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What New York’s Budget Deal Means for Preschool and Other Education Programs
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A tentative budget deal announced Friday will funnel additional dollars into New York City’s free preschool program for 3-year-olds, but it falls short of the full restoration sought by child care advocates.
The agreement on the city’s total budget of $112.4 billion comes just days before a July 1 deadline and follows months of negotiations between the City Council and Mayor Eric Adams’ administration. The turbulent budget process has seen Adams oversee several rounds of polite It is restorations to the Department of Education budget as New York City braces for the end of billions of dollars in federal pandemic relief money.
Officials did not say how much total funding would be allocated to the city’s Education Department during Friday’s announcement. In April, the mayor’s proposal dedicated $32.2 billion to city schools. That proposal represented a 2.4 percent, or $808 million, decline in funding for the upcoming fiscal year.
Still, the city’s contribution to the Department of Education budget — which also includes federal and state dollars — is expected to increase by at least $1.6 billion. However, that additional funding is not enough to offset the $2.4 billion shortfall in federal funding.
The final budget represents a significant victory for advocates who feared that City Hall would institute deep spending cuts beyond the expiration of federal aid. But in the end, Mr. Adams pared back the worst of the cuts and found hundreds of millions in city money to replace federal dollars.
“We started the year by sounding the alarm,” wrote Kim Sweet, executive director of Advocates for Children, an organization that represents families with high needs and has lobbied hard for restoration funding. “We are grateful that the budget agreement includes more than $600 million for critical education initiatives currently supported with expiring federal funds.”
Preschool programs see partial restoration of funding
The budget deal will see an additional $20 million invested in the city’s 3-year-old program to add spots for families without 3rd-grade kindergarten slots, as well as an additional $25 million — which will be on top of the existing $15 million, for a total of $40 million — to expand days and hours in more preschool programs and help fill 3rd-grade kindergarten and preschool slots, according to city officials.
It will also add $30 million to increase funding for preschool special education slots. Children with disabilities have withered without positions despite a promise by Adams to provide universal access, as required by law. Adams had already agreed to replace $56 million in federal funding he had previously directed to stabilize the preschool special education system, and another $25 million to create more seats and help provide other services like speech therapy.
City officials said the additional funding would guarantee a spot for every child with a disability, though it remains to be seen whether that promise will become a reality — as shortages of spots and related services persisted for many years.
Under the budget agreement, a working group will also seek to develop reforms to the early childhood education system, officials said.
The city’s budget “balances fiscal responsibility and caring for working-class New Yorkers,” the mayor said.
But the budget deal will not fully reverse the cuts that early childhood education programs faced this year. The city’s preschool system has taken to center stage in budget negotiations, with council members and advocates pushing for more investment.
Adams presented a plan in April that would replace $92 million expiration of federal funding for 3-K with state and local funds, but that plan did not restore a separate amount of 170 million dollars of city funding that was previously cut from early childhood education programs. The mayor has repeatedly argued that the cuts were necessary because the city was wasting money on thousands of unfilled preschool slots.
While the board initially sought a full restoration of the $170 million cut, Finance Committee Chairman Justin Brannan acknowledged Friday that “some of the numbers are ambitious,” admitting that vacancies were a problem and that the early childhood education system needed deeper reforms.
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“We needed to do more than just restore these cuts,” he said. “We needed to be smart about this, because you have a system now that has a waiting list and a lot of empty seats, so it needs reform… just throwing money at the problem wasn’t going to fix it.”
Despite cuts to the early childhood education system, the mayor has promised that every family who wants a spot in the city’s preschool and 3-K system will receive one.
Still, last month, some families said they I didn’t get a vacancy in any program they applied to — or were admitted to a program that was far from home, presenting serious logistical challenges. Officials later said that many spots remained open and that the city would work with families who were not initially admitted to find open spots nearby.
Board President Adrienne Adams stressed that providing a 3-K slot for every family will require more funding from state sources. “We can’t afford to do this work alone,” she said.
Despite additional funding, concerns about preschool and other programs persist
The looming fiscal cliff has also put the fate of several other education programs in limbo. This includes approximately 400 school nurses hired — some of which provide care in buildings that previously had no school nurses — as well as Promise NYC, a program that offers subsidized childcare for undocumented families.
The budget deal will invest $25 million in Promise NYC, an increase of roughly $9 million, though it was not immediately clear Friday whether it would provide funding for school nurses.
While child care advocates were pleased to see some funding restored, many remained concerned about the state of the city’s early childhood education system. The sector has struggled under Adams, faced with late payment that have hurt many programs. In addition, the city has yet to address the long-standing problem of pay disparity, where teachers in privately run but publicly funded preschool programs earn significantly less than their peers who teach 3- and 4-year-olds in public school programs.
“New York City’s early childhood education system is broken—the needs of children and families are not,” said Nora Moran, director of policy and advocacy at United Neighborhood Houses. “We continue our fight to ensure there is a place for every young New Yorker in our early childhood education system, and we urge the city to invest in our center-based early childhood education workforce, putting them on parity with their public school peers working in the same jobs with the same credentials—something this budget fails to address.”
Budget process marked by repeated cuts and restorations
In recent months, the mayor has announced a series of budget cuts and investments as the city works to fill sizable gaps left by expiring federal relief funds — further clouding the already complicated process by which the city determines its more than $112 billion budget.
In November, the Department of Education cut approximately US$550 million of its budget, as Adams directed a sweeping round of citywide cuts. Another round of cuts in January reduced another 100 million dollars of the budget, although these cuts were less severe than previously anticipated.
Separately, the Adams administration has worked to find state and local resources to replace funding for programs currently supported by federal funds.
In April, the mayor announced that the city would use over US$500 million of city and state funds to plug holes in the Department of Education budget created by the expiration of COVID relief funds. And earlier this month, the mayor announced an additional $127 million would help reverse budget cuts at some schools that have faced enrollment losses, fund restorative justice programs that encourage peer mediation and other non-punitive methods of conflict resolution, and restore hours for the city’s popular Summer Rising program.
While some education programs that were previously supported by federal funding have dedicated city funds that will persist beyond the next fiscal year, others — such as a roughly $92 million expansion of 3-K, the Learning to Work program that supports students at risk of dropping out of school and the Project Pivot program which partners schools and community organizations to reduce violence — will need to be renegotiated during the next budget process, setting off future fights over education funding.
The City Council is expected to formally vote on the budget agreement on Sunday.
Michael Elsen-Rooney contributed reporting.
Julian Shen-Berro is a reporter covering New York City. Contact him at jshen-berro@chalkbeat.org.
Alex Zimmerman is a reporter for Chalkbeat New York, covering NYC public schools. Contact Alex at azimmerman@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
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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“).
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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;
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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;
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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
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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:
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a) Dagmar Kershaw |
b) Stephen LePage |
c) Yedau Ogoundele |
e) Joanne Pazgood |
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a. Position/status |
Director |
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b. Initial Notification/Amendment |
Initial notification |
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a name |
Volta Finance Limited |
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b. LAW |
2138004N6QDNAZ2V3W80 |
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a. Description of the financial instrument, type of instrument |
Ordinary actions |
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b. Identification code |
GG00B1GHHH78 |
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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 |
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d. Price(s) |
€5.2 per share |
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e. Volume(s) |
Total: 3380 |
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f. Transaction date |
August 1, 2024 |
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g. Location of transaction |
At the Market – London |
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The) |
B) |
w) |
It is) |
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Aggregate Volume: Price: |
Aggregate Volume: Price: |
Aggregate Volume: Price: |
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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
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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