The State of California, for example, has worked hard to reform its state budget with major expenditure cuts, smaller debt offerings and a voter-approved tax increase.

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Mr Thorburn said that although that was within the rules, decisions involving major expenditure of charity funds should normally be made after consideration by a substantial number of trustees.

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All three markets have about a 2-year lag between a major capital expenditure and its reaching full volume production.

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Earlier, Heywood was involved in painful civil service change - such as Treasury budget-cutting and job losses in a major 1990s expenditure review.

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They have had data relating to major items of expenditure, like home and car ownership, and so on.

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Over the summer Barrick announced a tougher stance on capital expenditure, and deferred indefinitely its major Cerro Casale project in Chile and Donlin Creek in Alaska.

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McDaid admitted that the club's biggest expenditure was "on the playing side" although he indicated that press speculation of major wage cuts was premature.

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