Hi, I'm Zor. Welcome to your new Zor education. I would like to continue talking about logarithms. The previous lecture was kind of an introductory, so I defined what logarithm is about, and I will start from a very short summary of whatever we talked about in the previous lecture. So, first of all, logarithmic function is an inverse to an exponential function. So, you have exponential function. Now, logarithmic function is an inverse, which means that knowing the value of the function, we can find the argument. So, what is this? This is an exponent, which if I will use with a base A, I will get the argument. So, this is basically a definition of what is logarithm of x with a base A. It's the number, which if used as an exponent with a base A, will give an argument x. So, this is the definition. Now, we also know that this function the exponential function is monotonic, and it's increasing if A is greater than 1 and decreasing if A is less than 1, greater than 0. By the way, I didn't mention it before, but everywhere we assume that A is greater than 0. So, knowing the monotonicity, the monotonic character of the exponential function, we can basically state exactly the same about the inverse function. I don't remember how much attention it was given in the general theory of functions wherever I just introduced the monotonicity, but let me just very briefly make a short proof that the original function is monotonically increasing than the inverse function is also monotonically increasing. Okay, here's how to prove it in a general case. So, let's say you have a function which is monotonically increasing. Now, the function is inverse. Inverse to this one, which means if I will use g and use this and an argument, I will get this as a function variable. All right, so how can I prove that this function is also monotonically increasing? Well, very simple. Let's take two different arguments, u and v, which are related to this inequality, and I would like to prove that the corresponding variable of the functions are also in the same relationship. That's what I have to prove, right? All right, how can I do it? Here's how. Let's say this is equal to p and this is equal to q. Since g is inverse of f, if p is equal to g of u, then u is equal to f of p, right? This is inverse function to this one. If I will use, instead of an argument, I'll use the function, I will have the value of the argument. So that's basically the relationship. If p is equal to g of u, then u is equal to f of p. That's what means f and g are inverse to each other. Similarly, v is equal to, sorry, f of q, right? Now, we know this relationship. So we know this. u is less than v. So f of q is less than f of q. Now, let me ask you now. What can be the relationship knowing the f of x is monotonically increasing? What can be the relationship between p and q? Can p be equal to q? No, because then f of p will be equal to f of q. Can p be greater than q? No, because again, since f of x is monotonically increasing, if p is greater than q, then f of p will be greater than f of q, which again is not true. So the only thing which we can say is p is less than q. p which is this is less than q which is this. And that's what exactly needed to be proved. All right. So this is a general property. If the function is monotonically increasing, inverse function is also monotonically increasing. Obviously the same thing for decreasing. I don't even want to prove it. It's kind of obvious. All right. So we will use exactly this property, general property of monotonic functions when addressing the logarithms. So we know now that logarithm x is increasing whenever the corresponding exponential function is increasing and decreasing monotonically whenever the exponential function is decreasing. So these are the properties of the logarithm x. The monotonicity and direction increasing or decreasing depends on the base. All right. That's done. And now let's talk about certain properties of the logarithmic function. So that's the function. And this is inverse to this function. Now one of the things which we again can conclude from this being inverse to this, whatever is the domain in this function becomes the range of this function. And whatever is the range of this function is the main to this function. So what's the domain for a to the power of x? Well, it's defined for all real x, which means that the range of this function would be all real x, all real values. So y belongs to all real values. Now the range of this function, if you remember, it's always positive. It's either increasing or decreasing. The graph looks like this. This is for a greater than one. This is for a less than one. But it's always positive. So the range of the function where the values are is always above the x's. So that would be the domain of this function. Our plus means only positive real numbers. All right. So that we have defined. We have a domain. It's defined for any positive number. And the result of the function can be, obviously, any real number. All right. Now we still would like to mention these two restrictions for obvious reasons. Now let's have a couple of examples. Now, what is a logarithm of one with any base, which satisfies these conditions, of course, with any base a? Well, this is zero. Why? Let's again remember the definition of the logarithm. The logarithm is a number which is used as an exponent with a base a will give the argument. So let's check it out. If I will take a and put it in this particular exponent, I should get one, right? That's how we should verify it. Now let's check it out. If I will put a to the power of zero, we all know from the zero exponential function that any number in the power of zero actually is equal to one. So that's true. So that's why a loop of one with a base a is always equal to zero. Next, what is this? Again, it's supposed to be an exponent which is used with a base a will give a. So, well, obviously it's one because a to the first degree is equal to a. I'll put direct proof that this is zero. This is the check. Next, log a of one over a. Okay, what is this? What power should they use to get one over a? Well, obviously minus one. So that's why it's equal to minus one. Next, this is something which I have already proven in the previous lecture. Basically what I have proven in the previous lecture was this. But if x is equal to a, and we know that log a base a is equal to one, then this is true. Like for example, log two to the tenths degree base two is equal to ten. Just as an example. Okay, these are all trivial things which are directly followed from the definition of the libraries. That's why I don't really go into more details of this. I'm trying to very quickly put as much trivial stuff as possible. Next, log a one over x. Let's think about what is one over x? It's x to the power of minus one, right? And considering the previous rule which you were just mentioning, it would be log x to the power of minus one, which is minus. Remember this is delta. Delta goes outside of the logarithms. Minus log a. Next, log x one over a. What if I have one over a in the base? Well, quite frankly, it's the same thing. Now, why? This actually means maybe a little explanation. How can I prove that this is this? Well, basically I have to do this. I have to take the base, raise it into this power, and check if I get x, right? But now let's think about this way. This is minus. Minus is basically reversed. So this is one over a minus one log x a, right? Because subsequent raising into power is equivalent to multiplication. Minus one is multiplied by this. Now, what is one over a to the power minus one? Minus one is reversing. So one over a is converted to a. So we get a log x a. And this is x by definition of log x by the base a. OK, that is done. Next. OK, you remember from the previous lecture I have proven that log of the product is equal to sum of logs. Now, how about division? How about log u over v? Well, let's think about it. u over v can always be represented as u times v to the power of minus one, right? Now, this is a product, so I can convert it into sum. So it will be log u plus log of v to the minus one equals. And by the previously proven theorem, log of one over v, v to the power of minus one, is minus log a v. So if we multiply, we add logarithms. If we divide, we subtract logarithms. u minus, u minus logarithms. Now, this is an interesting thing. Log b for the base a times log c base b is equal to log c base a. In a way, it looks like it has nothing to do with this, but it looks like b over a times c over b is equal to c over a, right? When you can reduce it. It looks like this. I mean, it's good for memorization, but don't mix these two. Nothing can come. It's just for mnemonics. In any case, how can I prove that? Well, to prove that something, logarithm of c base b is actually this, I have to prove that if I raise a to this power, I will get c. Well, let's prove it. a to the power log b a times log cb. What is it equal to? Now, again, if you multiply two powers, it's basically a consecutive raising into power first into this one, a to the power log b a, and then to this one, log cb equals. Now, what is this? a to the power of log b base a. This is a definition of logarithms, and it's supposed to be equal to b, right? Logarithm is the power, logarithm of b by the base a is the power which if used as an exponent with a base a will get b. So that's what b is. And we retain log cb. Now, what is this? Exactly the same thing. By definition of logarithm c by the base b, this is supposed to be c. So that's why a to this power gives c. So that's why this is correct. This is just a nice consequence. Why? Well, let's just remember the previous one. Log b base a times log b of c is equal to log cb, right? That's what... No, sorry, a. That was I have just proved before. Now, what if c is equal to a? a, b, and c can be anything, right? So I put a. So on the left I have this. On the right I have this, which is equal to 1 as we have already proven before. So that's why it's true. For a greater than 1, the behavior of the logarithm function, if x is greater than 1, log x a greater than 0. If x equals to 1, then log x is equal to 0, and if x less than 1, log x is less than 0. Now, why is that? Well, it's actually a very simple result of applying the monotonicity function. Now, we know this, right? The logarithm of 1 is always equal to 0. Now, with a greater than 0, greater than 1, sorry, the function logarithm x is monotonically increasing, right? So if I increase x beyond the point 1, going to greater than 1, my value of the logarithm should increase. So it should be greater than 0. And on the opposite side, to the less than 1 area, then logarithm should also decrease because the function logarithm x by the base a greater than 1 is monotonically increasing. So if I go from some point to the right, it's increasing to the left, it's decreasing. Very similarly. If a is less than 1, I have a similar story, but now it's decreasing, right? Because the corresponding exponential function is decreasing. So inverse logarithmic is also decreasing. So if it's decreasing, then we should have this. Again, at point x equals to 1, we know that logarithm is equal to 0. Now, if I move to the right, increasing value of the x of the argument, the logarithm should decrease from 0 down, less than 0. And if I go to the left, decreasing the argument, considering that the function is monotonically decreasing, the function value should increase. So it goes up above the other. That basically concludes the main properties of logarithms. What we still have left is graph, and that's easy. That would be next lecture. And then, a certain number of problems which we will do together. Register on theunisor.com if you would like really to get to the gutsy bit, because there are exams, and exams are very important. You can take exams if you are a registered student, and I do recommend you to do this. Thank you very much.


The bond between a mother and her children is something unbreakable. No matter what happens, the unconditional love that a mother has for her children is always going to be strong. Today we are going to show you a tear-jerking story about a mother who lost her son and tried to text him as a way to cope with the pain and to her surprise, someone answered. Our story is about Taylor Thiefault who dreamed about dedicating his life to saving others since he was a little boy. While other kids were dreaming about video games, Taylor was thinking about ways to make the world a better place. Taylor always wanted to join the army and try to make a difference in the world ever since he was a little kid, and this is exactly what he did when he came of age. By the time he was 21 years he was already a veteran. The man on the right is Taylor Thiefault. As you can clearly see, his mother Carol Adler is really proud of his accomplishments. The next picture will show you something amazing. Carol Adler says that her son has never looked better than the first day he got dressed in the U.S. Army uniform. She was happy that her son was accomplishing his dreams, but as all mothers do, she always was worried for him. Carol Adler and Taylor Thiefault had a special relationship. The two would spend lots of time together, and they talked to each other just like best friends do. When got out of the army. As soon as Taylor Thiefault got out of the army, he enlisted to become a trooper. The man still wanted to serve his country in any way he could. Unfortunately, something terrible was about to happen to him. Taylor Thiefault and his partner were patrolling the highway when they received a call about a speeding driver that didn't want to stop. Taylor and his partner were told to set up spikes on the road so that they could stop the driver. Sadly, the speeding driver tried to avoid the spikes and hit them instead. Taylor Thiefault was rushed to the hospital, but unfortunately, he didn't make it.  Even though Carol was heartbroken and she didn't know how to deal with the death of her son, she was glad to know that he died doing what he loved the most, saving others. Carol was heartbroken for months and she couldn't even get out of the house. She didn't know what to do in order to cope with her son's death. Taylor Thiefault received the honorary memorial that he deserved and Carol Adler was glad to see that her son was so loved in the police force. She knew that she did a great job raising him. As she was thinking of a way of coping with the pain of losing her beloved son, and she came up with a rather strange idea to help her grieve. Carol used to text a lot with her son and she decided to send him a few texts. This way she could take some of the weight of her heart and maybe help her feel better. Carol Adler sent the message and she was already feeling better. A couple of minutes passed and she received a text back. She couldn't believe her eyes was someone pulling a prank on her. It looks like Taylor Thiefault's phone number was given to another police officer by the network carrier. Can you believe this? The man decided to let Taylor's mom know that he is sorry about her son and that he is going to change his number. Carol Adler quickly responded and told the police officer that he shouldn't change his phone number because he had the dream job of Taylor. This was meant to be. Carol Adler soon realized that her son saved many lives and that she should be thankful that he got to accomplish his dream before passing away. Carol Adler is proud to say that her son sacrificed his life to save others, and she believes that he would do it all again if he had to make the same choice. Even though Taylor Thiefault might not be around anymore, Carol Adler says that she will always keep the memory of her baby boy alive in her heart.


On to some high school baseball. Black Duck hosting Winnie Mac. Bottom four tied at one. Drake's threatening with a couple on base, but Winnie Mac's 100. Shaput strikes out Jordan Reeves with the bender to end the threat. Fifth inning, Black Duck gets things rolling. Ian Ceaselines, the sharp single up the middle to put two runners on. Next batter, Aaron Charbonneau. Bloops the single, the center field. Sawyer Nendick scores from second, just beating the throw. Drake takes the 2-1 lead, but Winnie Mac would score two in the top of the sixth, and they win three to two. If you've enjoyed this segment of Lakeland News, please consider making a tax-deductible contribution to Lakeland Public Television.


If you want to go ahead and introduce the board, I'll introduce themselves. I'm Lisa Floyd, I'm the chair of the White River Union District Board. I'm Anna Jones, I'm the vice chair of board. How are we doing? We're on Debra Hill, school board member. Garlick, school board member. School board member and clerk. Bruce Leib, superintendent. Tara Leather, director of special education. And we'll start by standing and doing the Pledge of Allegiance. Consisting of the towns of Bethel and Royalton are hereby noted and warned to meet at the Bethel campus of the White River Valley Unified District in Bethel, Vermont on March 2nd, 2020 at 6 o'clock PM to consider and act upon the following articles, one through nine, and to discuss the article to be voted upon by Australian ballot, Article 10 only. To be acted on this evening, March 2nd, 2020. And I'll turn this first article over to Lisa. Yes, immediately. And serve a one qualification of a successor. Combinations are now in order for the nomination for Allison Fulcher. Are there any other nominations? I think it's four weeks. OK, since we've only one, we don't need a second apparently. I did Allison Fulcher as our moderator for one more year. OK, article two. To elect a school district clerk who shall assume office July 1st, 2020 and serve a one year term for until the election and qualification of a successor. Nominations are now in order for school district clerk. I'd like to nominate Pam Brown. Seeing none, nominations are now for the following year signified by raising your card. Also signified by raising your card. Brown has been elected as our school district clerk. Article three. To elect a school district treasurer who shall assume office July 1st, 2020 and serve a one year term or until the election and qualification of a successor. Nominations are now in order for the select school district treasurer. Are there any nominations? I'd like to nominate Pam Brown. OK, we have a nomination for Pam Brown. Are there any other nominations for school district treasurer? Seeing none, nominations are closed. We can vote. All those in favor of electing Pam Brown to serve as school district treasurer for the following year, please do so by signifying by raising your card. Those opposed? It looks like Pam Brown has been voted in as our school district treasurer. Article four. To fix the salaries of the school district officers for the 2020-2021 school year, do I have a motion? OK, Bushroud Powers. I do need to identify the person making the motion. So Bushroud Powers moved. Do I have a second? Rick Benson has seconded the motion. So the motion that's been made and seconded is to fix the salaries of the school district officers for the 2020-2021 school year. All those in favor, please show by raising your card. Those opposed? It looks like the motion is going to carry, and the motion does carry. Article five. To hear and act upon the reports of the school district directors and officers, do I have a motion? OK, it's been moved in your name, sir. Steve Hall has moved. Is there a second? Second in your name, sir. Chris Mayby has seconded. So we have a motion and a second. To hear and act upon the reports of the school district directors and officers. Is there any discussion? So we have a brief presentation to share with you first about some of the things that have happened in our schools in the past year, which will be presented by Principal David Wells, although all the principals collaborated in creating this presentation. And then we'll take the presentation back to share about the budget and the process to this point. Good evening again, everyone. The four principals and I want to take a moment to share with you some of the things that we've done in our schools on both campuses over the past year. And I'll go ahead and do that right now. We really think of ourselves, even though, as you know, there's a Bethel campus in the South Carolina campus as one school. And we do a lot of initiatives together as one school. And our school-wide initiatives, we implemented multi-tiered systems of supports for our students. And we hired two coordinators. For that, they better support our students. We implemented a new literacy program in grades K through 5. We realized that more and more of our students come to us with backgrounds where they've experienced traumas of many different types. And we've engaged with a trainer to have teachers, all of the teachers from both campuses learn to know how they can better support students who have experienced trauma. Of course, safety is a paramount concern for us. And in the August, actually, the very beginning of the year, we used a new training that is used across the state of Vermont and is recommended by all the authorities of Vermont. It's called the Alice Training. It's a new adaptive way to deal with crises of intruders into the school and be more proactive about it. Another highlight, we have our eco, which is environmental education outdoors. And that program is expanding. It started on the Bethel campus, came over to the South Royal from campus last year in the elementary grades. It's built into the middle school. And then in the budget that you'll see, it's proposed to start with the high school as well to have our students learn and benefit from the natural environment that we're in. I want to talk a little bit more about initiatives in the elementary schools. A really huge improvement and big program for us has been to adopt and to train on a new reading program for grades K through 5. And this aligns our practices on both campuses and within the whole supervisor union, but with us on both campuses. All of our teachers have received training. Many of them have taken courses in this, sponsored by the supervisor union. Every single classroom has new materials. And these new programs were paid for a lion's share from Medicaid funding that the district and supervisor union had. And then Bethel and South Royal, and we went further and secured a $50,000 grant to make sure that we had as much of the materials as possible to grade 5. And we're already starting to see the fruits of our labors. We're seeing now that our kindergarten students now are performing better now than many of them were performing at last June. And across the supervisor union, our students have seen a 16% growth in their reading ability. We've expanded our rural language instruction. So now that it is on both campuses, so students in grades K through 5 have rural language instruction where they're learning Spanish. And we're expanding preschool programs. Again, on both campuses, so that four-year-olds have full day options and expanded options for three-year-old children. And our plans going forth in the future is to have further expansions of our preschool program because there are so many children in need. And we want to get them off to a good start. The middle school has spent a lot of time having teachers work together to do things as a team, to integrate their learning and their teaching. And they're using a learning block. And they really want the students to be reflective at this middle school age as to what it needs to be a learner. How do they learn and what are their goals? And one of the ways to pull all the middle school students together has been a book study group where all of the students are reading the benefits of being an octopus. And they're going to work with that author as well. At the high school, we're working on improving our programs and improving our offerings for students. One example is that we're going forward with strong AP classes. And we added a pre-AP English class. The high school faculty has been doing a lot of work through all of his trainings and a lot of his time together to work on personalized learning and individual pathways to college and career. Up in the students take more charge of their learning and have more of a direction. Our community based learning program continues to be strong where students have personalized learning plans. They're going on job shadowing this spring for all ninth graders, but all throughout the year we have students job shadowing all over the area. And last but not least, we're going to attain the Division of Forest Health Fall and Baseball Championships as a newly merged team. Wildcats hit it out of the park for a season. Continuing on the co-curriculars, our music enrollment is strong and growing. We've added a Janice Band, and we have the prep band shown here. The School of Rock Musical is coming to our stage so the musicals are returning to the White River Valley School. And it will be performed the first weekend in April. The middle school performed their first year of production. We've added sports like bass, fishing, and indoor training, and they're very popular.  We've also been paying attention to the buildings and working with the school board. We were able to put a new roof on the majority of the South Royalton building. We're being systematic and completing asbestos removal in the South Royalton cafeteria and in two classrooms. Things that never needed to be done, but things like pipes in the ceiling that really should have been out of there is the installation taken out. We've expanded our restorative classroom in the middle school to have more space for the restorative program. Back in South Royalton, we replaced three of our hot water heating tanks because one of them had failed and all of them were aging, so we made the decision to think forward and replace them. And we installed a new stage curtain and rigging for the high school stage. So we think it's going to be a community for their support and for taking time to hear our report this evening. So again, I'm Chris Riley, I'm a school board member. I know it presents a few of those slides and how we could build the budget to where we are and then also Andrew Jones is going to come up after me and speak more to our proposed budget for this current coming year. So the first slide we have here is on the FY19 audit. So this is from last year's school year, so from the 2018-2019 school year. So the audit that was done has shown a deficit of $350,000 and there was some of the reasons for this deficit that we've been down in the audit is there was a shortfall in the actual tuition revenue that we got in terms of what we had projected for tuition students coming to the school and what was the number of students that actually retreated to our school. So that was a shortfall of $105,000 versus what we had budgeted. There was also issues with the HRA budgeting, so for our health insurance savings accounts or reimbursement accounts. So it wasn't budgeted to the proper levels or funded to the proper levels and so there was a budget shortfall of $50,000 versus what was budgeted. So there was also at the SU level because of things like health insurance and the HRA issues that we saw at the local level, the SU saw the same sort of issues as well and again, we pay our portion of the SU's budget and because of the budget differences between what was spent and what was actually budgeted, there was a $104,000 that we had to contribute in to the SU to help cover their budget difference. For special education, it was the same type of issue, so there was a $100,000 difference versus what was budgeted that we had to contribute to help cover our portion of that difference. At the school level, at the South Royalton campus, when we were building the budget, we had originally planned on one less position in the front office of the school and then as the school year was going on, we found that that was an understaffing issue that came about and so we had to refill that position and we hadn't budgeted for it. So there was $50,000 of overage in terms of what was spent versus what was budgeted. This year, we also had to go out for new maintenance and grounds contracts and those actually came back higher than what we had expected in terms of the cost for grounds maintenance and snow plowing. So there was again a $50,000 difference versus what was budgeted. And then there was some additional merger facilities work that was not, that was again another $50,000 of difference. So for a total, again, of $350,000 in deficit versus what we had budgeted for. So in response to what the budget or the audit was showing for the current school year, so the FY19-20 school year, we have been limiting spending on campus for any non-essential spending requests that they come up and we're trying to absorb as much of that deficit this current year as we can without it having any real impact on the students. So it's not to say that there's a spending freeze, but as there are budget requests that come through, the administration is looking at those requests and improving the ones that are deemed to be necessary. And then for the current budget year too, while this last year there was a deficit on the student tuition, this current year, for the current year we're physically in, we're actually projecting that we're going to have, that we have more tuition students than what we had actually budgeted for our current year. So on next year's budget, you should see actually a surplus from that is what our expectation is. So given the deficit that the auditing found and coming into our budget process for this year, our goal as we had stated last year was to keep an equalized tax rate level and to keep our equalized tax rate level. And so when we were going through the budget on the first draft of the budget for our FY20 budget that we're proposing, when we took into account all of the contracted staff raises, health insurance increases, and then also, well, the health insurance increases that were projected, those alone brought or increased our budget by 7%. In response to that, we did look, we did go through and we decreased all of our non-staff spending. We also cleaned up the budget and that left us then once we removed anything that was deemed to be over budgeted, that left us a 3% increase versus last year's budget. And so we've also, along with that we've looked at reducing our staffing by 2.7 full-time equivalents. So trimming the elementary staff in both locations, both the sites, Royalton and Bethel, to match our student levels more appropriately in terms of appropriate class sizes for student teacher ratios. And to get to an even rate before the incentive, before any incentives, any incentive decrease and then before the CLA is applied. So there are further cuts that we considered that would bring us down to completely level funding for last year to this year. But we felt that those terms, those cuts would have too much of a negative impact on our students and that wasn't the result that we wanna see, we wanna bring forward a program for our students in schools that gives them the education that they deserve and we don't want to take away the things that as Principal Wells presented in the slide, some of the new things and additional things that we've been offering to the students. So we just put it in good conscious, bring that forward, not to say that we can if we need to, but this is the, we wanted to bring forward the budget that we've already done, so. All right, I'm Andy Jones. I'm gonna be going over what all this results in as far as the tax rates and actual numbers. So going briefly through the actual spending changes that we looked at that went into this budget, the, we budgeted staff raises about 3% of these still need to be negotiated, so the final number might be that and it might be a little different, but that's all part of what we are expecting as far as what the staff's salary increases are gonna be. Health insurance costs were up 12% this year, which was an major thing that we had to deal with and that's something everybody across the state is dealing with. Our SPED assessment is up $138,000, which was partially due to just, you know what I'm saying, health insurance increases and also increased needs, but also we have a higher student population relative to the rest of the SE so our percentage that we pay was up a little bit, so that increased at that added to the assessment a little bit and our SU assessment is up 7.5%. This was the first year that we had actual spending numbers from the, from since the merger, so a lot of the accounts kind of got rebalanced because there was a new chart of accounts that was also adopted at the same time when we did the merger, so some things were being budgeted in categories by being spent in other categories, so part of the budget process this year is going through and making sure that what we're budgeting for is actually matching the categories and the levels that they're being spent at, so some, if you look at the budgets that were sent out, there's some categories where things go down, but it's not a real cut, it's just because they were transferred to other categories or something like that. So in addition to that, there were some places where we did decreased spending, things like field trips, equipment, books and supplies, we tried to limit the non-staff spending as much as we could to try and keep the staffing levels as strong as we could, but we did reduce elementary staff by two closer matches because it wasn't recommended class sizes and then there was the 0.7 which came off from basically nutrition. So the end result was spending was up about $280,000 from 11.8 million to 12.1. For revenue changes, our projected tuition revenue was up $150,000, so last year we just took the level that we got in for FY19 and used that for our tuition revenue and we did get a stronger freshman class than we had in FY19, so in FY20, we're going to be exceeding the amount that we budgeted for the amount of tuition we're getting in, so we're basically just continuing that on. So the amount of tuition revenue we got was just taking the current students that we got for tuition revenue, tuition students, and projecting them forward a year older and then adding in five new freshmen. And for comparison, we have 15 new freshmen this year, so this should be, even with the increased level, this should be a conservative projection plan which we should be able to bring in. But the increase in tuition revenue, projected tuition revenue was offset a little bit by federal funds being decreased by $60,000. And in the previous budget, we had a balance carryover from the previous surplus of $55,000. We no longer have any surplus to carry in, so that's out of this budget. So the revenue is up about $50,000 this year. The final thing that goes into per-people spending is how many pupils you have, and so the graph on the left shows equalized pupils. And those basically held steady, so we didn't gain many or we just had a very slight decrease in equalized pupils. The equalized pupil is calculated from a two-year average of the average daily membership, and just looking at that, it shows one way that being a combined school helps both of our towns out. So last year, Bethel had had a decrease in enrollment, while Royalton helped keep the numbers up. With an increase this year, Royalton was down 10%, whereas Bethel was up 8%, so it wound up cancelling out pretty much. Whereas each individual town, individual town trying to deal with a 10% decrease in enrollment would be pretty difficult. So having the combined of the two towns working together helps even these things out. To go into how this all calculates out into a tax rate, we'll first go over the per-people spending, which is the spending minus the revenue divided by the equalized pupils, and then see how we calculate the equalized rate, which is taking that per-people spending and divided by the state of yield factor and subtracting the merger incentive, and then we get a final rate by dividing out the common number with appraisal, and we'll go over all those things in a little more detail. So yeah, our spending was up 2.4% and our revenue was up about 5%, so our net spending was up 2%. Our equalized pupils stayed the same, so our per-people spending is up 2%. But looking at that, compared to the state yield, the way the yield works is as the tax base for the state of the law increases, the same tax rate will bring in more revenue for the state, so they're able to change the rate that they need to assess to the towns to reflect what they'll need to bring in to pay the statewide education spending. And this yield is projected to increase by 2.2% to reflect that, so the fact that our per-people spending is increasing at the same rate as the yield means that our preliminary rate is actually down very, very slightly, so it's basically keeping a preliminary rate even. We're still receiving a merger incentive for having merged, and that is going, started at 8 cents, was 6 cents last year, it's down to 4 cents this year. So our final equalized rate is up the 2 cents that the incentive decreased. Was had. So that's up 1%, that's our equalized tax rate. So the final rate calculation for each town is taking that equalized rate and dividing by the CLA for each town, the common level of appraisal. And that value is based on how the assessed values in each town compare to actual sale values. And so that'll vary as house prices vary. So both towns have a small decrease in the CLA, which leads to the final tax increase being slightly higher. The Royalton rate is up more than that though, because last year, the Royalton equalized rate had been pinned at capped at 1.6, compared to 1.3 for Vethel. This year it's not capped anymore, so the Royalton rate is going to be increasing more. Going forward, the two towns equalized rates are gonna be the same, so we won't have any discrepancy between the equalized rates. And in the future years, this will be the final, or last year was the final one, where they were different. So the only difference going forward will be the common level of appraisal values in each town. So that's how it all works out to tax rates. So Lisa's gonna talk a little bit about what we're working on in this long course. But first, I think Chris is gonna share a little bit about preschool and aftercare options. So as Principal Wells mentioned in his slides earlier too, this year we're offering full day preschool for four-year-olds at both the campuses of Vethel and Royalton, and then part of what we're looking at, potentially operating for next year, where there's a survey out to families right now, is to offer potentially some preschool programming for children this summer, if there's interest for families. And then also next year, again expanding full day to students, offering that again, and then also looking at the potential of also even offering aftercare for the preschool program. So students would come to school till three o'clock, and the older kids right now, they have one plan of program, but for children that are in the preschool, there isn't any afterschool care for them. So parents or caregivers have to come and pick them up and then transport them to wherever they need to go to next, whereas potentially we could offer, if there's enough interest and support for it, offer an afterschool program that would be, the families would pay a fee that would cover the cost of adding it and potentially generate some small revenue for the school, but offer a consistent one location to offer preschool programming and afterschool care and reduce on that transportation and just disruption to the day for the students and for families and caregivers. Yeah, and so if there are any families out there with preschool-aged children, if you haven't seen it, there is an email that has gone out with a link to a survey, and I believe the request is to have people reply to that survey by March 13th. So if you could please respond to that, whether it's something to feel like you're going to utilize or not utilize, but we need the information and the survey data to help us understand if this is something that we should continue to pursue and if there is that interest from families to take advantage of something like that. That survey is also available on Facebook or you could contact our schools if you'd like to be emailed a link directly and you haven't already received one. We also are at a place where we're having supervisory union leadership transition. So we appreciate Bruce Labs and Deb Matthews for the work that they've done with us over the last few years, but both of them will be wrapping up their tenure with us at the end of this year. So thank you for the work you've done for us so far. And we've been going through a collaborative and a deliberative process to look at hiring a new superintendent and a new director of special education. I believe that there are finalists for each category. I've been on the committee that's looking at hiring new superintendents. We went through a process of screening 13 candidates. Only three really rose to the top, one of whom withdrew her candidacy before we could even interview her and after interviewing the two other finalists, we put forward the only finalist we thought would be a really good fit for our community. So you will have an opportunity to meet that candidate Thursday, 6 p.m. here in this building and we hope as many people will come out as possible. There will be opportunities using either an app or paper feedback form to give feedback and your thoughts on the candidate. And our finalist, which you may have read in the newspaper is South Royalton native, Jamie Canarney, who's currently a principal in Williamstown and has been going through a leadership program to be ready to be a superintendent when he found a spot that he thought would be a good fit for him. So please come out on Thursday and have an opportunity to meet our finalists and that also we want to really make sure that as this leadership transition occurs, we're staying focused on our literacy initiative. We've invested an awful lot in that, both in terms of grant money, buying books, getting resources into our schools so that students have access to high quality reading materials and also our teachers have put an awful lot of time into learning how to help students read in different ways to really reach all the learners in their classrooms. So I think that we want to make sure that those efforts continue and as this leadership transition occurs, don't sort of fall by the wayside and I feel really grateful that we have strong principals who can help us remember that we're engaged in that work and teachers too who can continue to carry that forward even though we're having some transition at the supervisory union level. Additionally, we are really grateful tonight is actually Tara Weatherwell's one year anniversary with our supervisory union or maybe it's tomorrow. Yes, yes. Yesterday. Yesterday, sorry, bad with anniversaries. But we have a business manager who's been with us for a full year and she has been learning at a remarkable rate in order to take better care of us and help us manage things fiscally in a better way moving forward. So I'm very grateful for that. So thank you all for coming out tonight. I'm gonna turn things back over to Allison Fultner. Yes, we will now open up the floor to any questions. Just please come use the microphone and identify yourself. Please part from Royalton. When we went and went through that series of expenditures, what is Sped? I'm guessing it's special ed, but no, I mean you just throw out these. That's right, it's special. Acronisms and it's kind of difficult and that's a heck of a lot of money for that one. And what time on Thursday? 6 p.m. is the community forum on Thursday. Thank you. And Sped is in the special education. My name is Tim Brenner from Bethel. Thank you for the presentation. I just have one question to clarify. I think it's pretty simple. Early on in the discussion of the deficit, it said that the total deficit was 350,000, but some just quick summary of the numbers on slide. It looked like it was closer to 500,000, so the discrepancy there, is there some explanation of this in mind? So we started out with a surplus at the beginning of the year. So that surplus, this period, and then we had the resulting deficit. There's a remaining deficit, too. Thanks. Louise Ferris-Burt, Bethel. According to my calculation, your actual Sped is around 645,000 over the budget. So you take away the 350,000, we're still almost 300,000 over. Some of that was because there was a built-in deficit when you bring in surplus money from previous years.  So there was, I believe, $160,000 worth of surplus funds used in the deficit, or in the FY19 budget, which means that even if things had gone exactly according to the plan, we would have had a deficit of 100, we would have spent $160,000 more than we brought in, or budgeted before. Does that make sense? No, really. Because it doesn't show what is being built in. Is it a line argument here somewhere? No, it's just, if you look at the budget that was passed that includes a balance carry order on the revenue side, but that doesn't show up in the... Well, we only got 2020 and the budget. It didn't give us going back some of the revenue far enough back. So I would say that we really should have the same revenue columns that we have for expenditures. Then maybe that might make a little more sense. Sure. But you only have budget columns. So that it doesn't jive. And my next comment is that last year there was an increase of almost 211,000 over the preceding budget. And this year it's 270.  It hasn't grown down, it keeps going up and up and up. I want the kids to be educated. I've been in education. But why does the combined keep going up and up? Seems to me that there's something not corporate here. Well, Russell Bethel, thank you for all the hard work you put in making this budget. What it is, I have some concerns. Primarily, a lot of the discussion that I heard tonight was talking about the difficulty in managing cost overruns controlling the budget. And I know from experience, there's a lot of pressure from the community to force these budgets down. You started out this year with a presumption that you were gonna create an even flat funding budget which I would offer is irresponsible. I think that I know that education is a results-based enterprise. It's not like pumping fuel into something and getting so many miles out of it. You have to have a program that raises our children to the level that we want to have them. And for the school, board, and supervisor union to continually cast low-budgets that are continually overspent is unrealistic and it creates a lack of confidence in the community. If every single year we come back and we're told about over expenditures, it's not, in my mind, directly related to mismanagement. It's also related to unrealistic expectations from the community and the board's willingness to go along with that. So I'm willing to support this budget the way it is, but I think moving forward, the community needs to have a more realistic understanding of the cost of education and the value of the cost of the education. And I'd like to see this board start to stand up for the administrators and for the students and to provide real arguments to support the costs that we need to make. Thank you. Is there any more discussion on this article? This is not actually an article we're gonna vote on, but we can continue to have discussion. I'm Stuart Ketchum from South Routen. And it's clear that we did put a lot of work into this presentation enough so that I couldn't understand a lot of it. Sorry. I have been a small business owner for 45 years in Tyler, New Tide. And as I know, if I could try to simplify this and look at it generally, you have revenues and you have expenses. It appears that most of your revenues are fairly fixed if you keep the same personnel. Fixed in the sense that you don't have, you don't have control over it, although they go up. I'm sorry, revenues, I'm talking about expenses. And expenses being fixed or going up because they're not in your control. You talked about students, new students coming in to the high school from seven schools and that there's an improvement this year, but I don't know about what's gonna happen in the next fiscal year and the month after that. I didn't hear anything said about trying to recruit new freshmen into the school. Did I miss something? We didn't include that in this particular presentation, but there have been a lot of efforts at every high school recruitment fair in the area. Our administrative team and our student services or guidance counselors have attended. We've placed some ads, we've reached out and we're doing exciting field trips to have elementary or middle level students from outlying communities join our field trips to get them engaged with our students. And I think our principals could speak more to this, to we have been working hard to recruit students from those communities. Well, I'm glad that you haven't been working hard and I don't know if this is possible, but colleges have fairs and they invite prospective new students. And I don't know if the school could do that, if the high school could do that and maybe even have select students who have some training to walk those prospective students to a school day. I do think that there may be some optimism coming with some staffing changes and administrative changes. So I'm hoping that we can continue to recruit more freshmen to South Royalton because the sending schools do have a lot of choices and many of those students are not in that space. Is there any more discussion? Okay, seeing none, we'll move on to article six. Shall the voters authorize the school board to borrow money by issuance of notes, not in excess of anticipated revenue for the fiscal year July 1, 2020 through June 30th, 2021. Do I have a motion? And your name, sir? Joshua Powers. Joshua Powers has moved. Article six, is there a second? Charlie Baskham? Okay, it's been moved in second and the voters shall authorize the school board to borrow money by issuance of notes, not in excess of anticipated revenue for the fiscal year July 1, 2020 through June 30th, 2021. Is there any discussion? Steve Hall from South Royalton. I just have a question. What does this mean? Do you want to respond to it, Tara? Is this one on? Okay. So this would be the tax anticipation note that we go out to get each year, which provides financial support for the district until tax revenue comes in to pay the bills. Okay. Thank you. You didn't hear that? Okay. Can you repeat that, please? The question was, what exactly is this article? What is the purpose of this article? And the answer was? It is the tax anticipation note that we get each year, which provides financial support to the district to pay their bills until tax revenue is received from each of the towns and the education spending fund. Is there any further discussion? So we'll go ahead and vote. All those in favor of authorizing the school board to borrow money by issuance of notes, not in excess of anticipated revenue for the fiscal year July 1, 2020 through June 30th, 2021, please do so by raising your cards. Those opposed? It appears that the ayes have it and the motion carries. Article 7. Shall the voters of the school district approve the school board to expend $12,988,119, which is the amount the school board has determined to be necessary for the ensuing fiscal year? It is estimated that this proposed budget, if approved, will result in education spending of $18,474, $400,74 per equalized pupil. This projected spending for equalized pupil is 2.13% higher than spending for the current year. Do I have a motion? And your name, please? From Royalton. From Royalton? Yes. From Royalton has moved the article? Is there a second? Okay, Steve Hall from Royalton has seconded and the motion on the floor is Shall the voters of the school district approve the school board to expend $12,998,119, which is the amount the school board has determined to be necessary for the ensuing fiscal year? It is estimated that this proposed budget, if approved, will result in education spending of $18,474 per equalized pupil. This proposed budget, if approved, will result in education spending of $18,474 per equalized pupil. This projected spending for equalized pupil is 2.13% higher than spending for the current year. Is there any discussion? Yeah, I would ask anybody up there might have the figures. How does this relate or match up with spending otherwise for other students, populations in the state and whatever the time spent? Does anybody know? I don't have a specific number in terms of per pupil costs. I do know that healthcare this year has had a significant impact and that some communities are facing 13% increases like Essex and the Burlington area because of fixed costs going in. So I don't know if anyone else could speak to that, but we've really worked hard to keep our spending in line and retain programming that we think makes our schools a good place for our students and attractive to students from other communities. So is there anyone down the line who has comparisons to other communities and per pupil costs? Okay. All right, Tara's looking up what's in our district. Statewide spending was expected to raise about 6% so we could come in and see if we can get under that. I'll make a comment. Okay. They're not able to hear stuff. Can we turn the volume? The statewide projection was that school spending would increase 6%. So we came in under the state projection for school spending increase this year. I just wanted to add that I'm also a parent and I have two kids that are currently in the high school. And personally, I've been really happy with the quality of education that our kids have been getting. And since the merger, they've had a lot more opportunity than they would not have had if the merger had not happened. One of our kids would have gone on to early college this year and would not have been an enrolled senior if the schools had not merged because he wouldn't have had opportunities because of the merger because of the AP classes and other opportunities and because of the friendships that he's made. He decided to stay and be an enrolled student this year as a senior, which to me is a win-win. He made the decision and I know that there's other students that have been in the same situation that have made the same decisions. So I'm personally seeing a real positive movement and some real amazing things happening with our students. So I'm encouraged and it was my husband who came up and he made some really good points where we should be shooting for what we want instead of trying to show you that we can cut corners and make sure that it doesn't cost any more, we should be focusing on what our students need. We want a more healthy, robust community and I think we're doing that. Katera, you have answers. In response to the earlier question. I just pulled some of the numbers within our supervisory union to give some perspective. The threshold that the state set for us that if you go over results in the penalty is $18,756. Within our supervisory union the depending if budgets go through or not it ranges anywhere from $17,184 to $20,486 and that district is specifically a pure tuition only district so they aren't subject to the threshold penalty. Is there any further discussion? Seeing none we can go ahead and vote. If you vote yay you are voting to support and have the school fear passing the budget. If you vote nay then you are telling the school board that you are not authorizing this budget. And so the motion that we are now voting on is will the other voters approving the school district's school board to expend $12,098,119 which is the amount the school board has determined to be necessary for the ensuing fiscal year. All those in favor of passing the budget please do so by raising your cards. Those opposed? The motion does appear to carry and the motion does carry. Article 8 to transact any other business which may legally come before this meeting. So I'd just like to say thank you to everyone we did put forward a budget that we believed is in the best interest of our students. I wanted to take an opportunity at this time because as I look around everyone who will be on the Australian ballot tomorrow is in the room running for positions for our board seats so please don't forget to vote tomorrow by Australian ballot through school board directors but I'm wondering at this time if the people who are on the ballot would like to say a few words about their candidacy. So yeah, that's fine. So if we go ahead to article 10 it's there's three positions the first is from Royalton director for one year term is that candidate here. Two of us. There are two candidates running for that. Okay. Would either of you like to speak? Or at least introduce yourself. Okay. Or give me a name. I can start. So I'm Jess Ryan. I'm a 98 graduate of South Royalton High School. Some of you might have seen me with the merger committee, the secondary committee. This merger is something that I very much began to believe in during that process and after one of the Royalton representatives left our town and moved to Bethel and the word of the deficit got out. Being both a taxpayer and a parent in the community I decided to go ahead and volunteer to step on to the school board. Since then I have seen the hard work and dedication that this board puts forward both in the budget realm and looking at how we educate our children. I have two elementary school students in this community. One has benefited greatly from the world languages and from the eco program and I very much want to see them succeed in the future which is why I am hoping to stay on this board. And who's opposing Bob Gray? Bob Gray? I'm Bob Gray. I grew up in New Syria. I've been an administrator in Farrakah in the Rochester back in the south world I guess I mentioned Rochester. I have a vast experience in education. I have a lot of knowledge I'd like to use to make or improve the school as much as I could. I also have a lot of budgetary experience and I'd like to utilize that to keep costs and I think it's important for the communities, our communities to survive and be healthy along with having a healthy education system but also we need to make sure our communities are financially healthy. So it's my goal. Thank you. Is there anything else you want to say for that position? Okay, so then Roylton, do you have one director for a three-year term on how many candidates are there? One. I'm Andrew Jones and I'm running for that position as a write-in so if anybody's voting tomorrow you can write my name into the three-year Roylton position. I've been on the board for the last two years and I've been working hard to deal with this budget and all this other initiatives that we were mentioning that continue to work on. So I appreciate your votes. Thanks. And the final is in Bethel, director for a three-year term. I'm not sure how many. Just Lisa McCrory, I don't think I have anybody running for the position as well. I think I'm the only one on the ballot at this point but I'm running for another three-year seats. I've been on the board for the last two years and prior to that I was on the transition committee and as Jess said through that process we became really convinced that it was going to be a good thing for our communities. So I hope you vote for me. All right. Just wanted you to know that we spent the day as an administrative team talking about the coronavirus and if you are a parent here you will either be seeing a memo you'll either be seeing it or running it or you'll see it tomorrow. I think we're going to take this very seriously and I just wanted you to know if any of you want to see that memo we have copies so I'll put them out for people who want to take one. Thank you. Any other business to discuss under Article 8? Okay, then we'll move on to Article 9 and do I have a motion to adjourn the meeting until 8 a.m. March 3, 2020 when voting by Australian ballot shall commence? Who will please? Denise Gilmette. Denise Gilmette moved this article to adjourn. We'll have a second. Steve Hall will second with it. So there's a motion to adjourn. All those in favor please show by raising your card. See you tomorrow.


For those of you asking about trades, again, that's concerning because you got to open up the trade and look at the trade. There were different strikes and different dates on every trade I sent out. You got to pay attention to that. I mean, there was no trades that were the same. So you've got to look at what you're doing, please, please. Today I'm on the fence here if we should do BA endow or just do BA. JPM is also up and we could do that too, but this would be a long. So today's going to be a little tricky with the market. It's going to be a little tricky. So let's watch BA first. And if this isn't set up, then I might actually just go to JPM. Just make sure you understand JPM is a long. BA is a short. So let's see what we can get. I think this is going to go. And how fast it goes. That is the bugaboo. It's also very spready here. All right, screw it. We're going to do JPM. Stop's going to be 50. Do it right in here. 20 by 50, 20 by 50. You got to do it if you want to do it. 20 by 50 if you want to do it. Long. This is a long. Don't get confused. Let's give it 40 in case it touches 50. Let's give it 173.40. 173.40. Again, this is a long. JPM, if you want to do it, you can do it right here. You could wait till 25. There it's going. Here. 175 is a target and a flurry and we'll be out. I mean, we could still do BA, but we did two things yesterday, which I don't really typically do. Strange, this looks like this was the open here. The volume was there. Geez, you can't look away for a minute in this market. Here we go. One flurry, one flurry, one flurry, one flurry. Hope everybody got it. Shit, I said 175. Did anybody get out? But you can't look away for a minute. You literally cannot. 33. One more push, one more push. Hand of the button here. See if we can get it to 50. There's 40. Come on, Bootsy. Here we go. This, this is crazy. Oh my gosh, it's almost at 176. Is anyone still in the day trade? Again, I'm not talking about the, there, it's over 176. Wow, this is really, did I even put 180? Here, hold on one second.


では、3分間でお答えをしたいと思います。では、リチャーから始めましょう。どうもありがとうございました、ルイズ。私は、普通の行動をしていると、私は、私たちの仕事をしているように、私たちの作り方をしていることが、私たちは、私たちの作り方をしていることが、確かに cost$7000.私 longer than optionals but a short-term narcissist.周到機械を動かないので、この piece is crossing a road.기를 シーンに掃縮されるのは、私たちの行動の違いで、私たちのリカナバックの変化を歩き出らせるのですが、私は、私たちは、我要と同じ Crafts米を行っていると思います。East Asia's success is built on strong education foundations.And in a lot of countries there's a huge investment to make in bringing the skills up to the level where the hard infrastructure can be as productive as it is.And I very much agree also with Louis' point about institutions.In many ways the difficulties are about the functioning of institutions.If the institutions are right you can put quite a lot of resources in.If the institutions aren't right you can't put a lot of resources in because they won't be used in any reasonable way.So, Justin.I think it's very important for us to understand the nature of development and then to understand the mining country in a country for those kind of structural transformation.And with that, none of my control trial will not work.But certainly we also need to see the results.And coming to Richard's question about education.I agree education is important.However, if you come to an African country, which are the mining country today?I think that you have a lot of educated people.For example, in Ethiopia they have a very successful story or shoe factory.And now they employ, you know, within three or four years they employ 8,000 workers already.But if you look into the educational level of the worker data.They are much higher than the educational level of workers in China.I want to send you a flow.And then because of the education in Africa has been emphasized for several decades.And they educate a lot of graduate students.But they don't have a job.So, I fully agree, especially I'm a student of Deodor Schwarz, which is the father of human capital.Understand education is important.For African country, mining country today maybe is how to create those kinds of labor-intention job.And which actually does not require so much skill and education.And education for most people in African country today already needs sufficient knowledge.Thank you.And Daniel.Well, I have to say I also agree with Louise.I think my kind of four areas of intervention were kind of focused on that institutional capacity development areas.And as someone who works on a lot of USAID projects.I know the pain of reporting on USAID indicators.And so that challenge of trying to invest in kind of long-term institutional capacityand managing shown to try impact through indicators to your public is the real trade-off, I think.I think Louise's comments raised for me.I think really an important area that I haven't seen looked at too muchis why countries are using their sovereign wealth and their debts.And their debts so differently.And tracing through if there is the institutional reasons for why debt is being managed differently throughout the African region.I'm always struck by the comparison between kind of Ghana and Zambia.Both of these kind of debt distress, you know, a situation that Ghana has been working with the IMFto try to manage its debt and Zambia just throughout the IMF chief last week.So I've been trying to understand what are the institutional components for how countries are dealing with sovereign wealththat I can see really important area.I haven't seen too many working on maybe an area for wider.It's a next research project.Thank you very much.So now I would like to open the floor.So from first, yes, yes.Okay, Mike's based from the Ministry of Foreign Affairs in Copenhagen.Evaluation Research Department.What is your definition of structural transformation?While we're sitting here in Helsinki, I think it's a 11 hour time difference to Californiawhere Governor Jerry Brown has convened a climate action summit.I'm wondering with all your aid flows and investment,are you really transforming anything at all?If you're just going for a traditional model of industrialization, massive infrastructure.I thought clean development was on the agenda, but none of you have touched on it.Thank you.Okay, please.So I would like to take several questions and yeah, please.So I also have a question for Justin.I mean, a lot of your discussion about structural transformations about labor and capital and investmentand to some extent markets.But I was just wondering what does history tell us with your China and your Vietnam and your Cambodiaabout how incomes are distributed in your model.And thinking of those countries, does it meanand does it have any implications for the style of government that's requiredin order to sort of manage these transformation processes?Yeah, please.When you talk about private financing, do you talk about export creditor some other private financing?And also I was lacking the systemic development in your talk about the climateand other environmental issues.So please include the next time.Yeah.When it comes to structural transformation, I read it at East Asia.Directed the cheap credit to export industriesand also imported the technologythat contributed to a very rapid learning process.And over time also increased the private savings a lot.So very much of the finance was from national private savings.We see in Africa extremely low private savings.And we see very high bank differentials, interest rate differentials.We see increasing loans to households in the cities.We see the government borrowing.So very quickly left actually for industrial development.So both Western observers and Justin Lin say that,well, we did the foreign capital.But what about harnessing private savings in developing countries?That's what we did in China and what we did in all other East Asian countries.Thank you.So I stopped here and I know that there are several other questionsand during the second round I would like to ask.So maybe starting from Justin.I do have a number of questions here.The first one is the definition of structural transformation.And well, I have a new structural economics.And why is my own definition?And first it's a transformation from agrarian economy tomanufacturing based economy and then gradually to service based economy.That's a big structure.And within each sectors, like agriculture,you also have modern technology and you have traditional technology.And structural transformation also means to convert fromthe traditional technology to modern technology.And also it's institutions.For example, when you are poor, you have a lot of informal credit.Informal financial.And then when you are going to the modern international home,you need to rely more gradually to the modern financial institution.And similarly in the legal system,when you are poor agrarian economy,basically all the transactions are unmanufactured.So you don't need to write a contract.You don't have a law enforcement.But if you want to move to the modern manufacturing,then you have to contract.You have the law enforcement and so on.All those things related to technology,energies,infrastructure and institution,they all have some kind of structural there.So that's why I mean the structural transformation.But you want to make structural transformationnot a structural adjustment.So in 1980, 1990, when they tried to have a structural adjustment project,in general they tried to introduce the modern institutionin the high-income country to the developing world.And those kind of institutions may not workbecause they are not consistent with their protection activityand risk nature and so on.So if you are interested,you know,I do have something I can share with you.Then coming to the issue of income distribution.According to my new structural economics,I'm pretty confident to support that.If you follow the competitive advantages in your development process,then you should be able to achieve efficiency and equity simultaneously.Because poor people,the only source of their incomeis their own labor force.And in a lower-income country,developable energy,according to your comparative advantages,you create more jobs.So you cannot poor people to share the benefit of development.At the same time,you will be competitive.And that was the situation in the Asian economyfrom the 1950s to the 1980s,including Japan and Korea,Taiwan,Hong Kong, and Singapore.During the very rapid development process,they also improved their income distribution.But coming to the case of China,Vietnam and Cambodia,you see the rapid economic development,but income distribution wasn't,although they followed their competitive advantages in the development.And the reason was because,as I said,they adopt this kind of dual-track approach.On the one hand,continue to return a lot of distortionsto support the old sectors,which pre-arranged in the range scheme.But at the same time,they also developedtheir manufacturing efforts thatconsistent with comparative advantages.And although they created a lot of jobs,but because of those kind of distortions,fairly rich people's income.And as I was doing the process,you see the worsening of income distributionin my interest,actually,have a martial lecture,and I analyzed that also.And then coming to the chip credit,you know,that depends on,because during the,you know,industrial upgrading and diversification,you need to compensate for theexternality of the first movements.And also some kind of incentive would be dissension.But those kinds of chip credit and so on will work.Only you are using them to facilitate the growthof the industry which are consistent withthe comparative advantages,as you probably seein this issue.But if you use those chip credit to supportthe heavy industries,as you know,African did that China before 1970,it did that,and that did not work.So,coming to my question,in myrecommendation,it's very importantto follow the comparative advantagesand the government player forcitation law.And then if youfollow the comparative advantages,government player forcitation law,some kind ofexternality compensation will beessential for the first movement,and chip credit is one way.Then,coming tothe savings in Africa.To me,saving is also indarticles.If you look into the career case,before 1960,their saving ratewas between about less than 10%.But during the rapid economic growthperiod,their saving rate increasedto more than 30%.And the reasonwhy was when you were poor,you know,you don't have so muchsupport.So,you can't save more.And you don't have anything to save.But if you follow your dynamic process as I described,you movethe worker to the manufacturing sectorfeature competitive.They have incomeand the investment in the sectorfeature consistent with yourcomparative advantages cangenerally be high return.Theyhave more to save.And they willhave high incentive to save.Again,in my 2007March would like to come tothe University.I also provide evidence for that.Thank you.So,Daniel,you have?I think on structural transformation,I would like to address the questionas export credit.The export credit question.I think if it'sunderwritten by the government,evenif it's provided by a bank,which is the British system,it still counts ultimately as a government liability.And therefore it counts as official,I like that.Here to welcome what Justin was saying about the need forthis bigger definition.It's notthat we shouldn't continue to haveofficial development for systems,butwe need to take into account all thisofficial support for sustainable development.The OECD has a bigproject with the UN on measuringtotal official support forsustainable development,TOWSD.Andthis is partly because the OECDitself has been very bad atmeasuring any of these othertransactions.They're becoming moreimportant,relatively.And we needbetter accounting for that.And that willalso show where governments reallyare making an effort,not just withhighly concessional money,but alsowithless concessional flows.Sustainability,somebodyshould say something about.The two kindssustainability,in my view,are important.Inthe 1970s,we used to pretend thatall we had to do was buildcapitalprojects in,say,Africa.AndI was involved with building roads inthe pool,for example.These roadswere maintained.And the Nepalese governmentapproach was,well,five years later we'llcome back and you can rebuild the road.SoI'm quite skeptical in very poorcountries of a policy which is justaboutcapitalprojects,because you'vegotto think about the sustainability inthe sense of maintenance.And I thinkthat's something that,therefore,myview is that you need a balance ofcapital and recurrent flows tocountries where the tax base isextremely low.And that's been theration of a balance of paymentsof getting recurrent finance into thesystem,because countries need a balancebetweencapital and recurrent.That's onekind of sustainability.The same kindof sustainability is the saving,theplanet sustainability.I do thinkthat those of us living in the northneed to recognise that most of theplanet's problems are being caught byAfrica.And we need to be verycareful about trying to hold theAfricans to higher standards thanwe can find to ourselves.At the same time,it's an Africa's interest topossible stand up to climate changeand the rest of it.So I think thedialogue about sustainability needsto recognise those two kinds and toavoid any sort of,you know,we mayhave made mistakes,but you'regonna get a bright archiveapproach,which is not in my view atall sensible.Just one comment tosay,Jessen,I'm not againstRCTs or evaluationresearch or generally research ondevelopment projects and what worksand why.I think that kind ofresearch is really important.I justworry about,you know,payingfor performance ignoresgenerally delivering effects andI'll give you an example.It'salways good to pick on yourprevious employer than your currentemployer.So I'm going to pick onmy previous employer,which is theworld bank,who gave awho financed a social impact bondin,I think,West Bank in Gazaconditional on certain typesof people getting jobs.And theonly thing is,there was noexpansion of industry orfirm.So it's only a questionof how the jobs will be,that itwas a social impact bond arounddistributing jobs,not creatingjobs.Because the fallacycomposition,the generallydelivering effect was ignored.Sothose are the kind of things that Iworry about.Thank you verymuch.So yeah,please.Thankyou.I have two questions.Oneis regarding safety andquality of those infrastructureproject.I don't knowwhether you have heard aboutDamn Collapse in Laos,which wasfinanced by Korean,by the wayKorean.And I've beenlooking into that project.And oneof the things which also youmentioned about climate changeand we talk about sustainabilityis because it's PPPproject,the first ever by theKorean government.And it'sso many diverse actors andcontractors.So it'scontractors subcontractors.And howare we going to manage that kind ofwhat you mentioned about liability.Wehave official financing goingin,not just Korea but Thailand aswell.And how are we towe have global partnership in SDGand we are thewe can't really even see the transparencywhy it happened.So that'smy first question to all thepanel.I thinkDamn isI think there's a bridge collapse.And Ithink the Japanese ODI project alsocollapsed during the construction.Sowe're now in this particularenvironment,the wholecontext.And second one is aboutthe structure and transformationwe all mentioned.I wouldlike to mention the politics ofit.The kind ofwhenever I look at my KoreanODM,it looks like whosestructure transformationis this ODIfor.So my questionto you,the panel.Thank you very much.One questionfor Richard,but also the rest of the panelas you showed very nicely.SoIDA funds are increasingbut at the same time the number of IDAcountries is shrinking.And theremaining group of IDA countries tends to be those with worseinstitutions.Sohow do you then keep IDAmaking a positiveimpact.And perhaps also a bit to thiswhole question of how do youevaluate this in such acontext.Because if youconstantly need to demonstrate asuccess,that might not workin these environments.You may need totake bigger risks.And is any ofthe ODA worldreally set up.Sodespite a lot of confessionsto the contrary,to really take risks of failure in suchcontext.Yeah.I'mYohane Gopin,I'm from theJapan.And I think that we havebeen now heard quite a lot aboutfinancing.But we are talkingof continuities and changesin development policy.I thinkwe should think a little bit moreabout contents offinancing.How thefans are being allocatedfor its purposes that they arebeing used.And I wonderif there's anything really newhappening in this respectin development policy.Or is itmoreof the same,or in thebetcase,some of those thingswhich have been done beforeand are now returned incitals.For instance,do wehave somethingessentially new inSDGs.Onegold that they are actuallyin spite of allhatery about the investments.Theyare culmination of two differentagendas.There is still theadvocacy and quality reductionagenda for poorer countriesand that's wheredeveloping finance needsneeded.And then the otheragenda is the one which Iwould call sastral growthfor us.So how do wemake our own growthssastral?It is not so muchquestion or development finance.Any other questions?Starting fromRichard?You agree?Okay.Well,I think that anybodyinvolved ina major construction project takessafety extremely seriously.AndI think questions did be askedwhen these things go wrong.As they've been asked in Italyfor this bridge collapse in general,which wasput in the 1960s,and it appearsthatI was talking to my father-in-lawas an engineer,and apparentlyanything where oxygen and water canget together is ofcourse extremelybad for steel.Apparently in Britainall the suspension bridges have to haveinclase in nitrogen for that reason to keepthe oxygen up.But I mean,these arethings that people have to get right,and whateverthe structure,there's got to be no compromiseon safety,I think,with the answer to that.I think you've raised a veryfair point.I mean,what will Ilook like in a few years time?As I've saidalready,the donors having set upthese elaborate ways of measuringperformance,with a view to rewardingperformance,and now saying,but you must bearnext percent on fragile states,because donorsstrategic reasons worried about al-Qaeda in the Sahel and the rest of it.And this isputting the empty beads in a situationwhere there will be more failures,Ithink.And as we all know,theproblems of the more fragile societiesare not going to be solved by cash.There'smuch more needed than that.What has tolook carefully at what can inpractice be done in the Yemen,that'sit's not something that's amenable tothrowing large amounts of money out ofit,even though large amounts of money willcertainly be needed at some stage.So I thinkthis problem will be increasinglydiscussed.And on the concept,well,you've seen a kind ofyou're quite right to say all thesefashions come and go.I mean,in the 1980smy main job in Britain was to sellstuff to China on mixed credit,whichwe did well successfully.In China it mightbeused a bit,some other countriesmade rather bad use of it,and all thebritish firms involved went bust inthe end,and then none of them exist anymore.Andthen we had the Helsinki agreement,andinfrastructure became much harder tofinance in that way,and as a resultthere was a big drop ininfrastructurefinancing.It became politically moreconvenient to say we were pushinghealth and other agenda.Health fundingwent back a lot,still pretty high asit was all from the chance.That'sleft aninfrastructure deficit,whichChina and the Millennium Challenge Corporationand others are now seeking to fill.Soyou can't trust owner fashions asmy answer to your question.Myview is all countries need everything.You know,they've got to pay the police,butit's unlikely that donors are going to setup a fund just to pay the policebores.So donors alsohave constituents to deal with,soit's convenient for some donors to supportsome things and other donors to supportanother.I don't think the Chinesegovernment are criticised in China forbeing big on infrastructure.If thebritish government was big oninfrastructure,it would be criticisedall over the place for all sorts ofmultiple issues in the downing countryas well.Yeah,I thinkby the way,one of the criticismsof Chineseinfrastructurefinances that is turnkey,andI'm not sure that's such arelevant criticism,giventhe problems as you've describedfor a poorgovernment with the lowercapacity to manageall the complex aspects ofinfrastructure,designs,construction,supervision,etc.However,there's also a criticismthat in those turnkey projectsthey get over-engineeredbecause the firmthat is building them,it's likewhen you get your housefixed and you sayto the guys doing it,my budgetis a maximumof $50,000.And it saysyes.Well,you end up payinga hundred becausethese changeorders keep showing up,right?And that's what happens ininfrastructure financing,too.Now,butat the same time,you know,that people have alsocriticizedthe World Bankwhere there's likeextensive resource,you know,aseparate firm is hired tosupervise the construction,blah,blah,blahas being too slow,andtherefore,ending up costingmoney,because time is money.So,Ithinkthere'sand I don't think there'sthis is the right approachthat government should taketo infrastructuredesignconstruction and finance.I think it needsto be looked at and appliedto the situation.Andmy government is alsoa fan of thesePPP projects,but they do havetheir complexity.I thinkthe risk tolerance question isextremely important.I've been in two developmentinstitutions.Both of themhave tried to adoptnew policies for risk.I wasat the World Bank when they had thisORAF come in,this overallrisk framework you were supposedto do on projects.Oh,that's great.Ithought we could,we can showwhat the risks are.So,Ihappened to be,I didn'tworking on a project at that time.We said,this is the risk.and then managed to give access.Well,how areyou gonna mitigate them?And I went,Oh,yeah,okay.you don't really want another risk.And it turned outthey didn't,you know,the risks,these matricesbecame very banal event afterthe first round,right?TheUSA is now trying to develop arisk appetite.Yeah,okay.It'sgoing through the same.Andso,I do think this questionof risk tolerance in fragile statesis going to be constant,evolving,andespecially as aid agencies aresubjective.So,Ithink this question of risk tolerance in fragile statesis going to be constant,evolving,andas aid agencies aresubjectiveto increase scrutiny.Whilethe agency itself may haverisk tolerance within its management,thescrutiny of outsiderswill limit its risk toleranceas well.So,it'sthe authorizing environment inwhich these agencies workthat matters as much.Oh,whenI come to theinfrastructure project implementation,andtheinfrastructure project implementation,andit's very importantto haveright management modelsto start with.Andthat depends oninstitutional capacityto begin with.For example,in1985,before1985,China did not havehighway at all.Now,Chinahas 125,000 kilometershighway,the longestin the whole world.Butit all started one project in1985.Itlinked fromBeijing to Tianjin and to the Port.That's300 kilometersracial.But the project wasa training forChina.Chinaborrowed the moneyfrom the warbank,butnot because of the money case,tolearn how to manage.Studyingfrom project preparation,studyingfrom how to arrange funding,howto collect total,andhow to do the repayment.Andthatthen,all otherhighway inChina,juststudent of that project.ButChina can do thatjust by technologicaladvice from the warbank,becauseinstitutional capacity inChinahas been very high.Butthere's another model.RecentlyChina helped theIdoopia to contract the railroadfromAdisababa to Chibuti.Andarrangementfor every job,there'sChinese engineer,Chinesemanagers,and alsoIdoopian managersworktogether.Andthe goal was,within10 years,the wholemanagement will be transferred backto theIdoopian.And I thinkbased on that,the Idoopian will have a capacity to dothe railroad,and so on.But to start withhigh standard,and then make this kindofoncommunic investment,sustainablewill be very essential.So I guess I'll just address the lastquestion about allocation offinancing.You're asking aboutdistribution within ODA.AndI've only looked atfor Africa,so I'm not surebut I did allude to some of it up here.AndI think,I mean,what isquite interesting is you have seen a declinefor education.As I mentioned,you've seena decline for public administration,publicfinance,and more broadly forgovernance and civil society,evenas you've seen,quite a large increaseamong the DAC.I don't know if it'sfollowing or if it's just in parallel,butfor infrastructure,for theproductive sector,so foragriculture and for manufacturing.And then still quite high forhealth.So you are seeing some typeofshifts that might be kindofmuring,you know,some of thenew goals for the sustainabledevelopable,this interest more ininfrastructure.But I think what'sworrying for this conversation isthis decline ingovernance and civilsociety support.If we keepsaying we need the capacity ofinfrastructure projects and other typesofgovernment capacity,it'squite worrying that you're seeing thatthe decline in thegovernance sector.Andso just as a plug for tomorrow,we'llbe having a panel with some ofthe participants here in the roomlooking at why we seem to have sucha backsliding in democracy in Africathat's tied to some of the shift inthe financial landscape.Thank you very much.Toward the achieving the SDGs,thereare so many issues to be tackled and bothdevelopment and developing anddeveloped countries and agenciesinternational institutions andprivate sectors hasdifferent roles.And Ithink that the aidpolicy has stillthere are stillvery importantand I think that we hadvery interestingand lively discussion today.And thank you very muchfor panelists and discussantand thank you all forparticipating today's seminar.


So, you got the perfect key frames, but the transition between just isn't going your way. Not a problem. First, select all the frames that you want to adjust the transition for. All right, if you open the dope sheet, go into keys, interpolation, and you'll see a bunch of different transition types. But don't worry, only seven of them really matter. Now, the first one is easy. Bezier is the default, and the one you probably are most familiar with. It starts slow and in slow, and is usually the one you want because it is the smoothest way to transition from one frame to another. Constant, on the other hand, is the opposite. This is what they use for stop motion in anime. It's super sharp and jumpy, and instantly shifts to the next frame position with no transition at all. Linear is a mix between the two. It's not smooth, but it's not sharp. The speed of the transition is the same throughout the beginning, middle, and end. This is pretty useful when you need to brute force a spin animation and have constant speed between each frame. There's bounce, which transitions the same way gravity would affect a basketball. Then there's this one called elastic, which is kinda glitchy, but has this nifty sorta cartoon look to it. And then there's this special one called back, which is my favorite because it has built-in snapback. Even though we only have two key frames, it buffers over extension and automatically goes a little further than the target before recoiling back to position. It's really useful for sci-fi machine shifting and transformations. The rest of these are math-based transitions, and the only one that I've ever needed to use is exponential, which means that it starts slow and in fast. But you can try the others if you want. Anyway, hope that helps. If you enjoyed this video, please don't forget to like, subscribe and ring that bell. Hope you have a fantastic day, and I'll see you around.


This is our community training room that focuses specifically on agricultural communities. The purpose of the room is three-fold. One is better training of students. Number two is to expose the students to state-of-the-art technology. And number three is to get more students involved in these fields. I want to take the aspects of bringing back to the farm. I'm kind of reversing the viewpoint. I hope to benefit my marketing strategies for the future and learn different terminologies and strategies that will benefit me. The class will prepare me and help me get internships which will prepare me for my future career. It's a tremendous job opportunities out there. Our goal is to attract more students, train them with state-of-the-art technologies so they can perform better than jobs. It's very interesting and beneficial because you get real-world experience with on-trading competitions and you also have extremely good access to technology. The way I kind of think about the trading room itself is like a laboratory for commodity marketing. And we have lots of market information that comes in which allows students very advanced analytics with contemporary markets. And lastly we have a trade simulation program which allows us to trade in markets using live market information in all commodities around the world. This room at NDSU has taught me how to work with DTN, how to work with Bloomberg. Through the classes here I have learned how to extract data, analyze data. It was really an awesome experience. I've also learned how to trade and how to, as a TA, taught students how to trade which has always been an interesting experience. And I love the seeing that how they're learning as well and how they're going to go and take what they learned and take it back to the farm or take it to the workforce and they're going to be more experienced and they're going to be more knowledgeable thanks to the commodity trading room. Many industries now there's a huge amount of risk. In the case of agriculture there's substantial risk. Of course agriculture is very important in North Dakota and the goal of the overall program is to teach students and industry participants how to better manage that risk.