District officials would say only that the district had changed its policy to prohibit outside entities from operating as fiscal agents in after-school programs, except when financers required them to do so.
It's handled mainly by state and local communities, which, because many of them can't run fiscal deficits, operate under budgetary pressures.
The United States, unlike, Europe, faces little immediate pressure from financial markets and has the ability to operate its fiscal and monetary policy in tandem, while European governments gave up direct national control of monetary policy when they agreed to adopt a common currency.
The company had net losses in fiscal 2000, 2001 and 2002 and expects to have more operating losses throughout fiscal 2003, it said.
"He's very corrupt," said one diplomat, who charges Taylor with operating a "dual fiscal system": the official one and a private system based on profits from the illegal extraction of timber, gold, and diamonds.
In addition, with states operating under tighter fiscal budgets – and getting no hope relief from Washington – it means less money for essential government services, like help for the elderly, the poor and the disabled.
What is more, the IMF's standard macroeconomic medicine fiscal austerity acted like a wrecking ball on economies that were already operating under prudent fiscal regimes.
within a single nationwide programme charged with the task of erosion prevention is unlikely to proceed in the present economic climate (global downturn and government departments operating under tight fiscal constraints).
I have also recommended that Montenegro install an orthodox CBS because such a system would generate much needed revenue for the government which is operating with a fiscal deficit of about 20% of GDP (Z. Bogetic and S.H. Hanke, The Montenegrin Marka, Podgorica, Montenegro: Antena M Mermont, 1999).
But Standard & Poor's explained in a statement that it decided to downgrade the county because of its "weak current financial position and ongoing fiscal and operating challenges," and noted that it was the state's actions that kept the bonds above junk.
