Tuesday, Apr 28, 2015
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yesqcy - Council adopts budget by 8-6 vote - Quincy, IL News - QuincyJournal.com
Quincy is not broke, the state is a mess, the city is not. There is no revenue shortfall, only cuts in service. Alderman Brink said it perfectly, there was nothing to fix, there is no shortfall. The council blundered this one worse than most, and that's saying a lot.
Givemeliberty - Council adopts budget by 8-6 vote - Quincy, IL News - QuincyJournal.com
Its true about the trucks, but hopefully a lesson was learned in all of this. If you are a municipality with a sugar daddy and that sugar daddy is the State of Illinois, you better prepare for the unknown when you have the opportunity (like getting out of the trash business). They have been withholding or making late payments from schools, nursing homes,hospitals, and private business for years now,…
Givemeliberty - Council adopts budget by 8-6 vote - Quincy, IL News - QuincyJournal.com
Kind of surprised to see that the city council stood their ground on this one after seeing em cave on privatization of trash pickup, I wonder if any of them wish they could have that one back.
WarCry - Council adopts budget by 8-6 vote - Quincy, IL News - QuincyJournal.com
So you're saying all of the reports that the state is going to be cutting funding to municipalities are all wrong? You're right insofar as the cuts haven't come yet, but they are anticipated, and this budget reflects what the city has told is going to happen. If the cuts DON'T happen, for whatever reason, then the budget can be adjusted at that time. This is a simple matter of…
1950Brutus - Council adopts budget by 8-6 vote - Quincy, IL News - QuincyJournal.com
A 2 million dollar reserve fund compared to a 31.9 million budget is nothing. You need this much just to cover unanticipated items and budget shortfalls. Using this reserve money in this budget is very short sighted.

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Harris sells Broadcast Division for $225 million

2 years, 4 months ago by Bob Gough

Broadcast operation, including Quincy facility, expected to remain "largely intact"

Quincy Mayor John Spring was optimistic about the Harris sale.

"I do think this is good news," Spring said. "The Harris folks have been great to work with, especially Chris Parsons (Vice President of Global Operations for Harris)."

According to William Brown, president and CEO of Harris, the sale is part of a strategy to focus on its core businesses.

“As previously communicated, we plan to repurchase up to $200 million of our shares after the deal closes,” said Brown. “This is in addition to the $200 million of share repurchases already planned for fiscal 2013 and reflects our ongoing commitment to effectively deploy capital, including returning cash to shareholders."

Phil Conover, interim president of the Great River Economic Development Foundation, said The Gores Group has a successful record of buying and improving telecommunications companies.

"They have strong history,' Conover said. "They have a 25 year record. I'm cautiously optimistic."

PREVIOUS STORY

From insideradio.com:

The Gores Group is expanding its broadcast holdings with a $225 million deal to buy Harris’ broadcast business. Harris announced plans to sell the division in May to focus on its government and military technology business. By selling to a private equity firm, the Harris Broadcast operation is expected to largely remain intact.

“In Harris Broadcast Communications, we are investing in a proven technology leader with great products and a great team,” Gores managing partner Ryan Wald says in a statement. “We are excited to provide the capital and support to transition this division to a strong and independent company further enabling it to continue developing and delivering market leading technologies to its customers.”

Under the terms of the deal, Gores will pay $160 million in cash, plus there will be a 15 million subordinated promissory note and an earnout of up to $50 million based on future performance of the business.

Harris CEO Bill Brown says they will use the proceeds of the sale to buy back up to $200 million worth of company stock. “The sale of Broadcast Communications reflects our strategy to optimize our business portfolio and focus on our core businesses,” he says.

Gores is also a part-owner of Dial Global.


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