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Armageddon for athletics in the Fontana Unified School District was avoided at Tuesday’s FUSD School Board meeting as Referendum E, which called for the suspension of all athletic programs and the removal of athletic directors, was tabled.

Tabling the item means it can be revisited for vote at a later date if the school board chooses to do so. But Summit athletic director Ed Kearby doesn’t anticipate that happening.

“It’s gone,” Kearby said. “They realized how valuable athletics were and quite frankly, I think they’ve realized how little economic sense it made to take away athletics.”

According to the agenda set forth from Tuesday’s meeting, getting rid of the athletic departments within the district would have cleared $1.929 million as part of a series of cuts set to clear up a reported $8 million the district is mandated to cut from its budget. But according to Kearby, it’s not a simple cut-and-profit scenario as ADA (Average Daily Attendance) money would be lost by student-athletes transferring to schools outside of the district.

“I’m not an economic guy by any means. I’m just a jock,” Kearby said. “But the reality of it is that if a kid can’t play athletics in this district his or her parents are going to take them to a district where they can.

“There are about 4,000 student athletes in the district. Each of them give the district $6,500 through the ADA. If all of them left, that’s roughly $26 million the district loses. Even
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if 100 left each high school, that’s more money lost through ADA that would be saved by cutting the programs. It’s not about emotions, it’s about economics.”

Kearby looks to keep emotions out of the mix while speaking for the survival of Fontana athletics, but it was impossible to separate emotions from the proceedings Tuesday as concerned student-athletes and parents converged on the school board meeting to lend their support.

The meeting also attracted attention from media throughout the Southland as local news television crews converged on Fontana and contributed to a scene that had an overflow crowd in hallways and outside of the building.

“It was something that I wasn’t expecting and it was a pretty powerful statement considering that it came together in less than 24 hours,” Miller athletic director John Romangnoli said. “For a lot of people it was a 12-hour notice. For it to get that much support in that short of time shows how much the community cares about what we do.”

First-year Fontana Athletic Director Amanda Bentley was at the meeting Tuesday, three days after watching her school’s boys soccer team compete for a CIF-SS title against Paramount. The spirit fostered during that game is a symbol of what she believes athletics means to the well-being of the students and community.

“Watching those guys fight their hearts out on that field and sing their alma mater with the fans was a great moment,” Bentley said. “Let’s face it, athletics are a way to teach kids life lessons and keep them motivated in school. I know that I received more motivation and learned more lessons playing basketball in high school than I did sitting in math class.

“People don’t often want to hear it, but athletics are a motivation for kids to stay in school, attend class and achieve academically. It keeps them away from outside influences that can cause trouble. Taking that away would take away a lot of the motivation for teenagers.”

Scheduling games for next year is a bit tricky as district athletics have to be wary of the other shoe unexpectedly dropping. But the district’s athletic directors are doing their part to conserve as many funds as they can.

“Fohi and us are teaming up on buses, because transportation is the biggest expense we have,” Romagnoli said. “We’ll travel our underclass baseball teams with their varsity softball game and vice versa. Whatever we can do to help.”

FRANKFURT—Europe’s economic divide showed signs of widening further, as German industry powered the region’s largest economy toward strong growth, while Portugal struggled to sell €1 billion ($1.39 billion) in government bonds and Greek unemployment jumped.

Higher borrowing costs and surging oil prices will likely put more distance between Europe’s prosperous north and vulnerable periphery, economists said, complicating efforts by the European Central Bank to combat inflation by raising official interest rates.

German industrial production jumped 1.8% in January, the economics ministry said, more than reversing December’s weather-induced drop. Data released earlier in the week showed an even sharper rise in manufacturing orders.

Together, the figures point to German GDP growth of 4% or higher in the first quarter at an annualized rate, economists said. Germany grew 3.5% in 2010, versus a slight contraction in Spain and a 4.5% plunge in Greece.

“There will continue to be pretty big divergences” this year, said Ben May, economist at consultancy Capital Economics. German growth isn’t tapering off much from last year, while a nearly one-point jump in Greece’s unemployment rate to 14.8% in December, reported Wednesday, suggests more pain ahead for Athens. Other countries in the periphery face added tax hikes and state spending cuts this year, which will weigh on consumption and investment.

“There are countries experiencing a rather severe spending slowdown, most notably Spain,” said Frank Schuhardt, chief financial officer at Delticom AG, an online tire retailer based in Hannover. Like many other German companies, Delticom saw a sharp rise in revenue last year, nearly 35%, and plans to add to its 100-person staff.

In contrast, households in the periphery “are much more careful in light of the additional burden that is put on them by their governments,” said Mr. Schuhardt, whose company sells tires in 39 countries.

That pressure will mount, as those governments face escalating debt-service costs. Portugal sold €1 billion in two-year government bonds Wednesday, showing it is still able to tap the private sector for funds. But Lisbon paid dearly; 5.99% interest for only a two-year maturity. Germany pays just 1.75% for the same maturity.

Portugal has for months insisted it will continue selling bonds even at high yields, ruling out a bailout, which Greece and Ireland took last year when they faced similar financing costs. Many analysts doubt that Lisbon can stomach such financing costs much longer, a burden made even harder by economic stagnation that weighs on tax revenues.

Antonio de Sousa, a former central bank governor who heads Portugal’s banking association, thinks more economic pain is on the way as belt-tightening measures announced last year start to grip the euro bloc’s 10th-largest economy, which unlike others in the periphery posted modest growth last year. Portugal didn’t suffer the same collapsed property bubbles as Spain and Ireland.

“In terms of growth, 2011 will be worse than 2010,” he said. “You are going to have a decline in private and public consumption.”

Despite such concerns, ECB officials are ready to press forward with interest-rate rises, starting as early as next month. That may hurt Spain, Greece, Ireland and Portugal, but they constitute less than one-fifth of the euro bloc’s GDP. Germany, which makes up around 30%, can easily weather higher rates, especially with inflation at two-year highs. “Our responsibility is to the 331 million people of the euro area,” ECB President Jean-Claude Trichet said last week when asked about the effect of higher rates on the periphery.

Spain’s 45 million citizens could feel the pain first. Nine out of 10 mortgages there are linked to short-term interest rates, said Fernando Fernandez, professor at IE Business School in Madrid, so 0.75 percentage point in ECB rate rises this year—which is what markets are pricing in—would add almost €1,000 per year to the average Spaniard’s mortgage payment.

Higher interest rates “are coming at the worst time,” for Spain, Mr. Fernandez said.

Add in the effects of higher oil prices, and Spanish households face a loss of as much as €2,000 in disposable income per year, Mr. Fernandez estimates, while the country still confronts 20%-plus unemployment.

“There is a serious probably Spain may fall into recession or near recession by the end of the year,” Mr. Fernandez said.

MONTREAL – As the price of oil moved above $105 a barrel in New York Monday, stock markets swooned, succumbing to the gloomy speculation that an energy squeeze could seriously damage the recent upward march of economic growth and stock prices.

Given the gyrations we’ve seen over the past few decades, it would be foolish to pretend that this is impossible. There’s always the chance of some new shock, after all.

But even if that’s a possibility, is it a probability? Not based on what analysts can see right now.

While every economist seems to have a somewhat different price he’s targeting as the one that could tip North America’s economy into trouble, there’s one thing they have in common: their doomsday price is far above what we’re experiencing today.

As well, it makes a big difference whether we have an oil squeeze that’s over quickly or one that drags on for months.

Consumers can shrug off a brief price hike, but their spending will be much more significantly affected by one that lasts a long time. Since we can’t easily stop buying gasoline or heating oil, it acts like a rising tax, cutting our spending power.

If oil in North America were to rise as high as $125 U.S. a barrel, that’s where Deutsche Bank economist Carl Riccadonna would begin to slash his growth forecast for the U.S.

Why that price? Because it’s where gasoline would climb in American markets to $4 or more per gallon, which he sees as a psychological tipping point.

Economist Peter Buchanan at CIBC points out that growth is already feeling some stress, even at today’s price.

But for oil to crush economic growth would probably take a price of $150 or more, he estimates. At that level, the price hike would represent three or four per cent of economic output in the world’s industrial nations, a shock similar to those experienced after the Iranian revolution or the 1973 OPEC embargo.

Setting aside such catastrophic scenarios, however, Canada still seems a pretty good place to be an investor.

A modest increase in oil is actually a bit of a boost to the market, in the opinion of several analysts, because it pushes up the profitability of the oil producers who loom large in our principal stock index. It also helps economic growth by increasing export earnings.

That’s a big part of the reason why the Canadian dollar is now above par with its U.S. counterpart.

But there’s a limit to this happy scenario. Once the price rises high enough to significantly harm growth in the U.S., a big oil importer, Canada risks losing more from the damage to its key export market than it gains from pricier oil exports.

Right now, however, Canada’s stock market looks like a better bet than most.

In emerging markets, which managed to maintain blazing growth rates right through the recession, inflation now looms as a real danger, one that is all the more worrisome because the biggest of these markets, China, doesn’t have a central bank with a lot of experience managing a market economy.

In the U.S. and much of the industrial world, there’s not only a drag from the rising cost of oil imports but also the inevitable burden of slashing deficit spending, a necessity that will dampen economic growth still more.

Canada wouldn’t be unscathed by a continuing rise in oil, but has some useful shock absorbers, notes Avery Shenfeld, chief economist at CIBC World Markets. Indeed, he thinks Canadian equity investors should consider leaving more of their money at home than they normally would.

First, a big chunk of our stock market is devoted to producers of energy and gold. Both would likely rise in a crisis, providing an offset to any energy squeeze on profits of industrial firms. Second, our deficit problem is very small compared with other industrial nations.

Does this make the Canadian stock market a safe haven?

No. Stocks are far more vulnerable to shocks than high-quality bonds, and right now, the stock market is pricey enough to make added diversification wise for cautious investors, suggests Douglas Porter, deputy chief economist at BMO Capital Markets.

But for that part of your portfolio that you feel comfortable leaving in the market, Porter said yesterday, he agrees that Canadian stocks probably deserve a bit more space than they might ordinarily take up.

Read more: http://www.montrealgazette.com/business/Modest+hike+boost+Canadian+market/4399282/story.html#ixzz1FziWpNjq