Balance Transfer Cards For The Life Of The Balance

Council approves fiscal budget for 2011-12

After several amendments and discussions, the Gonzales City Council came to an agreement and the proposed fiscal year budget for 2011-12 was adopted. It was adopted unanimously by councilmembers in front of a standing room only crowd that applauded the final approval.

Before the general meeting began, the Gonzales Professional Firefighter I.A.F.F. Local 4663 group presented Gonzales police officer Doug Mundine with an award for heroic efforts he showed when he saved the life of a disabled man from a burning home on January 24, 2011.

Interim City Manager Charles Windwehen applauded the work of the city department heads in the number crunching process.

The proposed budget ended with an excess of expenditures over revenue of $102,000 in the general fund balance.

“A deficit is when your fund balance is depleted,” said Finance Director Joe Cavazos. “This $102,000 is not a deficit of budget. As long as you have a fund balance, you do not have a deficit.”

In all, the city’s total revenue from the last fiscal year stood at over $5.7 million.

 Councilmember Bobby Logan made the motion to approve the ordinance adopting the budget for 2011-12 fiscal year and Lorenzo Hernandez seconded the motion.

Windwehen approached the podium before the final vote and reminded council and the public that four amendments were needed in order to get the budget in a respectable place for this fiscal year.

After the approval of the budget for next fiscal year, council then heard and approved adopting the budget amendment to the original general budget for this fiscal year.

The ordinance provides for supplemental appropriation and/or transfer of certain funds.

Because of the need to complete the Reid/Contour/Gardien Street project, Windwehen advised that council amend $182,892 from the Wastewater Fund to allow for budgeting this project in this fiscal year.

The city received a low bid of $452,892 by Rockin Q out of San Marcos to complete the project. Council approved of the bid and to go through with the project later on in the meeting.

Four other areas of the General Fund were amended including $19,220 for outstanding invoices on demolished buildings and also work to be performed at Victoria College; $28,700 for Friends of Gonzales Animal Shelter; $32,240 on work to Gonzales Memorial Museum and $121,247 on the AWOS weather station.

“There was work authorized by the city manager at that time and it was paid, but the total went over budget,” said Windwehen. “I have to assume that it was his intent to amend the budget to cover these areas.

New credit card balance transfer battle

A new balance transfer battle has erupted with Barclaycard and Nationwide extending their offers to claim top spot in the market.

Yesterday Nationwide matched Barclaycards 17 month 0% balance transfer offer ? previously the longest on the market ? by introducing a new card.

Today Barclaycard announced that it would be upping its deal to 18 months, beating Nationwide by one month, to make it the with the longest balance transfer offer on the market.

Balance transfer cards allow you to move an existing credit card debt to a new provider at a 0% rate.

There are over a hundred 0% balance transfer credit card deals on the market, ranging from three months to Barclaycards 18 months.

Other credit card providers have also introduced new deals to tempt borrowers. Tomorrow M&S launches a new offer of 0% on all purchases with its card for 15 months and earlier this week MBNA launched a new rate for life credit card at 5.9%.

We round up the cards and highlight what you should watch out for

Nationwide

The new card from Nationwide offers 0% on balance transfers for 17 months and 0% on purchases for three months. There is a fee of 2.95% (5 minimum on each transfer) and transfers must be made within three months of opening the account.

After the 18 months has ended the headline APR (the advertised rate that 52% of successful applications must get) is 15.9%, which is lower than the average rate of 18.9% across the market.

The card is also available to those who dont want to transfer their balance with a separate offer of 0% on purchases for six months.

Barclaycard

Barclaycard has upped its 17 month balance transfer offer to 18 months with a fee of 2.9% for transferring the balance.

Anyone who makes an application online by the end of the month and transfers 3,000 or more will get 20 knocked off the fee.

For example, the 87 fee on a 3,000 transfer would be cut down to 67, meaning the fee is effectively cut to 2.23% from 2.9%. Transfers must be made within 60 days of opening the account.

After the 18 month introductory period is up, the APR advertised interest rate is 16.9% – although, this will depend on the individual customer’s credit history.

M&S

From tomorrow M&S Money will be offering a 15 month 0% period on all purchases for new customers.