For the last 27 years, the city has been working to increase the amount of city contract dollars paid to small, minority, and women-owned businesses. It finally saw success of its many efforts last year.
San Antonio’s Economic Development Department recently released the Small Business Office Annual Report for fiscal year 2018, which shows $223 million or 53 percent of city contract dollars were paid to local small, minority, and women-owned businesses (S/M/WBEs) on city contracts in which the Small Business Economic Development Advocacy (SBEDA) program was applied.
Of the 53 percent, 44 percent or $186 million was specifically paid to local minority and women-owned businesses (M/WBEs). Both the 53 percent paid to S/M/WBEs and 44 percent to M/WBEs represent the largest percent spend to date since the establishment of the SBEDA in 1992, in which a disparity study found that only 10 percent of city contract dollars were paid to S/M/WBEs.
When comparing the results of the SBEDA program between 2011 and 2018, significant progress has been made, especially for those businesses who are M/WBE. Overall, the city’s percent of dollars paid to M/WBEs has increased from 13 percent in 2011 to 44 percent in 2018, a 31 percent point gain.
Since the establishment of the advocacy program, the city has continuously increased the utilization of S/M/WBEs on city contracts by implementing various initiatives and amendments, most of which were created in 2011. These initiatives and amendments include establishing a goal-setting committee that ensures the SBEDA tools applied to a city contract result in the largest utilization of S/M/WBEs, central vendor registry to identify S/M/WBEs available to work on city contracts while also providing S/M/WBEs automatic notice of bid opportunities, and a mentor-protégé program to build the capacity of S/M/WBEs and help them continue to grow.
In 2016, additional amendments were made to the SBEDA program that expanded the use of successful tools and incentives to all industries, while also establishing new tools to help S/M/WBEs receive more contract opportunities at the prime level and not just as subcontractors.
“The city has continuously improved the SBEDA program through a data-driven process that has positively impacted our local, small, minority, and women-owned business community,” San Antonio City Manager Sheryl Sculley said. “These enhancements have strengthened the city’s overall utilization efforts across all industries, leading to significant increases at both the prime and subcontractor levels.”
The full annual report can be found here http://www.sanantonio.gov/SBO/MediaResourceCenter/SmallBusinessAnnualReport.
1st African American USAA Chairman to Retire
Retired U.S. Air Force Gen. Lester Lyles has announced the next USAA’s membership meeting in August will be the last as chairman.
Since 2004 General Lyles has been on USAA’s board of directors. He told members that he deeply appreciates their trust and thanked them “for your loyalty through the years” in a recent letter that was part of the annual membership report.
Born April 20, 1946 General Lyles is a former United States Air Force general, Vice Chief of Staff of the United States Air Force, and Commander, Air Force Materiel Command, Wright-Patterson Air Force Base, Ohio. After retirement from the Air Force in 2003, he became a company director for General Dynamics, DPL Inc., KBR Incorporated, Precision Castparts Corp., MTC Technologies, Battelle Memorial Institute and USAA. Lyles is also a Trustee of Analytic Services and a Managing Partner of Four Seasons Ventures, LLC.
In 2017, Lyles earned $461,034 from his role as board chairman, up from $449,910 in 2016. In 2018, Lyles earned $458,499 in salary for the role, records show.
Botswana’s First Skyscraper and Tallest Building
Located in the capital city of Gaborone, Itowers is an establishment comprised of three buildings in total, with the tallest South Tower rising 28 levels above the ground – making it Botswana’s tallest building, an iconic landmark in the city. Located in the center of the city’s vibrant new Central Business District just 20 minutes away from the airport, this complex of condominiums, apartments, office and retail space is perfectly suited for businessmen, diplomats and tourists seeking comfortable temporary accommodations.
It’s also in close proximity to all major government offices, shopping malls, and tourist attractions including the Square Mart Shopping Centre (just 1.2 km or 3/4 mile away), and the Three Dikgosi Monument (also just 1.2 km or 3/4 mile away).
Itowers has 54 outstanding apartments comprising of: 36 Standard rooms, 6 Premium rooms 12 Premium Plus rooms, with balconies opening to city views. They have 2 paraplegic friendly rooms and 12 family rooms.
In addition, Itowers features an on-site stylish and contemporary restaurant called Table50Two, located on the 28th floor of the south tower. The beautiful outdoor setting is set in a loft-life lounge ambience with lounge sofas and breathtaking views of the city. The unique and world class menu is complemented by a comprehensive choice of wine and beverages. It is the highest dining venue in all of Botswana.
When built, the project not only made an impact on the city of Gaborone, but also to the livelihoods of everyone involved in this multi-million dollar project. A total of 4.8 million man hours, 3.5 million bricks, 28 400m3 of cement and millions more hopes and dreams went into designing, erecting and completing the landmark towers.
Botswana is a landlocked country in Southern Africa. Formerly the British protectorate of Bechuanaland, Botswana adopted its new name after becoming independent within the Commonwealth in 1966. Since then, it has been a representative republic, with a consistent record of uninterrupted democratic elections and the best perceived corruption ranking in Africa since at least 1998. It is currently Africa’s oldest continuous democracy.
Beyonce Reportedly Made $300 Million From Her Uber Investment
Uber went public last week and their shares have been plummeting ever since. Despite this, singer Beyonce has still managed to score a $300 million profit from her investment. Many are wondering how this is possible since Uber’s shares plunged during the first week, closing as low as 17% below its IPO price!
Well, according to The New York Times, Beyonce received $6 million in restricted stock units (RSUs) from Uber co-founder Travis Kalanick to perform at a private company event in Las Vegas in 2015.
Here’s a little bit of information about restricted stock units (RSU). It’s compensation issued by an employer to an employee in the form of company stock that are assigned a fair market value when they vest. Upon vesting, the stock units are considered income, and a portion of the shares is withheld to pay income taxes. The employee receives the remaining shares and can sell them at his or her discretion.
So, Beyonce, although not a regular employee of Uber, was in fact “an employee” temporarily when she performed at the company’s private event. While the exact value of the shares at the time is not known, it can be assumed that the value was around $20 to $25 per share.
But when Uber’s IPO initially debuted, it started trading at $42 per share. So, if she sold her shares immediately despite the IPO plummeting, she could have easily made $300 million or more from her shares.
Another win for the Beehive!