested more funding because the state’s evidence-based funding formula does not cover students who enroll during the school year.
Additionally, the State Board of Education and local school districts use different methods of counting the number of newly arrived students enrolled in schools. To help support schools and the needs of newcomers, the state board asked the General Assembly for $35 million.
Rep. Fred Crespo, a Democrat who represents Chicago’s northwest suburbs that have seen an influx of migrant families, presented an invoice initially asking for $35 million, but with a push from education advocates and local school district leaders, he changed the amount to $188 million. However, it did not make it into the final budget.
Higher education records small increases
The Illinois Monetary Award Program, also known as MAP, a scholarship program for college students from low-income families, received an additional $10 million, increasing the entire fund to $711 million.
Illinois higher education advocates, including The Partnership for College Completion, an advocacy organization focused on higher education, have criticized the governor for not proposing more funding for MAP.
Christian Perry, director of policy and advocacy at The Partnership for College Completion, said in a statement to Chalkbeat that this year’s budget is not enough to support the needs of college students in the state.
“The MAP increase has not kept pace with inflation and comes at a time when students are facing problems with the new FAFSA, making college attendance alarmingly uncertain for low-income students,” Perry said.
Additionally, the Illinois Student Assistance Commission’s Illinois Minority Teacher Scholarship, which supports students of color and bilingual students who want to become teachers to receive a scholarship, did not get a funding increase. The program will continue to raise US$8 million, the same amount it received in last year’s budget.
Samantha Smylie is a state education reporter for Chalkbeat Chicago, covering school districts across the state, legislation, special education and the state board of education. Contact Samanta at ssmylie@chalkbeat.org.
RENO, Nev., August 1, 2024–(BUSINESS THREAD)–Modiv Industrial, Inc. (“Modiv” or the “Company”) (NYSE:MDV), the only public REIT focused exclusively on the acquisition of industrial real estate properties, today announced that it will release second quarter 2024 financial results for the quarter ended June 30, 2024 before the market opens on Tuesday, August 6, 2024. Management will host a conference call the same day at 7:30 a.m. Pacific Time (10:30 a.m. Eastern Time) to discuss the results.
Live conference call: 1-877-407-0789 or 1-201-689-8562 at 7:30 a.m. Pacific Time Tuesday, August 6.
Internet broadcast: To listen to the webcast, live or archived, use this link https://callme.viavid.com/viavid/?callme=true&passcode=13740174&h=true&info=company&r=true&B=6 or visit the investor relations page of the Modiv website at www.modiv.com.
About Modiv Industrial
Modiv Industrial, Inc. is an internally managed REIT focused on single-tenant net-leased industrial manufacturing real estate. The company actively acquires critical industrial manufacturing properties with long-term leases to tenants that fuel the national economy and strengthen the nation’s supply chains. For more information, visit: www.modiv.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240731628803/en/
Contacts
Investor Inquiries:
management@modiv.com
Volta Finance Limited
Volta Finance Limited (VTA/VTAS)
Notification of transactions by directors, persons exercising managerial functions
responsibilities and people closely associated with them
NOT FOR DISCLOSURE, DISTRIBUTION OR PUBLICATION, IN WHOLE OR IN PART, IN THE UNITED STATES
*****
Guernsey, 1 August 2024
Pursuant to announcements made on 5 April 2019 and 26 June 2020 relating to changes to the payment of directors’ fees, Volta Finance Limited (the “Company” or “Volta”) purchased 3,380 no par value ordinary shares of the Company (“Ordinary Shares”) at an average price of €5.2 per share.
Each director receives 30% of his or her director’s fee for any year in the form of shares, which he or she is required to hold for a period of not less than one year from the respective date of issue.
The shares will be issued to the Directors, who for the purposes of Regulation (EU) No 596/2014 on Market Abuse (“March“) are “people who exercise managerial responsibilities” (a “PDMR“).
-
Dagmar Kershaw, Chairman and MDMR for purposes of MAR, has acquired an additional 1,040 Common Shares in the Company. Following the settlement of this transaction, Ms. Kershaw will have an interest in 12,838 Common Shares, representing 0.03% of the Company’s issued shares;
-
Stephen Le Page, a Director and a PDMR for MAR purposes, has acquired an additional 728 Ordinary Shares in the Company. Following the settlement of this transaction, Mr. Le Page will have an interest in 50,562 Ordinary Shares, representing 0.14% of the issued shares of the Company;
-
Yedau Ogoundele, Director and a PDMR for the purposes of MAR has acquired an additional 728 Ordinary Shares in the Company. Following the settlement of this transaction, Ms. Ogoundele will have an interest in 6,862 Ordinary Shares, representing 0.02% of the issued shares of the Company; and
-
Joanne Peacegood, Director and PDMR for MAR purposes has acquired an additional 884 Ordinary Shares in the Company. Following the settlement of this transaction, Ms. Peacegood will have an interest in 3,505 Ordinary Shares, representing 0.01% of the issued shares of the Company;
The notifications below, made in accordance with the requirements of the MAR, provide further details in relation to the above transactions:
|
a) Dagmar Kershaw |
b) Stephen LePage |
c) Yedau Ogoundele |
e) Joanne Pazgood |
|||
|
a. Position/status |
Director |
|||||
|
b. Initial Notification/Amendment |
Initial notification |
|||||
|
||||||
|
a name |
Volta Finance Limited |
|||||
|
b. LAW |
2138004N6QDNAZ2V3W80 |
|||||
|
a. Description of the financial instrument, type of instrument |
Ordinary actions |
|||||
|
b. Identification code |
GG00B1GHHH78 |
|||||
|
c. Nature of the transaction |
Acquisition and Allocation of Common Shares in Relation to Partial Payment of Directors’ Fees for the Quarter Ended July 31, 2024 |
|||||
|
d. Price(s) |
€5.2 per share |
|||||
|
e. Volume(s) |
Total: 3380 |
|||||
|
f. Transaction date |
August 1, 2024 |
|||||
|
g. Location of transaction |
At the Market – London |
|||||
|
The) |
B) |
w) |
It is) |
|||
|
Aggregate Volume: Price: |
Aggregate Volume: Price: |
Aggregate Volume: Price: |
Aggregate Volume: Price: |
|||
CONTACTS
For the investment manager
AXA Investment Managers Paris
Francois Touati
francois.touati@axa-im.com
+33 (0) 1 44 45 80 22
Olivier Pons
Olivier.pons@axa-im.com
+33 (0) 1 44 45 87 30
Company Secretary and Administrator
BNP Paribas SA, Guernsey branch
guernsey.bp2s.volta.cosec@bnpparibas.com
+44 (0) 1481 750 853
Corporate Broker
Cavendish Securities plc
Andre Worn Out
Daniel Balabanoff
+44 (0) 20 7397 8900
*****
ABOUT VOLTA FINANCE LIMITED
Volta Finance Limited is incorporated in Guernsey under the Companies (Guernsey) Law, 2008 (as amended) and listed on Euronext Amsterdam and the Main Market of the London Stock Exchange for listed securities. Volta’s home member state for the purposes of the EU Transparency Directive is the Netherlands. As such, Volta is subject to the regulation and supervision of the AFM, which is the regulator of the financial markets in the Netherlands.
Volta’s investment objectives are to preserve its capital throughout the credit cycle and to provide a stable income stream to its shareholders through dividends that it expects to distribute quarterly. The company currently seeks to achieve its investment objectives by seeking exposure predominantly to CLOs and similar asset classes. A more diversified investment strategy in structured finance assets may be pursued opportunistically. The company has appointed AXA Investment Managers Paris, an investment management firm with a division specializing in structured credit, to manage the investment portfolio of all of its assets.
*****
ABOUT AXA INVESTMENT MANAGERS
AXA Investment Managers (AXA IM) is a multi-specialist asset management firm within the AXA Group, a global leader in financial protection and wealth management. AXA IM is one of the largest European-based asset managers with 2,700 professionals and €844 billion in assets under management at the end of December 2023.
*****
This press release is issued by AXA Investment Managers Paris (“AXA IM”) in its capacity as alternative investment fund manager (within the meaning of Directive 2011/61/EU, the “AIFM Directive”) of Volta Finance Limited (“Volta Finance”), the portfolio of which is managed by AXA IM.
This press release is for information only and does not constitute an invitation or inducement to purchase shares of Volta Finance. Its circulation may be prohibited in certain jurisdictions and no recipient may circulate copies of this document in violation of such limitations or restrictions. This document is not an offer to sell the securities referred to herein in the United States or to persons who are “U.S. persons” for purposes of Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or otherwise in circumstances where such an offering would be restricted by applicable law. Such securities may not be sold in the United States absent registration or an exemption from registration under the Securities Act. Volta Finance does not intend to register any part of the offering of such securities in the United States or to conduct a public offering of such securities in the United States.
*****
This communication is being distributed to, and is directed only at, (i) persons who are outside the United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) high net worth companies and other persons to whom it may lawfully be communicated falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”). The securities referred to herein are available only to, and any invitation, offer or agreement to subscribe for, purchase or otherwise acquire such securities will be made only to, relevant persons. Any person who is not a relevant person should not act on or rely on this document or any of its contents. Past performance should not be relied upon as a guide to future performance.
*****
This press release contains statements that are, or may be deemed to be, “forward-looking statements”. These forward-looking statements can be identified by the use of forward-looking terminology, including the words “believes”, “anticipates”, “expects”, “intends”, “is/are expected”, “may”, “will” or “should”. They include statements about the level of the dividend, the current market environment and its impact on the long-term return on Volta Finance’s investments. By their nature, forward-looking statements involve risks and uncertainties and readers are cautioned that such forward-looking statements are not guarantees of future performance. Actual results, portfolio composition and performance of Volta Finance may differ materially from the impression created by the forward-looking statements. AXA IM undertakes no obligation to publicly update or revise forward-looking statements.
Any target information is based on certain assumptions as to future events that may not materialize. Due to the uncertainty surrounding these future events, targets are not intended to be and should not be considered to be profits or earnings or any other type of forecast. There can be no assurance that any of these targets will be achieved. Furthermore, no assurance can be given that the investment objective will be achieved.
Figures provided which relate to past months or years and past performance cannot be considered as a guide to future performance or construed as a reliable indicator as to future performance. Throughout this review, the citation of specific trades or strategies is intended to illustrate some of Volta Finance’s investment methodologies and philosophies as implemented by AXA IM. The historical success or AXA IM’s belief in the future success of any such trade or strategy is not indicative of, and has no bearing on, future results.
The valuation of financial assets may vary significantly from the prices that AXA IM could obtain if it sought to liquidate the positions on Volta Finance’s behalf due to market conditions and the general economic environment. Such valuations do not constitute a fairness or similar opinion and should not be relied upon as such.
Publisher: AXA INVESTMENT MANAGERS PARIS, a company incorporated under the laws of France, with registered office at Tour Majunga, 6, Place de la Pyramide – 92800 Puteaux. AXA IMP is authorized by Autorité des Marchés Financiers under registration number GP92008 as an alternative investment fund manager within the meaning of the AIFM Directive.
*****
Litter (AAPL) is set to report its fiscal third-quarter earnings after the market closes on Thursday, and unlike the rest of its tech peers, the main story won’t be about the rise of AI.
Instead, analysts and investors will be keeping a close eye on iPhone sales in China and whether Apple has managed to stem the tide of users switching to domestic rivals including Huawei.
For the quarter, analysts expect Apple to report earnings per share (EPS) of $1.35 on revenue of $84.4 billion, according to estimates compiled by Bloomberg. Apple saw EPS of $1.26 on revenue of $81.7 billion in the same period last year.
Apple shares are up about 18.6% year to date despite a rocky start to the year, thanks in part to the impact of the company’s Worldwide Developer Conference (WWDC) in May, where showed off its Apple Intelligence software.
But the big question on investors’ minds is whether iPhone sales have risen or fallen in China. Apple has struggled with slowing phone sales in the region, with the company noting an 8% decline in sales in the second quarter as local rivals including Huawei and Xiaomi gain market share.
Apple CEO Tim Cook delivers remarks at the start of the Apple Worldwide Developers Conference (WWDC). (Photo by Justin Sullivan/Getty Images) (Justin Sullivan via Getty Images)
And while some analysts, such as JPMorgan’s Samik Chatterjee, believe sales in Greater China, which includes mainland China, Hong Kong, Singapore and Taiwan, rose in the third quarter, others, including David Vogt of UBS Global Research, say sales likely fell about 6%.
Analysts surveyed by Bloomberg say Apple will report revenue of $15.2 billion in Greater China, down 3.1% from the same quarter last year, when Apple reported revenue of $15.7 billion in China. Overall iPhone sales are expected to reach $38.9 billion, down 1.8% year over year from the $39.6 billion Apple saw in the third quarter of 2023.
But Apple is expected to make up for those declines in other areas, including Services and iPad sales. Services revenue is expected to reach $23.9 billion in the quarter, up from $21.2 billion in the third quarter of 2023, while iPad sales are expected to reach $6.6 billion, up from the $5.7 billion the segment brought in in the same period last year. Those iPad sales projections come after Apple launched its latest iPad models this year, including a new iPad Pro lineup powered by the company’s M4 chip.
Mac revenue is also expected to grow modestly in the quarter, versus a 7.3% decline last year. Sales of wearables, which include the Apple Watch and AirPods, however, are expected to decline 5.9% year over year.
In addition to Apple’s revenue numbers, analysts and investors will be listening closely for any commentary on the company’s software launches. Apple Intelligence beta for developers earlier this week.
The story continues
The software, which is powered by Apple’s generative AI technology, is expected to arrive on iPhones, iPads and Macs later this fall, though according to Bloomberg’s Marc GurmanIt won’t arrive alongside the new iPhone in September. Instead, it’s expected to arrive on Apple devices sometime in October.
Analysts are divided on the potential impact of Apple Intelligence on iPhone sales next year, with some saying the software will kick off a new iPhone sales supercycle and others offering more pessimistic expectations about the technology’s effect on Apple’s profits.
It’s important to note that Apple Intelligence is only compatible with the iPhone 15 Pro and newer phones, ensuring that all users desperate to get their hands on the tech will have to upgrade to a newer, more powerful phone as soon as it is available.
Either way, if Apple wants to make Apple Intelligence a success, it will need to ensure it has the features that will make customers excited to take advantage of the offering.
Subscribe to the Yahoo Finance Tech Newsletter. (Yahoo Finance)
Email Daniel Howley at dhowley@yahoofinance.com. Follow him on Twitter at @DanielHowley.
Read the latest financial and business news from Yahoo Finance
The number of Americans filing for unemployment benefits hit its highest level in a year last week, even as the job market remains surprisingly healthy in an era of high interest rates.
Jobless claims for the week ending July 27 rose 14,000 to 249,000 from 235,000 the previous week, the Labor Department said Thursday. It’s the highest number since the first week of August last year and the 10th straight week that claims have been above 220,000. Before that period, claims had remained below that level in all but three weeks this year.
Weekly jobless claims are widely considered representative of layoffs, and while they have been slightly higher in recent months, they remain at historically healthy levels.
Strong consumer demand and a resilient labor market helped avert a recession that many economists predicted during the Federal Reserve’s prolonged wave of rate hikes that began in March 2022.
As inflation continues to declinethe Fed’s goal of a soft landing — reducing inflation without causing a recession and mass layoffs — appears to be within reach.
On Wednesday, the Fed left your reference rate aloneBut officials have strongly suggested a cut could come in September if the data stays on its recent trajectory. And recent labor market data suggests some weakening.
The unemployment rate rose to 4.1% in June, despite the fact that American employers added 206,000 jobs. U.S. job openings also fell slightly last month. Add that to the rise in layoffs, and the Fed could be poised to cut interest rates next month, as most analysts expect.
The four-week average of claims, which smooths out some of the weekly ups and downs, rose by 2,500 to 238,000.
The total number of Americans receiving unemployment benefits in the week of July 20 jumped by 33,000 to 1.88 million. The four-week average for continuing claims rose to 1,857,000, the highest since December 2021.
Continuing claims have been rising in recent months, suggesting that some Americans receiving unemployment benefits are finding it harder to get jobs.
There have been job cuts across a range of sectors this year, from agricultural manufacturing Deerefor media such as CNNIt is in another place.
Jeff Booth: The Bitcoin Revolution Wall Street is hiding from you!
Bitcoin drops are setting enormous earnings – Bamper and Hoogan
Attentive to this! Here is my forecast of the Bitcoin price updated for 2025: Lyn Alden
Jack Mallers: Bitcoin is prepared for the collapse of 2025 – right?
The race is becoming crazy! Bitcoin goes over $ 850 Max Keizer 1
Modiv Industrial to release Q2 2024 financial results on August 6
Volta Finance Limited – Director/PDMR Shareholding
Apple to report third-quarter earnings as Wall Street eyes China sales
Leeds hospitals trust says finances are “critical” amid £110m deficit
Inventiva reports 2024 First Quarter Financial Information¹ and provides a corporate update
Jeff Booth: The Bitcoin Revolution Wall Street is hiding from you!
Bitcoin drops are setting enormous earnings – Bamper and Hoogan
Attentive to this! Here is my forecast of the Bitcoin price updated for 2025: Lyn Alden
Jack Mallers: Bitcoin is prepared for the collapse of 2025 – right?
The race is becoming crazy! Bitcoin goes over $ 850 Max Keizer 1
-
News9 months agoModiv Industrial to release Q2 2024 financial results on August 6
-
News9 months ago
Volta Finance Limited – Director/PDMR Shareholding
-
News9 months agoApple to report third-quarter earnings as Wall Street eyes China sales
-
News11 months agoLeeds hospitals trust says finances are “critical” amid £110m deficit
-
News11 months agoInventiva reports 2024 First Quarter Financial Information¹ and provides a corporate update
-
News9 months agoNumber of Americans filing for unemployment benefits hits highest level in a year
-
DeFi11 months ago🏴☠️ Pump.Fun operated by Insider Exploit
-
Tech11 months agoBitcoin’s Correlation With Tech Stocks Is At Its Highest Since August 2023: Bloomberg ⋆ ZyCrypto
-
Tech11 months agoEverything you need to know
-
Videos11 months ago“We will enter the ‘banana zone’ in 2 WEEKS! Cryptocurrency prices will quadruple!” – Raoul Pal
-
Markets11 months agoWhale Investments in Bitcoin Hit $100 Billion in 2024, Fueling Insane Investor Optimism ⋆ ZyCrypto
-
News9 months agoStocks wobble as Fed delivers and Meta bounces