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By: Nick Martin / Analysis

2/02/2012 8:25 AM | Comments: 0

According to the Manitoba government's math, the province covers 65.2 per cent of the cost of operating our $1.96-billion public education system.

And the government further says school divisions are paying only 29.2 per cent of the cost.

Are those figures accurate? Yes and no. Depends.

If you're an accountant, yes, those figures are probably right, and it's all on the up and up.

For the rest of us, no, the figures we're more likely to come up with using a layperson's common sense and logic are a 56.7 per cent share for the province, and a 37.4 per cent share for property taxes.

The key to sorting out the confusion can be found back in 2005-06.

That's the school year when the NDP decided property-tax credits -- the annual lump sum each homeowner receives from the province to reduce the impact of property-tax bills -- would suddenly be reinvented as an education property-tax credit.

The EPTC still came off the bottom line of homeowners' property-tax bills, but at that magic moment of bookkeeping legerdemain, the property-tax credit officially became education funding.

Between the 2004-05 school year and the 2005-06 school year, the government's share of paying for the public school system thus shot up from 56 per cent to 62.3, with a proportional drop in the school divisions' share.

But the amount of property taxes collected, and the overall amount spent on public education year to year, didn't change radically.

How come? Read on.

If you go to this year's edition of the FRAME (Financial Reporting and Accounting in Manitoba Education) report, you'll find the pie chart of revenue sources on page 40 -- 65.2 per cent province, 29.2 per cent school divisions.

Before you ask, the rest of the money comes from sources such as First Nations paying tuition to place their students in public schools and various smaller revenue sources such as rentals, fees, and assorted transfers.

Then go to page 42 and 43, which show a breakdown of revenue sources.

Under the column of education property-tax credit, there's $178,258,517 shown as provincial education revenue, a pretty big chunk of serious coin.

But here's where things get fuzzy. Not a penny of that money gets spent in schools.

Let's jump to page 49, where FRAME shows the figures for the special levy -- $734,192,180 of property taxes collected for education, or 37.4 per cent of the total of $1.96 billion.

Oops. Something's wrong here.

For the explanation, double back to page 43, where FRAME shows a much smaller amount for the annual revenue from municipal sources, an amount comprising 29.2 per cent of the total.

That's because -- with some footnotes and appendices explaining how the farmland tax rebate and pensioners' assistance enter into the calculations -- the tax credit the province puts into the system as education funding on page 42, gets deducted from the tax total listed on page 49, and comes straight back out of the public education system on page 43, listed as a reduced amount of taxes collected. All done on paper, without a penny of the $178 million ever having been spent in schools.

Convoluted, eh? Complex? Confusing?

Over its years in office, the NDP has steadily chipped away at the individual's tax hit, while increasing operating grants every year by more than the growth of provincial inflation. For instance, the province phased out the residential education support levy and replaced it with provincial grants.

And certainly, the province has increased the education property-tax credit from $250 to $700. But that tax credit is not now, nor has it ever been, operating funding for the public education system -- it's a tax-mitigation strategy. And to use it as a fleeting device to pump up the province's share of funding may seem disingenuous at best.

nick.martin@freepress.mb.ca

Get the numbers

The source of all data on annual revenue and expenses in the public school system is the FRAME report, Financial Reporting and Accounting in Manitoba Education.

FRAME reports back to the late 1990s can be found at http://www.edu.gov.mb.ca/k12/finance/frame_report/index.html

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NDP's math on funding a bit tricky

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28c3: Electronic money: The road to Bitcoin and a glimpse forward - Video

The coin toss begins the quest for the best foods along Super Bowl sidelines. It coincides with the serious game between the New England Patriots and the New York Giants on TV.

For our standing Super Bowl date with friends, we eat appetizers as the game starts, dinner at halftime and dessert amid confetti of the Lombardi Trophy presentation.

Chili bars, taco buffets, snacks and sandwiches offer tasty fun to those who do or don't understand touchdowns and punts. Options for pleasing taste buds outnumber fans.

Pre-planning keeps hot chicken wings from costing as much as a ticket into Lucas Oil Stadium in Indianapolis, reports the National Chicken Council. A single chicken's two wings are a small contribution to the 1.25 billion wing portions (100 million pounds) expected to be eaten during the weekend. Thus, restaurants and food service providers began stockpiling them long before the Rams won a game in late October. That keeps the hot appetizer affordable.

The third tip of the wing, called the flapper, is removed for Asian cuisine. The remaining meatier sides become Buffalo wings, traditionally deep-fried minus breading, then coated in sauce based on butter and vinegar-ish hot sauce. Classic companions are celery sticks and blue cheese dressing.

Some fans modify the flavor. Barbecue sauce, grilling and Asian specialties lead the way.

For Athenian Chicken Wings (www.eatchicken.com), marinate 2 pounds of chicken drumettes in a mixture of 1/3 cup olive oil, 1 teaspoon salt, 1/2 teaspoon black pepper, 1/3 cup lemon juice, 2 teaspoons fresh lemon zest and 2 teaspoons oregano for 20 to 30 minutes. On a baking sheet coated with nonstick cooking spray, bake wings in a preheated 350-degree oven for 20 minutes, flip them over and bake 15 minutes longer or until done. For dip, mix 1 cup Greek yogurt, 2 tablespoons honey, 1 teaspoon salt, 1/2 teaspoon pepper and 1/4 cup finely chopped green onion tops.

Don't neglect other chicken parts. For a similar dip, start with ranch or blue cheese dressing. Add a bit of buffalo wing sauce — carefully, as it heats up in a hurry. Chopped, cooked chicken can be added for warm dipping with hearty chips, or ready-to-heat chicken kabobs can be dipped into the mixture. Cream of celery soup adds authentic flavor.

Chicken is a favorite in chili. A recipe from Nielsen-Massey Vanillas uses its chocolate extract for flavor depth without red meat. Tune up or down seasonings and add more beans as desired.

HEARTY WHITE BEAN CHILI

2 tbsp. olive oil

3 boneless skinless chicken breasts, cut in medium dice

1 cup finely diced onion

4 cloves garlic, minced

1 cup chicken stock

1 can (28 oz.) diced tomatoes

1 can (29 oz.) tomato sauce

1 can (7 oz.) diced green chiles

2 tsp. ground cumin

2 tbsp. dried parsley

1 tbsp. dried oregano

1/4 tsp. cayenne pepper

1 tsp. kosher salt

2 tsp. chocolate extract

1 can (15 oz.) white kidney beans, drained

1/2 cup (2 oz.) freshly grated Parmesan cheese

In medium saute pan or skillet, heat olive oil over medium-high heat. Cook chicken 4 to 5 minutes until brown. Using slotted spoon, remove chicken from pan and set aside.

Add onion to pan and cook, stirring occasionally, until lightly browned and caramelized. Add garlic and cook 1 to 2 minutes. Pour in the chicken stock, scraping bottom of pan with wooden spoon to deglaze, loosening food particles from pan.

Pour stock mixture into large saucepan and add chicken, tomatoes, tomato sauce, chiles, cumin, parsley, oregano, cayenne and salt. Cover and simmer, stirring occasionally, 30 minutes. Add chocolate extract and beans. Cook 10 minutes longer.

Garnish individual servings with Parmesan cheese.

Note: Nielsen-Massey recommends seasoning the chili with its "pure" chocolate extract and organic chicken stock, parsley and oregano.

Makes 6 servings.

See the article here:
HOME PLATE: Tasty Super Bowl foods ready to score on Sunday

The Canadian dollar advanced to a three-month high versus its U.S. counterpart as stronger global manufacturing data boosted speculation the worldwide economy is growing, stoking investor appetite for riskier assets.

Canada’s currency rose beyond parity with the greenback as purchasing-manager indexes from China to the U.S. increased and European Union President Herman Van Rompuy said the bloc has reached a “turning point” in its two-year-old debt crisis. Canadian employers added jobs in January for a second month, economists predicted a report will show Feb 3. Stocks climbed.

“The loonie’s doing a bit better on the general positive outlook,” Michael O’Neill, vice president of foreign-exchange trading at RJOFX Canada, a unit of RJ O’Brien & Associates Inc., said by phone from Toronto. “That’s partly from the China data last night and also in part because Europe hasn’t cratered. There’s also a bit more optimism surrounding the U.S. economy. What good for the U.S. is good for global growth; Canada is along for the ride.”

The currency, nicknamed the loonie for the image of the waterfowl on the C$1 coin, appreciated 0.4 percent to 99.86 Canadian cents per U.S. dollar at 5 p.m. Toronto time. It touched 99.64 cents, the strongest level since Oct. 31. One Canadian dollar buys $1.0014.

The U.S. dollar fell against all except two of its 16 most- traded peers as investors sought higher-yielding assets.

Biggest Trade Partner

The loonie gained beyond a one-for-one basis with the greenback for a second day as data from the Institute for Supply Management showed manufacturing in the U.S., Canada’s biggest trade partner, expanded at the fastest pace in seven months. The ISM index rose to 54.1, less than projected, from 53.1 in December, the Tempe, Arizona-based group’s report said. Figures greater than 50 signal expansion.

Chinese factory indexes increased as the world’s second- biggest economy withstood weaker exports driven by the European debt crisis and a government-induced property slowdown. In Germany, Europe’s largest economy, output grew for the first time since September.

“The Canadian dollar is being driven by the better-than- expected PMI data,” Mark McCormick, a New York-based currency strategist at Brown Brothers Harriman & Co., said in an e-mail message. “This has resulted in broad U.S. dollar weakness, a strong rally in equities and has boosted growth-sensitive currencies such as the Canadian dollar.”

Bonds Drop

Canadian government bonds fell. Benchmark 10-year notes slid for the first time in six days, lifting their yields higher by two basis points, or 0.02 percentage point, to 1.90 percent. The securities yielded eight basis points more than comparable U.S. Treasuries, versus six basis points at the end of 2011.

Canada sold C$2.5 billion ($2.5 billion) of 10-year debt today, drawing an average yield of 2.015 percent, according to a statement on the Bank of Canada’s website. The 2.75 percent notes are due in June 2022.

The auction attracted C$5.8 billion in bids for a coverage ratio -- the amount bid relative to the amount sold -- of 2.31. The last offering of 10-year bonds, on Oct. 5, drew an average yield of 2.254 percent and a coverage ratio of 2.52.

Employers in Canada added a net 22,000 jobs last month after a revised increase of 21,700 in December, according to the median of 23 forecasts compiled by Bloomberg News before Statistics Canada reports the data on Feb. 3. U.S. payrolls swelled by 145,000 jobs in January, data due the same day in Washington is forecast to show.

Depreciation Forecast

The loonie will depreciate to C$1.03 by the end of the first quarter after weakening 2.3 percent last year, economists in a Bloomberg survey predicted.

“The price action in the Canadian dollar is more a function of external risks, namely the outlook for the euro zone,” Brown Brothers’ McCormick said. “We also expect momentum in the U.S. economy is likely to wane. As a result, we’re a bit more bearish on the Canadian dollar and expect it to finish the quarter at C$1.06.”

RJOFX’s O’Neill predicted the loonie will stay in a range between 99.60 cents and C$1.0050 at least until the payrolls data this week. He recommended buying the greenback against the loonie at 99.60 cents and 99.70 cents, exiting the trade if the U.S. currency weakens to 99.45 cents.

Fibonacci Analysis

O’Neill, citing Fibonacci retracement levels on the range between the July 26 high in the Canadian dollar at 94.07 cents versus the greenback, and its low at C$1.0658 on Oct. 4, said if the currency breaks through the 61.8 percent retracement level at about 98.80, “we should get 100 percent retracement” back to 94.07 cents. That is unlikely to happen unless the euro can appreciate beyond about $1.3250, O’Neill said. It rose 0.6 percent today to $1.3158.

Fibonacci analysis is based on the theory that securities tend to rise or fall by specific percentages after reaching a new high or low.

Canada’s dollar gained 2.8 percent over the past three months against nine developed-nation counterparts monitored by Bloomberg Correlation-Weighted Currency Indexes. The U.S. dollar appreciated 0.4 percent, while the euro weakened 4 percent.

The EU’s Van Rompuy told European lawmakers “substantially” lower yields on Italian and Spanish bonds signal efforts to overcome the debt crisis and preserve the euro are paying off. Greece and private creditors are near an accord on a debt swap that in principle would include a sweetener tied to a revival in economic growth to ease the plan’s impact on bondholders, people with knowledge of the talks said.

The Standard & Poor’s 500 Index rose 0.9 percent in its first advance in five days. Crude oil for March delivery climbed as much as 1.2 percent to $99.49 a barrel in New York before sliding to $97.31. Crude, Canada’s biggest export, reversed gains after a report showed U.S. inventories climbed.

To contact the reporter on this story: Chris Fournier in Halifax, Nova Scotia, at cfournier3@bloomberg.net

To contact the editor responsible for this story: Dave Liedtka at dliedtka@bloomberg.net

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Canadian Dollar Gains to Strongest in Three Months as Risk Appetite Grows

It is expected that $10 billion will be risked on Super Bowl Sunday, and not all of it will be wagered on the game itself. Odds are that you are one of many that will be placing a wager this Sunday (I’d bet on it…), and you could in fact feel more agony and frustration over the halftime show than the final score.

I have looked through all the best prop bets for this Sunday’s Super Bowl rematch of the Giants and the Patriots and have come back with some of the best (and weirdest) you can find. Whether you want to bet on the coin toss or the color of Gatorade dumped on the winning coach, I’ve got you covered.

The Coin Toss; New York Giants Will Make the Call

Oddly enough, the coin toss is one of the most bet on props for the Super Bowl. You will never see the odds change from -105 for heads and -105 for tails, and those odds usually stay the same for which team will win the toss. One thing that is interesting to note, however, is that the NFC has won the coin toss in each of the last 14 seasons.

So what does that all mean? Probably nothing, because you’re just flipping a coin. Since we’re talking about ridiculous sports bets and some of you may be taking this seriously, though, I’ll go ahead and give you my pick: Patriots win the toss and will defer. It’s about time that the AFC wins one, and Patriots head coach Bill Belichick recently acknowledged that in his research the team that can score at the end of the half and get the ball first in the second half wins the game 90 percent of the time.

The National Anthem Sung by Kelly Clarkson

Last year Christina Aguilera butchered the national anthem for nearly two minutes, but because she screwed up the lyrics, some sportsbooks had to pay both sides. Don’t expect Clarkson to make the same mistake this year. Aguilera’s mistake should have singers on their toes for quite a while.

The over/under for length of the anthem this year is set at one minute and 34 seconds. Clarkson isn’t as much of a grandstander as Aguilera, so expecting her to come close to two minutes isn’t a good bet. That being said, a lot of betters will likely expect a shorter anthem playing right in to the hands of the odds makers. So in an attempt to sound like I know anything about singing, the anthem or Kelly Clarkson, I will go out on a limb and say bet the over.

The Halftime Show starring Madonna

Ever since Janet Jackson’s “wardrobe malfunction,” the Super Bowl has featured some less eccentric halftime shows including Tom Petty and The Heartbreakers, Bon Jovi and The Who. This year they will again be tempting their fate by letting Madonna host the show with special guests Nicki Minaj and M.I.A.

So could there be another earth-shattering, Twitter-breaking event at this year’s halftime show? The boys in Vegas think there could be a chance for Madonna to at least be, well, promiscuous. You can make a bet that Madonna will kiss another woman sometime during the game, not just the halftime show. A $10 bet that Madonna lip-locks a member of the same sex will net you $50 in returns, so we say bet Madonna kisses another woman.

Will Madonna Kiss Another Woman? Will Madonna Kiss Another Woman? Yes No Total votes: 20

Of course you can bet on more than just whether or not Madonna kisses a woman; there are the more scientific bets like what color her hair will be for the show. Madonna has been rocking the blonde look a lot lately and the line opens with blonde being a -450 pick, so we say bet her hair color will be any other color for only $1 and get that $2.50 in return.

The Winning Shower

Yes, you can even bet on the color of Gatorade dumped on the winning coach. Your choice of colors include lime green (+650), yellow (+160), red (+700) and blue (+1200). There is no color I think more likely to be dumped on the coach than clear/water (+160), however.

Most teams around the league have been swapping out Gatorade for water in the second half of football games because the sugar content of Gatorade can cause some unwanted cramping later in the ball game. No matter which team wins, expect their medical staff to be on top of their game.

Another interesting prop bet surrounding the Gatorade dump is how much time will be left on the clock when the first celebratory spray is attempted. Right now the over/under is set at 40 seconds remaining, with the over being a slight favorite. It could be that the boys in Vegas don’t expect the game to be close at the end…or it just means the winning team will start kneeling the ball with a minute left.

What Color Gatorade Will Be Dumped? What Color Gatorade Will Be Dumped? Lime Green Yellow Orange Red Blue Clear/Water Total votes: 21

Who They Show and What They Say

You can even bet on who the camera finds in the crowd and who the announcers talk about during the game. Of course you may not be able to hear or see it all over the Cheetos munching, keg stands and arguments going on at your Super Bowl party but trust me, you can definitely lose money on it.

There are always notable celebs at the Super Bowl every year, and with so many big name stars from New York and Boston, this year will be no different. You can bet whether you will see Madonna’s daughter Lourdes or Madonna's boyfriend Brahim (Bro-heem? I don’t know why, but I like this bro) Zaibat at all during the telecast. We’re definitely betting we see Madonna Jr. but not so sure her Madonna's latest fashion accessory bro will make the cut.

The same goes for big name stars like Larry Bird, David Letterman and Bobby Knight being caught in the crowd.

No camera shot prop bet is more intriguing to us than the line on who will be shown first between Abby Manning or Giselle Bundchen, though. No offense to Mrs. Manning, but I think we can all agree that Giselle is just a bit more camera friendly. Which is why we are shocked to see that Abby Manning is favored in this bet! When you think about it though, the chances of Abby Manning getting screen time first will likely be because of whom she shares a luxury box with….

Yes, it’s time to talk about Peyton Manning, Jim Irsay and Andrew Luck. There is no doubt they will be hot topics until the saga is over and Luck is drafted, so don’t think for a second you will be able to escape it on Super Bowl Sunday.

The over/under on total Peyton shots is set at 5.5 with the under being slightly more of a favorite. That number seems high, but the very real possibility of a Giants win could give you that sixth shot of Peyton celebrating, and for that we say bet they show Peyton over 5.5 times.

Then there are subsequent bets as to how many times Andrew luck is discussed (O/U two times), how many times Robert Kraft is on TV (O/U four times) and how
many times the NBC crew discusses Jim Irsay (O/U one time).

The most intriguing bet to make is whether or not Giselle Bundchen will end up kissing Tom Brady during the live broadcast. Shockingly, the odds are that she won’t, but a correct “yes” bet will double your money. There is no guarantee that Giselle will even be at the game (in your mind doesn’t count), so this is a risky bet, so pass on Giselle kissing Tom and stick to our pick of Madonna kissing another girl because that one actually seems more realistic.

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Super Bowl 2012 Betting: The Coin Toss, Girl-on-Girl Action and Other Weird Bets