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Archive for February 2nd, 2012

Maximus: FND termination payment $2.7m + $1.5

Not sure what it all really means but the Wall Street Journal is reporting….

Human Services Segment results in the quarter included the expected reimbursement for the termination of the predecessor Flexible New Deal (FND) contract, which was replaced by the Work Programme contract.

The termination payment included $2.7 million for revenue earned and an additional $1.5 million, net of subcontractor expenses, for cost recoveries.

Key highlights include: —

Revenue for the first quarter grew 12% to $239.6 million compared to the same period last year. —

Company generated strong cash in the first quarter with cash provided by operating activities from continuing operations of $27.6 million and free cash flow of $24.3 million.

Wall Street Journal

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Newsletter lords defeat, CDG Shaw Trust, volunteering and much much more…

 

 

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Benefit cap proposals

  • Jobseeker’s Allowance,
  • Income Support,
  • Employment Support Allowance 
  •  Housing Benefit,
  • Child Benefit
  • Child Tax Credit,
  • Industrial Injuries Disablement Benefit.

There will be exemptions for households in receipt of Working Tax Credit, Disability Living Allowance or its successor Personal Independence Payment, Constant Attendance Allowance and war widows and widowers.

This is forecast to save:

  • £290m in 2013-14 and
  • £330m in 2014-15.

Labour however opposes the government’s plans for an overall cap on household benefits. Liam Byrne, shadow work and pensions secretary has said that Labour wants a cap set locally – instead of the government’s national limit of about £26,000-a-year.

However he is unable to say whether the new level should be above or or below the governments threshold.

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We were right! Financial proceedure used to defeat Lords

On the 23th January we reported that…. Yesterday the Coalition Government overturned seven key Lords amendments and informed peers that they had no constitutional right to challenge the Commons’ decisions any further.

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On most bills, the Lords can send amendments back and forth in what is known as parliamentary ping pong. As we reported the coalition, deployed a rarely used parliamentary device and claimed “financial privilege” asserting that only the Commons had the right to make decisions on bills that have large financial implications.

The Speaker will now decide if financial privilege should be applied.

The Lords amendment, which was led by Church of England bishops, was overturned by 334 votes to 251.

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