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Remarks by Under Secretary for Domestic Finance Nellie Liang at the Atlantic Council on the Next Steps in the Future of Money and Payments

Remarks by Under Secretary for Domestic Finance Nellie Liang at the Atlantic Council on the Next Steps in the Future of Money and Payments

As Prepared for Delivery

 

Thank you to the organizers of today’s conference for inviting me to speak about next steps in the future of money and payments. 

 

Roughly one year ago, President Biden signed an Executive Order (EO) calling for a government-wide approach to the responsible development of digital assets.[1]  The goal of the EO is to promote responsible innovation, while also mitigating risks to users, the financial system, the economy, and national security.  Per the EO, Treasury prepared reports on the future of money and payments; current use cases of crypto-assets and their effects on consumers, investors, and businesses; and an action plan to mitigate the illicit finance risks of these assets.  The Financial Stability Oversight Council, which the Treasury Secretary chairs, published a report on the financial stability risks of digital assets and identified regulatory gaps.

Failures of large crypto firms, runs on stablecoins, and substantial investor losses in the past   year confirmed many of the concerns raised in the reports. Commingling of customer and firm assets, conflicts of interests, and a chronic lack of risk management, controls, and disclosure contributed to these episodes.  They reinforce the recommendations that were made for regulators to vigorously enforce existing laws to protect consumers, and for Congress to legislate to fill the regulatory gaps that have been identified, including with respect to regulation of stablecoins.  We also recognize that there are significant illicit finance risks related to crypto assets, and that the U.S. must continue to strengthen enforcement of existing illicit finance regulation, as well as continuously monitor whether emerging products or services require new regulations.

 

My remarks today will focus on the future of money and payments and, more specifically, on central bank digital currency (CBDC).  Central banks are at the heart of the global monetary system. Central bank money anchors the value of commercial bank money, and provides a risk-free asset for settling interbank transactions.  Central bank payment systems serve as the backbone for payment systems more generally.  Given the central bank’s key roles, changes in the design of central bank money and payments are likely to have profound implications for financial health of consumers and the economy.

 

CBDC is one of several options for upgrading the legacy capabilities of central bank money.  Another is real time payment systems:  The Federal Reserve has indicated that it expects to launch the FedNow Service this year, which will be designed to allow for near-instantaneous retail payments on a 24x7x365 basis, using an existing form of central bank money (i.e., central bank reserves) as an interbank settlement asset.  In contrast, a CBDC would involve both a new form of central bank money and, potentially, a new set of payment rails.  Both real time payment systems and CBDCs present opportunities to build a more efficient, competitive, and inclusive U.S. payment system. 

 

In the United States, policymakers are continuing to deliberate about whether to have a CBDC, and if so, what form it would take.  The Fed has also emphasized that it would only issue a CBDC with the support of the executive branch and Congress, and more broadly the public.[2]  Even as policy deliberations continue, we are engaging in the technological development of a CBDC so that we would be able to move forward rapidly if a CBDC were determined to be in the national interest. 

 

With that frame in mind, let me describe the steps we are taking to advance work on policy issues posed by the prospect of a U.S. CBDC, and to engage internationally to support responsible development of global CBDCs.

 

Advancing Work on Policy Issues for a U.S. CBDC

Treasury’s Report on the Future of Money and Payments called for a Treasury-led interagency working group to advance work on CBDC.  One of the central tasks for the Working Group is to complement the Fed’s work on CBDC policy issues by considering the implications of a U.S. CBDC for policy objectives for which a broader Administration perspective is helpful.  To give you a sense of how we are pursuing this work, I will describe our approach to thinking about CBDC options, the policy questions we are attempting to answer, and the kinds of recommendations we hope to develop. 

 

CBDC Options

As a digital form of a country’s currency, a CBDC would likely have three core features.  First, a CBDC would be legal tender.  Second, a CBDC would be convertible one-for-one into other forms of central bank money—reserve balances or paper currency.  Third, a CBDC would clear and settle nearly instantly.[3]  Beyond these core features, creating a CBDC involves many design choices.  An especially important decision is whether to have a wholesale CBDC, retail CBDC or, both.  In characterizing wholesale and retail options, we have found it useful to think about how each would differ from central bank reserves – in particular, whether the core differences relate to “technological features” or “access features,” i.e., the user base that is able to access the CBDC.

 

For wholesale CBDC, the basic difference from central bank reserves would relate to technology. For example, a wholesale CBDC could be a tokenized central bank lability, which potentially could support around-the-clock payment activity, atomic settlement of transactions, certain types of programmability, or other benefits.  By contrast, the access-related features of a wholesale CBDC may or may not differ from central bank reserves.  A wholesale CBDC could be accessible to the set of financial institutions that are currently eligible for central bank accounts, or to a wider range of financial intermediaries.  But while policymakers might consider granting access to a wholesale CBDC to institutions not currently eligible for central bank accounts, that decision would be an independent choice, rather than a necessary consequence of having a wholesale CBDC. 

 

Of course, technological differences between a wholesale CBDC and reserves could still have significant practical implications.  For example, a wholesale CBDC could support interbank settlement among commercial banks if they were to issue tokenized deposits, or provide a risk-free settlement asset for tokenized securities transactions.  A wholesale CBDC might also be used as a backing asset for stablecoins, which could make it easier to transfer value among stablecoins,  in addition to supporting greater interoperability and choice.   Depending on design, a wholesale CBDC may also enable more efficient cross-border payments by increasing the speed of settlement or through participation in new multilateral platforms for payments.[4]  At the same time, some of the potential benefits of a wholesale CBDC might also be possible through upgrades to real time payment systems, including interlinkages between real time payment systems in different jurisdictions. 

 

With retail CBDC, by contrast, the most important difference from central bank reserves is related to access features, not technology features.  Unlike central bank reserves,  a retail CBDC would complement, not replace, cash as a digital liability of the central bank that is accessible to the general public.   In its CBDC discussion paper, the Fed has stated that a potential U.S. CBDC, if one were created, would best serve the United States by being “intermediated,” meaning that the private sector would offer accounts or digital wallets to facilitate the management of CBDC holdings and payments.[5]  In terms of technology, a retail CBDC might involve a different architecture compared to a CBDC that is intended solely for wholesale use. 

A retail CBDC could contribute to a more competitive and innovative payment system; support financial inclusion; and help preserve the singleness of the currency.[6]  The extent to which a retail CBDC would promote these objectives would depend on many further design decisions, including decisions about the range of intermediaries that would act as service providers in the CBDC ecosystem, and the requirements to which those intermediaries would be subject. There are also risks of a retail CBDC, including the potential for runs into a retail CBDC that could destabilize private sector lending during stress periods.

 

Policy Questions for the CBDC working group

As I mentioned a few moments ago, the CBDC Working Group is intended to complement the Fed’s efforts by considering the implications of a U.S. CBDC for policy objectives for which a broader Administration perspective is helpful.  Those objectives fall into a few main areas.

The first set of objectives relate to global financial leadership, including the global role of the U.S. dollar.  This role confers both economic and strategic benefits on the United States.  Economic benefits include lower transaction and borrowing costs for U.S. households, businesses and government, while strategic benefits include influence over the architecture of the international financial system.[7]  In my view, global demand for the dollar stems from structural factors – such as our respect for the rule of law, the strength of our economy, and the depth, breadth, and openness of U.S. financial markets – that are fundamentally independent of whether the United States has a CBDC.  Nevertheless, we are thinking about whether a U.S. CBDC, to the extent it has functionality that traditional forms of central bank money lack, could help to preserve the dollar’s global role.  We are also thinking about whether a U.S. CBDC could help reduce undesirable frictions in cross-border payments or other activities.

 

The second set of objectives relate to national security.  The United States uses sanctions and other financial measures to address national security threats and deny criminals and other illicit actors’ access to the U.S. and international financial system. The effectiveness of these tools rests in part on the strength and centrality of the U.S. financial system and the role of the dollar.  Some have suggested that the development of foreign CBDCs, including multi-CBDC platforms, could diminish the use of the dollar and effectiveness of our tools in this space.  In addition, the U.S. and the global financial system benefit from secure and resilient payment systems that have strong cyber security protections and protect user data. Yet new payment systems, including foreign CBDCs, may be designed without appropriate consideration of cybersecurity and resilience measures. We are assessing the magnitude of these and other potential national security risks, and whether a U.S. CBDC or other tools could help to counter these risks.

The third set of objectives relate to privacy, illicit finance, and financial inclusion.  A U.S. CBDC would need to both protect the privacy of users and minimize the risk of illicit financial transactions.  In addition, given that the United States has the largest unbanked population among G-7 countries on a per capita basis and that payments are expensive for some users, a potential U.S. CBDC should be evaluated on whether it can promote inclusion and equity in the delivery of financial services. 

 

Across these three interests – global financial leadership; national security; and privacy, illicit finance, and inclusion – CBDC design choices are likely to involve trade-offs.  As an example, one way of reconciling privacy with illicit finance concerns in a retail CBDC might be to have a tiered structure in which less data is collected for small dollar transactions or small volume accounts.  But limits on the amount or number of transactions could make a retail CBDC less useful to end-users.[8]  This suggests a three-way trade-off among privacy, countering illicit finance goals, and inclusion.  The CBDC Working Group is focused on identifying such trade-offs and possible ways of reconciling objectives, including looking ahead to possible technological advances that could reduce the size of any trade-offs.

Next steps for U.S. CBDC

In the coming months, leaders from Treasury, the Federal Reserve, and White House offices, including the Council of Economic Advisors, National Economic Council, National Security Council, and Office of Science and Technology Policy, will begin to meet regularly to discuss a possible CDBC and other payments innovations.  To support these discussions, the CBDC Working Group is developing an initial set of findings and recommendations.  These may relate to whether a U.S. CBDC would help to advance the policy objectives described above; the features that a U.S. CBDC would need to advance these objectives; options for resolving CBDC design trade-offs; and areas where additional technological R&D would be useful.  Full consideration of these issues for a possible CBDC – wholesale, retail, or both – will take some time to complete, but the Working Group plans to provide interim public updates.  Also, as recommended in the Future of Money and Payments report, the Federal Reserve is encouraged to provide periodic public updates as it continues its research and technical experimentation on CBDCs.

 

Advancing Work on International Engagement

In addition to advancing work on the policy implications of a U.S. CBDC, another purpose of the CBDC Working Group is to engage with allies and partners to promote shared learning and responsible development of CBDCs. 

 

As others have observed, jurisdictions around the world are exploring CBDCs.  According to the Atlantic Council’s tracker, 114 countries, representing over 95 percent of global GDP, are exploring CBDC.  11 countries have fully launched CBDCs, while central banks in other major jurisdictions are researching and experimenting with CBDCs, with some at a fairly advanced stage.  The Bank of England (BOE) and HM Treasury (HMT) recently published a consultation paper assessing the case for a retail CBDC and outlining a proposed technological model.[9]  BOE and HMT now are entering the design phase of their work, estimated to take two to three years, after which the BOE and the UK government will decide whether to build “a digital pound.”  In addition, there are multiple cross-border CBDC pilots, which involve central banks, international organizations such as the Bank for International Settlements, and private financial institutions. 

Regardless of whether the United States decides to adopt a CBDC, the United States has an important set of interests in this work.   We have an interest in ensuring that CBDCs interact safely and efficiently with the existing financial infrastructure; that they support financial stability and the integrity of the international financial system; that global payment systems are efficient, innovative, competitive, secure, and resilient; and that global payments systems continue to reflect broader shared democratic values, like openness, privacy, accessibility, and accountability to the communities that rely upon them.

 

To inform global efforts to explore CBDCs, we plan to make contributions in two critical areas: international standard-setting, and technical expertise.

 

Engagement on standards

International standards help promote efficient and sound domestic financial systems and global financial stability.  They are both regulatory, like those standards developed by the Committee on Payments and Market Infrastructure at the Bank for International Settlements, and technical in nature, like those created at the International Organization for Standardization.  With respect to payments, these standards support technical, business practice, and legal and regulatory interoperability and alignment.  While CBDC-related technical standards such as digital identifiers and messaging formats may sound esoteric, they have important policy implications such as for privacy.  Governance standards, including those linked to participation in cross-border CBDC arrangements, are also critically important.  

 

Treasury is working closely with our colleagues at the Fed and in other parts of the U.S. government to ensure that U.S. interests are being effectively represented in standard setting processes.  Fortunately, we are not starting from a blank slate.  While CBDCs are themselves new, there are longstanding standards for financial activity, many of which can apply to CBDC no less than they do to legacy systems.  Global anti-money laundering and counter-terrorist financing standards, as set by the Financial Action Task Force, would apply to CBDCs, and the U.S. government is working bilaterally and multilaterally to encourage countries to apply and enforce the standards. We are also actively working with allies and partners to identify where new standards may be needed.  Our efforts to shape international standards are a key part of the framework for international engagement on digital assets that Treasury delivered to the President in July pursuant to the Digital Assets EO. 

 

As we develop standards for CBDCs, it is important to acknowledge that countries may make different CBDC design choices based on their policy goals, factors related to legacy payment systems, and other differences in national facts and circumstances.[10]  Especially in the context of a young technology, there are also likely to be opportunities to learn from a diverse set of approaches.  At the same time, there are significant benefits to supporting the interoperability of new payment systems, including CBDCs.[11]   We should continue to work with o[12]ur allies and partners during our exploration and development of CBDCs with these considerations in mind.

 

Sharing technology and technical expertise

In terms of sharing technology and technical expertise with other countries that are developing CBDCs, the Federal Reserve plays a key role.   This reflects the Federal Reserve’s expertise in developing and running payment systems, as well as the Fed’s existing relationships with central banks around the world.  Others also have important roles.  The National Science Foundation and the White House Office of Science and Technology Policy (OSTP) currently are leading an interagency process to develop a national R&D agenda for digital assets, including CBDCs.  As part of this process, OSTP recently published a request for information that, among other things, sought feedback on technologies that could protect the privacy of CBDC users while also preventing the CBDC from being used by bad actors.  As with other new technological innovations, beneficial innovations with respect to CBDC are more likely if we harness the expertise that exists across governments, universities, and the private sector.

 

Conclusion

In summary, U.S. policymakers are still evaluating whether a U.S. CBDC is in the national interest.  To advance further work and support the Federal Reserve’s efforts, evaluation, Treasury is leading an interagency CBDC Working Group to develop recommendations related to the implications of a U.S. CBDC for policy objectives for which a broader Administration perspective is helpful: global financial leadership; national security; and privacy, illicit finance, and inclusion.  Even as these deliberations continue, we recognize the importance of helping to shape global CBDC outcomes by actively participating in global standard setting initiatives and by sharing technology and technical expertise with other jurisdictions that are developing CBDCs.

 

###

 

 

[4] It is important to note, however, that frictions in cross-border payments reflect factors – such as differences in technical, business, and regulatory standards across jurisdictions — that new technology by itself would not automatically overcome.

[5] In addition to being intermediated, the Fed stated that a potential U.S. CBDC would best serve the United States by being privacy protected, identity verified, and transferable.  See Board of Governors, “Money and Payments,” in note 2.  Some of these principles might also apply to a wholesale CBDC. 

[6] Preserving the singleness of the currency would mean ensuring that money used in the U.S. economy is dollar-denominated and convertible at par from one form or issuer to another.  On the role of central bank money in supporting the singleness of the currency, see Committee on Payment and Settlement Systems, “The role of central bank money in payment systems” (August 2003).

[7] See Board of Governors, “Money and Payments,” in note 2.

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Fresno City Council to vote over finance director’s job

Fresno City Council to vote over finance director’s job

Fresno

Fresno Town Hall, 2600 Fresno St (3/2/2021)


JOHN WALKER

Fresno Bee file

The Fresno Town Council on Thursday will keep a special shut session meeting to take into consideration the employment of the metropolis controller.

Two Metropolis Hall sources advised The Bee the town controller’s career is on the line.

The specific conference and analysis was requested by Mayor Jerry Dyer and Town Manager Georgeanne White.

The Metropolis Controller, Michael Lima, oversees the finance department and manages accounting, economical administration and reporting, budgeting, inside audits, treasury/hard cash management, investments, payroll, billing and accounts receivable, accounts payable, buying, replica and graphics, and organization licenses and cashiering.

“Overall accountability for administration of the city’s funds rests with the Finance Director/Controller who also serves as the City Treasurer,” the city’s internet site claims.

Lima’s employment arrangement with the city was updated in July. He earns an yearly base income of $189,500. He’s worked for the town of Fresno for practically three decades.

While the metropolis supervisor has authority above the metropolis controller’s work, the settlement phone calls for Town Council approval.

If Lima is terminated, he’s entitled to six months’ pay back as severance.

Information of the the exclusive conference comes about six months soon after The Fresno Bee revealed the city of Fresno was scammed out of a lot more than $600,000 by means of a falsified building invoice in 2020 — almost two years before.

Then-Mayor Lee Brand’s administration made the decision not to disclose the fraud for the reason that the FBI was investigating. The Fresno City Attorney’s Office environment, in late 2021, denied The Bee’s community records ask for about the incident. Councilmember Miguel Arias in March confirmed the situation to The Bee, and Dyer then shared supplemental facts.

The FBI thinks a criminal operation linked to the West African international locations of Nigeria and Liberia is working with U.S. residents to defraud American governing administration organizations, Fresno Mayor Jerry Dyer mentioned previously.

This tale was at first published September 28, 2022 1:55 PM.

Similar tales from Fresno Bee

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Brianna Vaccari covers Fresno City Hall for The Bee, where by she works to maintain community officers accountable and shine a gentle on difficulties that deeply impact residents’ lives. She earlier labored for The Bee’s sister paper, the Merced Sunlight-Star, and earned her bachelor’s diploma from Fresno Condition.

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City Council: Finance consultant is worth her price | News, Sports, Jobs

City Council: Finance consultant is worth her price | News, Sports, Jobs
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A new finance expert’s consulting arrangement was authorized by Town Council Thursday and it is previously paying dividends, officers stated.

Tracey Rash, who is with Governing administration Finance Options, Harrisburg, will be working on behalf of the metropolis for the next 120 days or when her expert services achieve an $85,000 cap.

In addition to locating out that the town owed the Interior Profits Service $160,000 in a civil penalty for unreturned 2017 tax papers, Rash told the finance committee and council that she has recovered $15,000 in unclaimed income staying held by the condition, and she is anticipating receiving $40,000 much more owing the city.

Furthermore, she identified that fiscal reviews produced by the city’s technique have not been reconciled given that 2019. Nor had bank accounts and she was seeking to get them reconciled but right up until they are figures could not be accurate, she warned.

She proceeds to meet with office heads and is operating on corrective motion regarding Federal Crisis Management Company grants for smoke alarms and a U.S. Section of Justice grant for protecting gear all through the COVID pandemic.

At the finish of June, Joseph Pawlak, interim finance director, was permit go.

Rash was introduced in since of her experience, including 32 yrs of auditing providers.

Her job remains to enable get the city’s finances in purchase and then let anyone else appear in to get it from there, Mayor Derek Slaughter explained to the finance committee this week.

Money solutions.

Councilwoman Liz Miele stated she was glad to see these reconciliation of accounts and accurate figures as the metropolis prepares its spending budget discussion in November.

Aspect of Rash’s function has been working with the new River Valley Transit Authority and as the town continues to separate funds to guarantee money in the authority is precise.

Her one particular thirty day period invoice was $13,382.

Tasks finished

With regard to the Bureau of Fire, there are quite a few federal grants that are in excess of a calendar year guiding reporting.

“I was working with the main to get the data together to be ready to report on people federal grants,” Rash explained.

“In regards to that, I spoke with Federal Crisis Management Company (FEMA), who is a single of your grantees, and when I was on the mobile phone with her, she told me that you had been selected for a checking so FEMA comes out and checks . . . and there was no reaction from the city so those matters are even now superb,” she explained.

There are minimal financial institution reconciliations finished because Dec. 31, 2019, “so the info in your system is not precise so I gave them historic data but it is only as very good as what’s in this procedure ideal now, so we will be doing work in the direction of obtaining budgets with each other and I have also attended the pension board conference for the fireplace office,” Rash stated.

In terms of finances, Rash submitted the quarterly taxes for the 2nd quarter, “and in digging by means of piles of paper that were remaining in the finance office, I discovered an Inner Profits Support see for the 4th quarter of 2021,” she explained.

“In calling the IRS, I was explained to you really had a few challenges fantastic — the most significant one particular being that you have a recognize from 2017 that you did not file selected paperwork with the IRS and that they had sent you several notices, none of which have been responded to and that you are now in civil penalty section which implies that the likelihood of acquiring all those penalties abated is next to almost nothing,” Rash reported.

Rash asked the IRS to send her a transcript of the documentation so that she can publish an abatement letter and try on the metropolis behalf to get that penalty of $160,000 abated.

Two concerns had been fixed with the IRS on people phone calls.

Rash also identified that “you experienced funds in what’s identified as Pennsylvania unclaimed resources so I went on to the unclaimed money web page. I drew down your funds from those people entities,” she explained.

“I’ve been answering thoughts for division heads and vendors, digging by several piles of envelopes that are opened and unopened and invoices that are sitting down all over,” she reported.

Rash submitted quite a few paperwork, satisfied with RVTA about their cash reconciliations, fulfilled with human sources and several men and women concerning pension, military services buyback and fall pension calculations.

She mentioned the town 2017 audit was not complete. She is meeting with a number of people remotely regarding money administration and doing work with M&T Lender to get all metropolis accounts transitioned into the acceptable names.

“I’ve also been working on putting together a procurement policy for a lot more policy for the city and I’ve met with software distributors for your accounting method for the reason that it is appreciably out-of-date,” she said.

A number of experiences are unavailable to the metropolis in the recent method, so Rash has been supplying some opinions on these accounting programs.

Yet to be finished are the pension calculations and the military buyback calculations and the fall calculations.

Rash is examining prior audits, finishing the spending plan worksheets for the non-typical fund resources and then continuing to dig by the piles of paper that keep on being in finance.

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Council on Development Finance Approves Eight Site Readiness Fund Projects Totaling $6.2 million

Council on Development Finance Approves Eight Site Readiness Fund Projects Totaling .2 million
















Council on Development Finance Approves Eight Site Readiness Fund Projects Totaling $6.2 million – State of Delaware News























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Council on Development Finance Approves Eight Site Readiness Fund Projects Totaling .2 million

NEW CASTLE, DE (March 28, 2022) – The Council on Development Finance (CDF) on Monday approved eight Site Readiness Fund project applications totaling $6.2 million. The projects are located throughout the state with three each in New Castle County and Kent County and two in Sussex County.

Established through Senate Bill 127, the Site Readiness Fund promotes economic growth and stability by investing in the development or improvement of commercial and industrial sites to attract job-creating businesses.

“The Site Readiness Fund was created to help fund development or redevelopment of commercial and industrial sites across Delaware to spur economic growth and new business investment. With the funding approved today, these properties can be quickly converted to meet the needs of employers who will create quality jobs for Delawareans,” said Governor John Carney.

“By investing in these projects, we can ensure that Delaware remains competitive in attracting and retaining vital businesses that create opportunities for employment,” said Jordan Schulties, Director of the Division of Small Business. “In today’s competitive economy, it is more important than ever that we have tools like the Site Readiness Fund to help expand and sustain economic growth in our state.”

“The Site Readiness Fund allows us to be proactive in developing a ready supply of sites available to companies who choose to locate or expand in Delaware,” said Kurt Foreman, President and CEO of the Delaware Prosperity Partnership. “We are excited to see the projects receiving funding today develop over the coming months and look forward to the new jobs they will bring to Delaware.”

The Site Readiness Fund provides grants, loans or other economic assistance to qualified businesses or local governments that invest in constructing, renovating or improving commercial, industrial sites that are readily available to new businesses, established businesses that are considering moving to the state, or existing businesses within the state that need additional sites to remain or expand in Delaware.

The FY 2022 Bond Bill included $10 million to support the Site Readiness Fund. This is the first round of funding for the program.

The project applications approved for funding by the CDF on Monday include:

  • $1 million to the Chestnut Run Innovation and Science Park partners to modernize campus infrastructure of the Chestnut Run Innovation and Science Park, which was designed to combine research, advanced manufacturing operations and business incubation while cultivating relationships with local universities. Funding will be used to improve site lighting and utilities, paving and concrete, and for selective building demolition.
  • $1 million to the City of Harrington for proposed redevelopment of an industrial park on three properties on U.S. Route 13 totaling 131 acres. Funding will be used for engineering and planning of the project and roadway and utility work.
  • $1 million to Drawbridge Claymont to support the development of an industrial site on 58 acres at 6300 Philadelphia Pike in Claymont. Funding will be used for demolition and engineering services.
  • $1 million to E & D Holdings to support continued development of the Wyoming Business Center at 140 and 146 Southern Boulevard in Wyoming. Funding will be used to prepare the site, install infrastructure and utilities, and construct two new warehouse buildings.
  • $1 million to Martin Property Development to support development of 112,000 square feet of flexible industrial warehouse space on 10.9 acres of commercial property in the Frankford Business Park. Funding will be used for civil engineering, earthwork, sitework, and utilities.
  • $1 million to Sussex County to create new shovel-ready sites at the Delaware Coastal Business Park near Georgetown. Funding will be used for road improvements, utilities, and supporting infrastructure.
  • $100,000 to the City of Milford to support planning for the development of an industrial/business park on a recently purchased 182-acre lot on Milford Harrington Highway. Funding will be used to develop a master plan, conduct a traffic impact study, and complete engineering design.
  • $100,000 to Shanlan Corporation to support planning for the development of the St. Georges Logistics Center at 1870 Dupont Parkway in Middletown, which is conceptually designed to include three buildings totaling more than 2.5 million square feet of warehouse facilities. Funding will be used for engineering fees and transition surveying.

Three additional Site Readiness Fund project applications requesting a total of $3 million will be considered at the next CDF meeting on April 25. If those projects are approved, the first round of Site Readiness funding will support 11 projects at a total of $9.2 million.

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Related Topics:  division of small business, economic development, site readiness

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Council on Development Finance Approves Eight Site Readiness Fund Projects Totaling .2 million

NEW CASTLE, DE (March 28, 2022) – The Council on Development Finance (CDF) on Monday approved eight Site Readiness Fund project applications totaling $6.2 million. The projects are located throughout the state with three each in New Castle County and Kent County and two in Sussex County.

Established through Senate Bill 127, the Site Readiness Fund promotes economic growth and stability by investing in the development or improvement of commercial and industrial sites to attract job-creating businesses.

“The Site Readiness Fund was created to help fund development or redevelopment of commercial and industrial sites across Delaware to spur economic growth and new business investment. With the funding approved today, these properties can be quickly converted to meet the needs of employers who will create quality jobs for Delawareans,” said Governor John Carney.

“By investing in these projects, we can ensure that Delaware remains competitive in attracting and retaining vital businesses that create opportunities for employment,” said Jordan Schulties, Director of the Division of Small Business. “In today’s competitive economy, it is more important than ever that we have tools like the Site Readiness Fund to help expand and sustain economic growth in our state.”

“The Site Readiness Fund allows us to be proactive in developing a ready supply of sites available to companies who choose to locate or expand in Delaware,” said Kurt Foreman, President and CEO of the Delaware Prosperity Partnership. “We are excited to see the projects receiving funding today develop over the coming months and look forward to the new jobs they will bring to Delaware.”

The Site Readiness Fund provides grants, loans or other economic assistance to qualified businesses or local governments that invest in constructing, renovating or improving commercial, industrial sites that are readily available to new businesses, established businesses that are considering moving to the state, or existing businesses within the state that need additional sites to remain or expand in Delaware.

The FY 2022 Bond Bill included $10 million to support the Site Readiness Fund. This is the first round of funding for the program.

The project applications approved for funding by the CDF on Monday include:

  • $1 million to the Chestnut Run Innovation and Science Park partners to modernize campus infrastructure of the Chestnut Run Innovation and Science Park, which was designed to combine research, advanced manufacturing operations and business incubation while cultivating relationships with local universities. Funding will be used to improve site lighting and utilities, paving and concrete, and for selective building demolition.
  • $1 million to the City of Harrington for proposed redevelopment of an industrial park on three properties on U.S. Route 13 totaling 131 acres. Funding will be used for engineering and planning of the project and roadway and utility work.
  • $1 million to Drawbridge Claymont to support the development of an industrial site on 58 acres at 6300 Philadelphia Pike in Claymont. Funding will be used for demolition and engineering services.
  • $1 million to E & D Holdings to support continued development of the Wyoming Business Center at 140 and 146 Southern Boulevard in Wyoming. Funding will be used to prepare the site, install infrastructure and utilities, and construct two new warehouse buildings.
  • $1 million to Martin Property Development to support development of 112,000 square feet of flexible industrial warehouse space on 10.9 acres of commercial property in the Frankford Business Park. Funding will be used for civil engineering, earthwork, sitework, and utilities.
  • $1 million to Sussex County to create new shovel-ready sites at the Delaware Coastal Business Park near Georgetown. Funding will be used for road improvements, utilities, and supporting infrastructure.
  • $100,000 to the City of Milford to support planning for the development of an industrial/business park on a recently purchased 182-acre lot on Milford Harrington Highway. Funding will be used to develop a master plan, conduct a traffic impact study, and complete engineering design.
  • $100,000 to Shanlan Corporation to support planning for the development of the St. Georges Logistics Center at 1870 Dupont Parkway in Middletown, which is conceptually designed to include three buildings totaling more than 2.5 million square feet of warehouse facilities. Funding will be used for engineering fees and transition surveying.

Three additional Site Readiness Fund project applications requesting a total of $3 million will be considered at the next CDF meeting on April 25. If those projects are approved, the first round of Site Readiness funding will support 11 projects at a total of $9.2 million.

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Harvard UC Finance Audit Finds No Irregularities, Vindicates Accused Council Members | News

Harvard UC Finance Audit Finds No Irregularities, Vindicates Accused Council Members | News

Up-to-date: March 25, 2022 at 6:38 a.m.

An audit of the Undergraduate Council’s funds has “yet to discover evidence of any economic irregularities,” according to an first report of its findings unveiled Thursday by Undergraduate Council President Michael Y. Cheng ’22 and Vice President Emmett E. de Kanter ’24.

The audit, which started in January and was executed by Harvard Possibility Management and Audit Companies, dispelled some allegations of economic mismanagement that have plagued the Council since a notably contentious presidential election past November. It also manufactured recommendations on procedural adjustments for the body.

The Council voted unanimously to “fully cooperate” with the investigation previous December. The audit was envisioned to conclude by the conclusion of February, but was extended numerous periods “in component mainly because of refusals to solution inquiries,” Cheng wrote in his e-mail.

The Dean of Learners Place of work, which disperses funding to the UC, had withheld extra than $125,000 from the human body in response to the audit.

In the course of his Thursday e mail, Cheng asserted several situations that the audit experienced uncovered “extensive economic mismanagement in the UC,” and that some extra significant findings had been withheld from the report thanks to worries in excess of optics.

“Some of the conclusions of the investigation will not be released publicly simply because they could cause significant damage to Harvard’s popularity, supplied that the UC nominally signifies Harvard students to the general public,” Cheng wrote in the e-mail.

Assistant Dean of College student Engagement and Management Kate Colleran, who formerly served as a mediator for the UC, had a different evaluation of the report.

In an electronic mail to The Crimson, Colleran asserted that the report represented the complete scope of the investigation.

“I was pleased that the UC acknowledged a will need to hold themselves accountable in their stewardship of university student revenue by requesting an audit,” Colleran wrote. “I have verified with Audit Services that all of their conclusions are bundled in the report and no monetary irregularities had been identified.”

Cheng afterwards clarified his statements in an interview.

“I feel staying nonetheless to locate evidence does not indicate that the UC is completely cleared,” Cheng mentioned. “Strictly on the lookout at lawful phrases, yeah, there are no legal monetary irregularities, but there is definitive economical mismanagement.”

The report can make conclusions about the deserves of 6 of 12 economic allegations towards the body.

In just one obtaining, investigators decided that a scholar organization obtained $2,190 of funding from the Grant for an Open Harvard College in November 2020 to order Patagonia sweaters. The report indicated that the attire “does not align” with the grant requirements.

The grant cash is to be awarded to initiatives that are “socially inclusive and fiscally available,” like racial, cultural, psychological well being, and harassment avoidance leads to, per the UC’s website.

The report also mentioned that a UC retreat to Sunapee, N.H., in the tumble of 2021 experienced exceeded its $3,000 allocated funds by practically $4,000. No formal budget for the trip was obtainable, the report also mentioned.

The report evaluated the legitimacy of quite a few statements created all through the UC’s officer elections previous November, which include allegations levied in opposition to previous Adams Household Consultant Esther J. Xiang ’23, who was accused of dropping or thieving at least $20,000 of Covid-19 aid funding granted by the Council.

“We located no evidence that any funds were disbursed, applied for other reasons, or or else invested improperly by presidential candidate Esther Xiang,” the report states.

Xiang and her operating mate, David Y. Zhang ’23, ended up runners-up in the election between six tickets.

In a penned statement to The Crimson Thursday, Xiang underscored the distress the episode had caused her and advocated for compassion and kindness from her peers.

“These had been intense accusations, and their insidious intent and destructive energy can not be understated. They impacted my interactions, experienced persons questioning my character, and took a deep toll on my mental well being and wellbeing,” Xiang wrote. “I hope that this audit delivers us clarity, not just about my situation, but about how the UC, its strategies, and all customers of the Harvard neighborhood ought to maintain themselves more accountable for their steps.”

Cheng dealt with the findings in his electronic mail.

“No a single warrants to have their track record wrecked by bogus, deceptive allegations,” he wrote.

The report also cleared the Council of tax code violations that ended up the concentration of assaults by Ivor K. Zimmerman ’24 for the duration of his bid for UC president in the exact same election.

Zimmerman and his jogging mate, Joy Y. Lin ’23, campaigned mostly on the premise that the UC experienced violated its personal constitution by failing to file for non-earnings standing because 2008, and that the human body was consequently nonexistent.

Then-UC President Noah A. Harris ’22 defended the council in opposition to the accusation, clarifying that the Council was mechanically granted non-financial gain standing on account of its standing as a Harvard college student business. The UC later voted to get rid of this constitutional necessity.

The report echoed Harris’ clarification.

“The UC is not expected to file revenue tax returns because it is sponsored by the DSO and qualifies less than the University’s tax-exempt standing,” it reads.

Zimmerman reacted to the conclusions with reduction and some humor.

“I do not want to say I’m dissatisfied simply because it really is a great detail, but obviously, womp womp, ran a campaign on stating it wasn’t true,” he reported.

The report states that, in two of the 12 allegations investigated, auditors could not make conclusions “based on the unavailability of money information or inconclusive info.” These allegations incorporated the “failure to collect and evaluation $100,000 of grant receipts and request return of unspent cash through 2017 and 2018” and the use of UC debit playing cards for meals and snacks.

Four other allegations stay pending which include favoritism revealed towards substantial scholar organizations, conflicts of interest in Wintersession grants, political contributions made by the Council, and “misuse of grant cash by a student business focused on cultural and racial initiatives.”

The report also offered a array of procedural suggestions to make improvements to the UC’s economic administration tactics, which includes typical evaluation of UC debit card action, extra extensive financial instruction for officers, and the documentation of conflict of curiosity techniques.

UC Treasurer Kimani E. Panthier ’24 expressed fulfillment with the success of the audit and underscored his motivation to improving upon the UC’s money management infrastructure.

“My reaction to the audit is that the audit confirms what I knew all alongside, that there have been no money irregularities,” Panthier reported. “I feel that these findings display that we can even further improve the fiscal duty of the UC with the enable of the pros from the unbiased audit.”

The report states that the investigators are “working with UC officers to resolve” the pending allegations and expect “to get to a conclusion in the subsequent number of times.”

—Staff author J. Sellers Hill can be reached at sellers.hill@thecrimson.com.

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Parkersburg City Council Finance Committee forwards budget revisions | News, Sports, Jobs

Parkersburg City Council Finance Committee forwards budget revisions | News, Sports, Jobs
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Parkersburg City Council Finance Committee forwards budget revisions | News, Sports, Jobs

From remaining, Parkersburg Town Council Finance Committee Chairman Zach Stanley, Councilwoman Sharon Kuhl and Councilman Mike Reynolds are shown all through a Finance assembly Thursday at the Municipal Making. (Picture by Evan Bevins)

PARKERSBURG — Funds allocated for a planned rebuild and other improvements to the Southwood Park pool would be positioned in its possess line merchandise as portion of a series of mid-year spending plan revisions forwarded to Parkersburg Town Council by members of its Finance Committee on Thursday.

A resolution increasing income estimates by $750,639 and allocating all those resources was authorized by the committee on a 4- vote. It will look on the agenda for council’s Tuesday meeting at the Municipal Setting up.

The bulk of the enhance will come in municipal profits tax profits projections, with Finance Director Eric Jiles incorporating $498,523 to the budgeted $6 million in what he known as a conservative projection. He claimed he’s confident the metropolis will at the very least satisfy that range even if gross sales tax receipts drop from their recent tempo.

“We are continue to tracking increased on the income tax than what we ended up utilized to prior to the very last couple of yrs,” he mentioned.

Another $140,000 is projected to come from business enterprise and occupation tax as a end result of the city’s engagement of Datamax, a organization that will concentrate on pinpointing entities who have not compensated the taxes they owe and having them “up to day,” Jiles stated.

Parkersburg Mayor Tom Joyce, still left, speaks with Community Functions Director Everett Shears for the duration of a Parkersburg Metropolis Council Finance Committee meeting Thursday at the Municipal Making. (Photograph by Evan Bevins)

The company’s fee is 50 {1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of the back again taxes they acquire, as well as 50 percent of the profits all those filers pay back in the subsequent two years, Jiles stated. An accompanying $70,000 expenditure was added to the Finance Department’s contractual providers expenditure line product.

The revisions transfer $200,000 for the prepared Southwood pool project, which would reconstruct the 43-12 months-outdated pool and incorporate a zero-depth entry place, new drinking water attributes, a new concrete pool deck, new lighting and audio, a velocity slide and expanded kids’ pool place and shaded areas.

The resolution also involves a revision in the Capital Reserve Fund shifting $673,617 now allotted for the task to the Parks and Recreation Funds Jobs Fund.

“It’ll be in its have fund, individual from all the things else,” Jiles mentioned.

City officers program to use for federal funding to assistance with what is estimated to be a $2 million job.

Parkersburg Finance Director Eric Jiles discusses proposed finances revisions for the duration of a Parkersburg City Council Finance Committee meeting Thursday at the Municipal Constructing. (Image by Evan Bevins)

The revisions would insert $70,000 to the contractual expert services line product in the Streets Division to include the remaining tasks in the city’s household sidewalk program. Residence owners spend for the supplies to maintenance sidewalks, and the metropolis funds the labor.

Twenty-1 jobs have been done by Alan Stone Co., while Bosley Design has accomplished 5 of the 15 remaining, Mayor Tom Joyce mentioned.

“We did 36 this (fiscal) 12 months, and the apps have been fatigued,” he explained.

The finances for promoting for civil provider testing would enhance from $6,000 to $16,000. Councilwoman Sharon Kuhl asked interim Police Chief Scott Elliott about the department’s manpower and anticipated need for this kind of tests. Elliott reported there have been 6 vacancies just before a new hire resigned from the point out law enforcement academy this week, developing a seventh.

Appointed past thirty day period by Joyce upon the retirement of Joe Martin, Elliott explained he would like to create a frequent screening agenda each and every 45 to 60 days, presented the decrease variety of candidates and the difficulty in acquiring profitable candidates who can pass the test and the track record look at, polygraph examination, psychological exam and agility examination.

“Our screening swimming pools are declining,” he reported, noting it’s possible 30 to 40 people acquire the tests, when in years earlier that figure was in the hundreds. “If we can get a single or two guys out of each individual screening cycle, that’s fantastic for us.”

Evan Bevins can be attained at ebevins@newsandsentinel.com.

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