Latest news with #financialoversight
Arab News
06-07-2025
- Business
- Arab News
Saudi Pro League takes over financial oversight of clubs in major governance shift
RIYADH: The Saudi Professional League announced on Sunday it had officially taken on the responsibility of organizing and monitoring the financial regulations governing its member clubs. The announcement follows a decision by the Ministry of Sports to transfer oversight duties from the Financial Sustainability Committee to a newly established body under the League. The new Financial Oversight Committee, operating under the SPL's remit, will be tasked with overseeing football-related financial activity across all SPL clubs. The move is designed to enhance financial governance, streamline regulatory processes, and strengthen institutional discipline within the rapidly growing Saudi football sector. The committee will be composed of representatives from the Ministry of Sports, the Saudi Arabian Football Federation, and the SPL itself, alongside independent members. Its core responsibilities will include issuing financial competency certificates, monitoring club finances, and ensuring compliance with league-wide financial regulations. 'This is an important step toward unifying oversight, simplifying procedures, and promoting a more professional work environment across clubs,' the League said in a statement. 'The aim is to raise compliance levels and improve the speed and efficiency of financial reviews,' it added. While the new mandate is limited to football activity within Saudi Pro League clubs, officials said the reform marked a broader commitment to improved governance and financial sustainability across the sport. The SPL added that it would continue its work on existing oversight functions, such as tracking late payments and ensuring clubs meet their financial obligations, as part of the existing certification process. The issuance of financial competency certificates will remain a key condition for clubs to operate in compliance with league rules. In addition, new regulatory standards and planning tools are being gradually introduced. These are intended to bolster long-term investment in club infrastructure and administration, while also helping clubs avoid financial distress through better fiscal discipline. The SPL noted that the changes come in response to past financial and administrative challenges faced by several clubs, and reflect a coordinated effort between the League, the sports ministry, and the SAFF to promote sustainable growth. 'This development is part of an integrated approach,' the League said, 'aimed at supporting clubs in building strong, stable institutions that match the ambitions of their fans.'
Yahoo
19-06-2025
- Business
- Yahoo
Advisory group says no — at least for now — to another Wichita school bond
An advisory group told Wichita school leaders Wednesday that the district needs to clarify its message and rebuild trust in the community before seeking another bond issue. District leaders wanted the financial oversight committee to recommend putting a bond issue to voters by March 2026. But committee members rejected that plan, saying the state's largest district has not made a clear case for why it needs a bond or precisely how it would use the money to rebuild and repair schools. 'I hate to be the bearer of bad news, but everyone I talked to said, 'What are you doing?' And angrily,' said Thomas Rose, a senior vice president for Commerce Bank and a member of the oversight committee. 'I honestly do not believe a bond issue will pass, even in March.' The group opted to not recommend any bond proposal to the Wichita school board for its July 7 meeting. Members recommended that the district transfer all year-end cash savings into its capital budget to pay for building repairs and upgrades. Earlier this year, voters narrowly rejected a $450 million bond issue to rebuild and repair Wichita's school facilities. Since then, the Wichita district has been searching for a plan to address aging buildings and declining enrollment. District leaders formed the financial oversight committee in response to the failed bond issue. Last month, members were directed to gauge community sentiment on three alternative bond plans. All three proposals were similar to the original bond, and all were linked to the district's facility master plan, which the school board approved last summer. Addi Lowell, chief financial officer for Wichita schools, recommended a new bond election either this coming November or March of 2026. That's because Wichita property owners are currently paying for a 2008 bond issue, and 7.5 mills for the bond and interest will come off of tax bills next year. Any bond issue after next spring would require a tax increase rather than 'zero rate change,' a tax-neutral argument supporters used during the last campaign. 'Once we lower the mill, it is very difficult to get it back up. Increasing property taxes is unpopular,' Lowell told the committee. 'No one likes paying bills … whether you support public education or not.' Lowell and two other district administrators on the committee — Deputy Superintendent Gil Alvarez and Chief Communications Officer Rachel Bell — leaned toward the March 2026 date because they said November wouldn't give the district time to craft its message. 'We didn't want to do another sprint to the finish,' Alvarez said. 'We want to make sure that we are addressing any lack of trust or transparency and really get the word out.' Several committee members said voters lost trust in the district after the 2008 bond issue, when several projects were scaled back or ditched altogether because of reduced state and federal funding. Among them: two new comprehensive high schools and a K-8 school in Bel Aire. 'What I've heard from folks: Accountability and transparency were not completely addressed in the most recent bond issue,' said Lindsay Poe Rousseau, chief financial officer for Sedgwick County. 'Even the folks who voted yes, the question is: What has changed? Why do we think that people will change their vote now? And there's still a reluctance by them to vote for another bond issue right now.' Trish Hileman, a parent who serves on the oversight committee, surveyed more than 100 district residents and said trust and transparency were common themes. She said the vast majority of people she talked to also opposed special elections for bond issues, which traditionally have much lower turnout than primary or general elections. 'They were like, 'Just put it on the general or shut up. Stop manipulating us,'' Hileman said. 'People are tired of being strategized.' Hileman said voters also wonder whether the district could rethink its overall master plan and scale down the next bond issue. 'It's important that what we put out we can get a 'yes' to,' she said. 'And if that means we make it smaller so that we can get a 'yes' and build on that … People want to say yes, so let's give them a really easy, clear path to say yes.' Sarah Amador, a parent and education consultant, agreed the district should consider a scaled-down bond issue. After voters in Kansas City, Kan., rejected a $420 million bond in April 2024, the district came back with a $180 million bond, which voters approved in November. 'You have to make it as small as possible, and you have to show them, 'Say yes to me here, and here's your result,'' Amador said. 'If we cannot do that, you're going to jump off a cliff. And the reality is very dire.' Lowell, the district CFO, said the district learned from the February bond campaign and plans to change its tactics. 'There's no way we could have known the distrust and the things that people were going to bring up in the election without doing the election,' she said. 'So, we learned a lot, and our communication strategy will look completely different this time.' Bell, the communications director, said any new campaign would take time. 'We didn't know that there was so much distrust surrounding the 2000 and the 2008 bonds. So understanding what those concerns are, so that we can address them, just takes a little bit of time,' she said. When they meet in July, school board members could decide to pursue another bond election despite the committee's reluctance. But board president Diane Albert, who serves on the committee, said the group's message was clear. 'There are real facility needs within the district that we have to address. But when we are using taxpayer dollars, we have to address that trust and transparency issue first,' Albert said. 'I think we can build trust and transparency, but we need to use this committee to do that and not just immediately start talking about another bond issue.' This story was originally published by KMUW
CTV News
13-06-2025
- Business
- CTV News
North Bay mayor under fire for using city credit card for personal expenses
North Bay Mayor Peter Chirico has come in for criticism after his expense reports were scrutinised. A new expense policy is now being formulated. North Bay Mayor Peter Chirico is under fire after the city's standard financial oversight processes flagged his use of a corporate credit card for a number of personal expenses. According to reports, about $16,000 in personal expenses were charged to his corporate card. North Bay Mayor Peter Chirico participated in a pr North Bay Mayor Peter Chirico is under fire after the city's standard financial oversight processes flagged his use of a corporate credit card for a number of personal expenses. (File) In a statement to CTV News on Friday, Chirico confirmed that in 2023 and 2024, a number of expenses charged to his corporate credit card were flagged and reviewed and that all expenses were submitted through 'appropriate channels.' Chirico said expenses that were deemed personal, including some that fell into a 'grey area,' were fully repaid. He said he acknowledges that he should have been more 'careful and deliberate' in keeping personal and business expenses separate and takes full responsibility. Closed-door meeting There was a closed-door meeting about the issue in which three city councillors – including Tanya Vrebosch -- boycotted. She argued more information was needed before discussing the issue and has filed a complaint to the Ontario ombudsman. 'At some point, the administration has to take accountability for what happened,' Vrebosch said. 'It went on for a year and a half to two years. This could have been stopped within a few months. Council was not made aware. You know, the mayor's not the only staff member to the CEO. We should have all been made aware.' Council voted to direct the city's CAO to prepare a new travel and expenses policy. Chirico said he supports that idea.
The Herald
07-06-2025
- Politics
- The Herald
R200m of taxpayers' money spent on GNU ministers' travel since taking office
'South Africans deserve leadership that puts people before perks and not a R200m travel spree by the world's largest cabinet.' The sport, arts and culture department's travel expenses have also raised concern. Minister Gayton McKenzie said he and his staff undertook 11 international trips costing more than R2m, adding that R164,556 was paid for a trip to Burkina Faso that never took place. 'Not only is this spending exorbitant but it is riddled with red flags, gaps and inconsistencies. The public paid for flights and accommodation for an event that was abandoned, a textbook case of wasteful expenditure, as defined by the Public Finance Management Act,' said Beesley. 'Unless the minister can demonstrate that this loss was unavoidable and efforts were made to recover the funds, this reflects a serious failure of financial oversight and internal control.' ActionSA has introduced the Enhanced Cut Cabinet Perks Bill to address unchecked government spending. 'This bill seeks to slash ministerial perks and restore much-needed fiscal discipline.' TimesLIVE
National Post
29-05-2025
- Business
- National Post
Ontario to give education minister power to more easily take over school boards
Ontario is set to give the minister of education power to more easily put school boards under supervision and require more boards to put police officers in schools. Article content Article content The Canadian Press has learned that Education Minister Paul Calandra will introduce broad legislation today, following weeks of warnings to boards that he would implement tougher oversight. Article content Calandra announced in April that the province had taken control of one school board by appointing a supervisor due to financial 'mismanagement' and was launching financial investigations of three others, describing his actions as putting all boards 'on notice.' Article content The legislation is set to expand the reasons for initiating an investigation or putting a board under supervision beyond just financial ones, to include matters of public interest. Article content Article content Some school boards have such programs on a voluntary basis, while others ended their programs several years ago, after some students reported feeling uncomfortable or intimidated and some racialized communities raised concerns. Article content The government materials say having more school resource officers would 'help build relationships between youth and police, actively promote positive behaviour and create a culture of mutual respect.' Article content Article content The bill would also give the minister power to direct school boards to publicly post expenses of trustees, the director of education and others, and would give the minister power over school names when boards open new schools or want to change an existing name. Article content Article content The legislation also contains measures directed at the post-secondary system, including requiring post-secondary admissions policies to be merit-based and requiring colleges and universities to provide detailed breakdowns of how tuition fee revenue is used. Article content As well, the bill would allow the government to 'require transparency and increased oversight of ancillary fees at post-secondary institutions,' reminiscent of a court battle from the early days of the Doug Ford government. Article content Ford's government enacted its 'Student Choice Initiative' in 2019, which made some post-secondary fees optional, such as for student unions, but the province's top court struck it down. Article content This legislation instead lays the groundwork for the government to consult with the sector to decide which ancillary fees cover core services, and determine an opt-out mechanism. Article content Children's aid societies have also been under the Ford government microscope, with the Ministry of Children, Community and Social Services launching a review of them in the fall, and they, too, are subject to increased scrutiny in this bill. Article content The legislation would increase the government's oversight of certain financial decisions, to be 'outlined in future regulations.' Article content
