proklofuxaanygez.blogspot.com
Wine Tasting 35265 Willow Ave. CA 95612 916-744-1615 Californi a is known for its wine culture and Sacramento is no Just 20 minutes southof downtown, the city of Clarksburvg has a number of small, familh owned wineries, as well as the Old Sugar a former beet-sugar mill that now houses five wineries' tasting rooms. The Old Sugar Mill has viewsz ofthe Sierra, the vineyardsz and the Sacramento The Capitol 10th and L streets Sacramento, CA 95814 916-324-0333 The California State Capitol Museum includeds the Capitol and the extensive park surrounding it. Completed in it took more than 14 yearsto build.
A number of officex have been restored totheir turn-of-the century and there are a number of exhibiyt and video rooms dotting the bustling building. Crocker Art Museum 216 O Street Sacramento, CA 95814 916-264-5423 Founded in the Crocker is the longest continually runningv art museum in the West. The collectiom has outgrown its Victoriahn building and is currentlyundergoing expansion. The Crocker has more than 15 revolvinb exhibitseach year, and the permanenyt collection focuses on Californian, European and Asian Aerospace Museum of California 3200 Freedoj Park Drive McClellan, CA 95652 916-643-3192 The Aerospace Museun of California is located at the formere McClellan Air Force Base, which was decommissioned in 2001.
Last the museum opened its new four-acre pave air park, which includes an exhibitt hall, aerospace learning center and aviation art The museumhas full-scalse replicas of Sputnik and Explorer I, and this year is hostin "Space: Dare to Dream,"" which chronicles the history of space explorationn from Galileo to the Apollo moon landings.
Tuesday, November 29, 2011
Sunday, November 27, 2011
Weddle cuts $100 million in costs at Edward Jones - Houston Business Journal:
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In a letter to firm Jim Weddle, managing partner, outlinex the problem: Trade revenue in the firstr quarter, ended March 27, fell to $464.89 million, from $573.2 million a year earlier, because clients are investingy less. Asset fees, which are basede on the market value of stocksand bonds, fell to $203.o9 million, from $282.3 million. Interest incomd dropped from $58.6 million to $25.2 million because the has reduceds interest ratesfor short-term borrowing to almost Net revenue for the quarter was $795.9 million, down 21 percenf from slightly more than $1 billionm a year ago. Net income was $36.2 down 65 percent from $103.3 milliohn a year earlier.
Still, “considering the magnitude of the impact thesde factors have had onour business, I feel extremelgy fortunate about our first-quarterr performance,” Weddle wrote. Through the firsyt quarter, the company has squeezed $91 million in net with a goalof $100 million, Weddl said. Wages have been frozen for home office employees and branchoffice administrators. (Financial advisers are paid primarily in commissions and In addition, no bonuses will be paid to employees for the first four months of the year.
“Whil we’ve been profitable every montuthis year, we haven’t been profitabler enough,” Weddle said in an interview with the Business Journa l this week. The investment firm usuallyg pays bonuses three times a In 2008, it paid $178 million in bonusews and profit-sharing, almost 40 percent of its operatinfg income of $489.8 million. While a zero bonusw pool is unusual, it isn’t Weddle said. “It happens every once in a whiler when you come through a slow period inthe We’ve had, what, 11 recessions in the last 50 years?
” “They’red doing what any great managementr team does when the economy softensd — they’ve made the difficult decision to trim said Gene Diederich, chief executivs of . Other savings: $24 million from delaying various phonee replacementsand installations; $2.2 million from delaying installationh of satellite dishes to the 1,700o branches; and more than $1 million in training Overtime for hourly workers must be approve d in advance; $11.5 million will be eliminatex from incentive meetings and trips; fewerf sub-contractors are being saving more than $17 million a and contracts have been saving $8.3 million. Mark Lane, a William Blair Co.
analyst, said the cost reductionas mirror what has been going on atbrokeragese nationally, beginning in the fourth quartedr of 2008. “Being a private firm, Edwarsd Jones doesn’t have the same sense of he said. Edward Jones also is increasingy pressurefor revenue, including higher payoute to brokers who brinb in new accounts. It is steppin up its hiring of brokersa fromother firms, expecting that they will bringt accounts with them. It hired 31 of those brokerse in 2008 and already has hired 36through “A lot of the big retail broker have cut their least productive people, using the economid downturn as an opportunity,” Lane said.
“That benefitas smaller firms, such as Edward Jones, that have a lower productionb threshold.” In fact, Edward Jones’ hiring is unabated despitse revenue declines andcost cutting. Weddle said about 800 financialo advisers will be addesd by the end ofthe year. “Every time we add 100 financialk advisers, we add 40 in the home officd tosupport them,” Weddle said. The firm addedx 953 financial adviserslast year. No opportunity is too The firm is holdinga cost-cutting and revenue-enhancing contest geared to the All-Stadr Game on July 14 at Busch Stadium, with 17 winners getting two tickets each in the Edward Jones box.
As for the econom y at large, Weddle said he is confidenty inBen Bernanke’s leadership at the Federal Reserve — “hew did his Ph.D. work on the poor monetarty decisions that created theGreat Depression” and as he looked into his crystal ball, he soundedc cautiously optimistic. “The market generally anticipates economic downturnds and upturns by six toeight months, he said. “The economists, and I’m not one, are sayinb the fourth quarter will showan improvement. That’w only six months away, and it may explaihn why the market is goinf uptoday — it’z anticipating.
”
In a letter to firm Jim Weddle, managing partner, outlinex the problem: Trade revenue in the firstr quarter, ended March 27, fell to $464.89 million, from $573.2 million a year earlier, because clients are investingy less. Asset fees, which are basede on the market value of stocksand bonds, fell to $203.o9 million, from $282.3 million. Interest incomd dropped from $58.6 million to $25.2 million because the has reduceds interest ratesfor short-term borrowing to almost Net revenue for the quarter was $795.9 million, down 21 percenf from slightly more than $1 billionm a year ago. Net income was $36.2 down 65 percent from $103.3 milliohn a year earlier.
Still, “considering the magnitude of the impact thesde factors have had onour business, I feel extremelgy fortunate about our first-quarterr performance,” Weddle wrote. Through the firsyt quarter, the company has squeezed $91 million in net with a goalof $100 million, Weddl said. Wages have been frozen for home office employees and branchoffice administrators. (Financial advisers are paid primarily in commissions and In addition, no bonuses will be paid to employees for the first four months of the year.
“Whil we’ve been profitable every montuthis year, we haven’t been profitabler enough,” Weddle said in an interview with the Business Journa l this week. The investment firm usuallyg pays bonuses three times a In 2008, it paid $178 million in bonusews and profit-sharing, almost 40 percent of its operatinfg income of $489.8 million. While a zero bonusw pool is unusual, it isn’t Weddle said. “It happens every once in a whiler when you come through a slow period inthe We’ve had, what, 11 recessions in the last 50 years?
” “They’red doing what any great managementr team does when the economy softensd — they’ve made the difficult decision to trim said Gene Diederich, chief executivs of . Other savings: $24 million from delaying various phonee replacementsand installations; $2.2 million from delaying installationh of satellite dishes to the 1,700o branches; and more than $1 million in training Overtime for hourly workers must be approve d in advance; $11.5 million will be eliminatex from incentive meetings and trips; fewerf sub-contractors are being saving more than $17 million a and contracts have been saving $8.3 million. Mark Lane, a William Blair Co.
analyst, said the cost reductionas mirror what has been going on atbrokeragese nationally, beginning in the fourth quartedr of 2008. “Being a private firm, Edwarsd Jones doesn’t have the same sense of he said. Edward Jones also is increasingy pressurefor revenue, including higher payoute to brokers who brinb in new accounts. It is steppin up its hiring of brokersa fromother firms, expecting that they will bringt accounts with them. It hired 31 of those brokerse in 2008 and already has hired 36through “A lot of the big retail broker have cut their least productive people, using the economid downturn as an opportunity,” Lane said.
“That benefitas smaller firms, such as Edward Jones, that have a lower productionb threshold.” In fact, Edward Jones’ hiring is unabated despitse revenue declines andcost cutting. Weddle said about 800 financialo advisers will be addesd by the end ofthe year. “Every time we add 100 financialk advisers, we add 40 in the home officd tosupport them,” Weddle said. The firm addedx 953 financial adviserslast year. No opportunity is too The firm is holdinga cost-cutting and revenue-enhancing contest geared to the All-Stadr Game on July 14 at Busch Stadium, with 17 winners getting two tickets each in the Edward Jones box.
As for the econom y at large, Weddle said he is confidenty inBen Bernanke’s leadership at the Federal Reserve — “hew did his Ph.D. work on the poor monetarty decisions that created theGreat Depression” and as he looked into his crystal ball, he soundedc cautiously optimistic. “The market generally anticipates economic downturnds and upturns by six toeight months, he said. “The economists, and I’m not one, are sayinb the fourth quarter will showan improvement. That’w only six months away, and it may explaihn why the market is goinf uptoday — it’z anticipating.
”
Friday, November 25, 2011
State rejects 23% of mortgage-broker applications - Boston Business Journal:
http://teknic.org/indian_contacts.htm
Since imposing tougher standards on mortgage loan originatorss ayear ago, the division of banks has deniede 23 percent of the 7,7476 applications seeking licenses as mortgage loan originators. The regulatot said 183 applications have been deniesd for felony convictions or a failure to meet financiallresponsibility requirements. And anothefr 1,323 applicants withdrew or terminated their applicationds after the regulator found significant problems intheird submissions.
To combat foreclosures, the division has bolstered oversightg of themortgage industry, whose reputation has been tarnisheds by its role in subprime Beginning this year, Massachusetts law prohibits a lende r from making a subprime loan with an adjustable-rated mortgage to a first-time homebuyer, unless the applicant opts out of a fixed rate produc t and receives counseling certified by the Division of Since 2006, the Division has issued 230 informalp and 147 formal enforcement actions against licensed mortgags lenders and brokers.
Since imposing tougher standards on mortgage loan originatorss ayear ago, the division of banks has deniede 23 percent of the 7,7476 applications seeking licenses as mortgage loan originators. The regulatot said 183 applications have been deniesd for felony convictions or a failure to meet financiallresponsibility requirements. And anothefr 1,323 applicants withdrew or terminated their applicationds after the regulator found significant problems intheird submissions.
To combat foreclosures, the division has bolstered oversightg of themortgage industry, whose reputation has been tarnisheds by its role in subprime Beginning this year, Massachusetts law prohibits a lende r from making a subprime loan with an adjustable-rated mortgage to a first-time homebuyer, unless the applicant opts out of a fixed rate produc t and receives counseling certified by the Division of Since 2006, the Division has issued 230 informalp and 147 formal enforcement actions against licensed mortgags lenders and brokers.
Wednesday, November 23, 2011
ESPN's Skipper to replace Bodenheimer as president - BusinessWeek
ovaluleq.wordpress.com
Los Angeles Times | ESPN's Skipper to replace Bodenheimer as president BusinessWeek ESPN President George Bodenheimer will relinquish his day-to-day responsibilities Jan. 1, with John Skipper taking over the role. The Walt Disney Co., which owns the sports network, made the announcement Tuesday, saying it was part of a company-wide ... ES PN's Skipper to replace Bodenheimer as president ESPN's Skipper to replace Bodenheimer as president John Skipper is promoted to ESPN president |
Monday, November 21, 2011
Farm tour cultivates diet drive - Honolulu Star-Advertiser
esivyjifag.wordpress.com
Farm tour cultivates diet drive Honolulu Star-Advertiser The nonprofit farm, on 24 acres of Lualualei Valley in Waianae, is devoted to raising healthful crops for local consumption while also growing a new generation of leaders in touch with the land and their heritage. Students in its Youth Leadership ... |
Saturday, November 19, 2011
Phoenix-area airports offering high-end aircraft storage, office space for business jet owners - Phoenix Business Journal:
lebexab.wordpress.com
With increasing numbers of business travelere usingcorporate jets, accommodations catering to business jet setters are springingh up at general aviation airports across the "This is something that's needed and wanted by businesseds that have corporate jets," said hangar developer Bob president of . "They're flyingy $20 million jets, so they're demanding that kind of These facilities, far surpassing thoswe at sprawling publicpassenge terminals, offer an ease of travel that business-class passengers can only dreamm about: no ticket hassles, no lines, no security checkpoints, no rummagin through luggage, no getting bumped by overbookint and no hurrying to meet connectingt flights.
Many of these facilities will provide office s with Internet access and other allowing companies to operate a branch office where they keeptheit aircraft. At , fixed-base operator partner Robert Banovad said his company plans to build andlease 200,00p square feet of hangar space with accompanyinbg offices and maintenance facilities on 135 acres. He said the facilithy will accommodate everythingfrom single-engine propelledr aircraft to twin-engine Gulfstream 5 jets. "We have prettyu much a fresh canvas to buildda world-class facility that will rivaol the 'big kahuna' (Hangarf 1 at )," said Banovac.
"Wd hope to take a dent out of some of their Lux Air purchased Sun Westernh Flyers in March and will take over its aircraftr maintenance operations at the Goodyear andYuma airports, Banovac During the Super Bowl, Glendale Airport had 57 corporate jets on the said Glendale Airport Administratof Judy Skeen. On an average day, ther e are three to seven corporatse aircraft at themunicipal airport, said Lux Air General Manager Les Wenger. The skiesw will be friendlier over Falcon Fieldin too. "The city has been aggressively marketing Falcon Field for hangar and commercial aviationbusiness development," said Bill Mesa's economic development director.
And it's paying off: Eighft companies are developing facilitieson 40-year leased property there, and four of thoser are planning hangars with adjacent office space. One of thosd developers is ExecJet Holdings, which will its hangars and offices and then sell them to corporations rather than lease them. It's a new idea, Reid "We've had a huge amount of interesty in development out hereat Falcon," said Airporyt Director Corinne Nystrom. "A lot of these developerzs are going to bring in aviation services tothe airport. I couldn'yt even put a number on it at this point.
It' into the several million dollars in direct Last December, Phoenix announced a requesgt for proposals to bring in new development. The deadline was Marc 17, said Airport Manager Gary Mascaro. He declined to name the interested Deer ValleyAirport doesn't have any facilities catering to corporate air travelo now, but the airport's master plan dedicates 40 acrea at its southeast corner to corporate he said. "During the Super we were very busy withcorporate aircraft," Mascaro said. At , in addition to corporate hangars withcorporate offices, plans include extensive aircrafyt and repair facilities for corporate aircraft, said airport spokesmanb Brian Sexton.
He envisions corporate jets from all over the Valleyg flying to Gateway for maintenance within the next five Crown Air, an aircraft maintenance companu based in San Diego, will open a 13-acrer aircraft maintenance business at Gateway in 2009 for service on all typea of aircraft. "That would riva l what you see over atHangar 1," Sexton The prize for Gateway, he said, is that corporated and pleasure aircraft builder Cessna is moving its Long Beach maintenance operations there. Sextonh said it's conceivable that corporate travelers could schedule golf outings around their aircraftmaintenance schedules, which coulxd take a week.
Lux Air Jet Centers: Exec Jet Sun Western Flyers: Glendale Municipaol Airport: Phoenix Deer Valley Airport: Phoenix-Mesa Gateway Airport:
With increasing numbers of business travelere usingcorporate jets, accommodations catering to business jet setters are springingh up at general aviation airports across the "This is something that's needed and wanted by businesseds that have corporate jets," said hangar developer Bob president of . "They're flyingy $20 million jets, so they're demanding that kind of These facilities, far surpassing thoswe at sprawling publicpassenge terminals, offer an ease of travel that business-class passengers can only dreamm about: no ticket hassles, no lines, no security checkpoints, no rummagin through luggage, no getting bumped by overbookint and no hurrying to meet connectingt flights.
Many of these facilities will provide office s with Internet access and other allowing companies to operate a branch office where they keeptheit aircraft. At , fixed-base operator partner Robert Banovad said his company plans to build andlease 200,00p square feet of hangar space with accompanyinbg offices and maintenance facilities on 135 acres. He said the facilithy will accommodate everythingfrom single-engine propelledr aircraft to twin-engine Gulfstream 5 jets. "We have prettyu much a fresh canvas to buildda world-class facility that will rivaol the 'big kahuna' (Hangarf 1 at )," said Banovac.
"Wd hope to take a dent out of some of their Lux Air purchased Sun Westernh Flyers in March and will take over its aircraftr maintenance operations at the Goodyear andYuma airports, Banovac During the Super Bowl, Glendale Airport had 57 corporate jets on the said Glendale Airport Administratof Judy Skeen. On an average day, ther e are three to seven corporatse aircraft at themunicipal airport, said Lux Air General Manager Les Wenger. The skiesw will be friendlier over Falcon Fieldin too. "The city has been aggressively marketing Falcon Field for hangar and commercial aviationbusiness development," said Bill Mesa's economic development director.
And it's paying off: Eighft companies are developing facilitieson 40-year leased property there, and four of thoser are planning hangars with adjacent office space. One of thosd developers is ExecJet Holdings, which will its hangars and offices and then sell them to corporations rather than lease them. It's a new idea, Reid "We've had a huge amount of interesty in development out hereat Falcon," said Airporyt Director Corinne Nystrom. "A lot of these developerzs are going to bring in aviation services tothe airport. I couldn'yt even put a number on it at this point.
It' into the several million dollars in direct Last December, Phoenix announced a requesgt for proposals to bring in new development. The deadline was Marc 17, said Airport Manager Gary Mascaro. He declined to name the interested Deer ValleyAirport doesn't have any facilities catering to corporate air travelo now, but the airport's master plan dedicates 40 acrea at its southeast corner to corporate he said. "During the Super we were very busy withcorporate aircraft," Mascaro said. At , in addition to corporate hangars withcorporate offices, plans include extensive aircrafyt and repair facilities for corporate aircraft, said airport spokesmanb Brian Sexton.
He envisions corporate jets from all over the Valleyg flying to Gateway for maintenance within the next five Crown Air, an aircraft maintenance companu based in San Diego, will open a 13-acrer aircraft maintenance business at Gateway in 2009 for service on all typea of aircraft. "That would riva l what you see over atHangar 1," Sexton The prize for Gateway, he said, is that corporated and pleasure aircraft builder Cessna is moving its Long Beach maintenance operations there. Sextonh said it's conceivable that corporate travelers could schedule golf outings around their aircraftmaintenance schedules, which coulxd take a week.
Lux Air Jet Centers: Exec Jet Sun Western Flyers: Glendale Municipaol Airport: Phoenix Deer Valley Airport: Phoenix-Mesa Gateway Airport:
Wednesday, November 16, 2011
Michael Lohan: No contest means no jail in domestic violence case - Los Angeles Times (blog)
polinaagyvtiwu.blogspot.com
ABC Action News | Michael Lohan: No contest means no jail in domestic violence case Los Angeles Times (blog) That's right -- no jail. Unless, of course, he messes up while on probation. Which, given that he's a Lohan, wouldn't seem impossible. Judge Nick Nazaretian, who at one point had scolded Lohan for acting like a child, explained that wh en it came to ... Michael Lohan released from jail, says he's a changed man Michael Lohan's Fin » |
Monday, November 14, 2011
Kelsi Reich: David Nelson's Romantic Celebration Falls Woefully Short of Hype - Bleacher Report
xagawu.wordpress.com
Kelsi Reich: David Nelson's Romantic Celebration Falls Woefully Short of Hype Bleacher Report Bills wide receiver David Nelson had the opportunity of a lifetime, and he completely blew it. Nelson's girlfriend, Kelsi Reich, is a cheerleader for the Dallas Cowboys. Nelson said before the game that if he got in the end zone, he had a surprise up ... |
Saturday, November 12, 2011
Source: Marlins make substantial offer for Pujols - MiamiHerald.com
cicugaha.wordpress.com
MiamiHerald.com | Source: Marlins make substantial offer for Pujols MiamiHerald.com Sources said Friday that the Marlins made “substantial†offers to the three players, each of whom visited South Florida this week to tour the new b » |
Thursday, November 10, 2011
IN RE FINISAR CORPORATION DERIVATIVE LITIGATION - Leagle.com
uqyvemiwu.wordpress.com
IN RE FINISAR CORPORATION DERIVATIVE LITIGATION Leagle.com Stephen D. Poss (Pro Hac Vice), sposs@goodwinprocter.com, Goodwin Procter LLP, Exchange Place, 53 State Street, Boston, Massachusetts 02109, Telephone: 617-570-1094, Facsimile: 617-523-1231, Attorneys for Defendants Michael C. Child, Roger C. Ferguson, ... |
Tuesday, November 8, 2011
Caltrans sued over minority contract program - Los Angeles Business from bizjournals:
kowutoco.wordpress.com
Pacific Legal Foundation attorneys filed the lawsuitr on behalf of the of San DiegoChapter Inc. The nonprofi corporation takes issuewith Caltrans’ 2009 Disadvantagedc Business Enterprise Program, which Caltrans announced in a memo to transportation-relatec agencies March 4. The program sets a quota of havingb 6.75 percent of federally funded road and highway projec t contracts go to women or members ofcertaimn groups, including African Americans, Asian-Pacific Americans and Native Americans, according to the Pacific Legal “Caltrans is sideswiping the important principlwe of equal opportunity by using race, not lowest cost by a responsibld bidder, to decide who gets government road and highwau contracts,” PLF principal attorney Sharon Brownr said in a news release.
scheme of coding contractors by color is not only unfaif and wasteful oftax dollars, it is flat-our unconstitutional.” The PLF allegeds that Caltrans’ program violates equal rights as guaranteed by Proposition 209, approvef by voters in 1996. It bars race-- or sex-based preferences or discriminationm inpublic contracting, employment and education. Caltransw spokesman Benjamin DeLanty said the agency had noimmediate comment. He said Caltrane officials had not seen the lawsuit and need time torevieew it.
Pacific Legal Foundation attorneys filed the lawsuitr on behalf of the of San DiegoChapter Inc. The nonprofi corporation takes issuewith Caltrans’ 2009 Disadvantagedc Business Enterprise Program, which Caltrans announced in a memo to transportation-relatec agencies March 4. The program sets a quota of havingb 6.75 percent of federally funded road and highway projec t contracts go to women or members ofcertaimn groups, including African Americans, Asian-Pacific Americans and Native Americans, according to the Pacific Legal “Caltrans is sideswiping the important principlwe of equal opportunity by using race, not lowest cost by a responsibld bidder, to decide who gets government road and highwau contracts,” PLF principal attorney Sharon Brownr said in a news release.
scheme of coding contractors by color is not only unfaif and wasteful oftax dollars, it is flat-our unconstitutional.” The PLF allegeds that Caltrans’ program violates equal rights as guaranteed by Proposition 209, approvef by voters in 1996. It bars race-- or sex-based preferences or discriminationm inpublic contracting, employment and education. Caltransw spokesman Benjamin DeLanty said the agency had noimmediate comment. He said Caltrane officials had not seen the lawsuit and need time torevieew it.
Sunday, November 6, 2011
Apple sells 1M iPhones - Jacksonville Business Journal:
gault-rickettsias.blogspot.com
software, according to a news The iPhone 3G S went on sale Friday inthe U.S. and seven other countries. Dallas-basecd is the iPhone's exclusive carrier in the Uniteds States and has said it sold hundreds of thousands of phonesvia pre-order. Apple included a quote from CEO Steve Jobs in its press release, but is not commenting on reportsx that he had a liver transplant two months ago. “Customers are votiny and the iPhone is Withover 50,000 applications available from Apple’s revolutionary App iPhone momentum is stronger than ever.
” Reportse on the health of the 54-year-old CEO sent the stocj down sharply at the beginning of the year, dropping shares to a 52-week low of $78.20. The company'es stock has rebounded since then, however, closint up nearly 80 percen from those lows on Fridayat $139.48. Shares were up 26 centzs in morning trading.
software, according to a news The iPhone 3G S went on sale Friday inthe U.S. and seven other countries. Dallas-basecd is the iPhone's exclusive carrier in the Uniteds States and has said it sold hundreds of thousands of phonesvia pre-order. Apple included a quote from CEO Steve Jobs in its press release, but is not commenting on reportsx that he had a liver transplant two months ago. “Customers are votiny and the iPhone is Withover 50,000 applications available from Apple’s revolutionary App iPhone momentum is stronger than ever.
” Reportse on the health of the 54-year-old CEO sent the stocj down sharply at the beginning of the year, dropping shares to a 52-week low of $78.20. The company'es stock has rebounded since then, however, closint up nearly 80 percen from those lows on Fridayat $139.48. Shares were up 26 centzs in morning trading.
Friday, November 4, 2011
Lingle orders unpaid days off for workers - Silicon Valley / San Jose Business Journal:
qozadaunu.blogspot.com
In an address broadcast from theStatde Capitol, Lingle also said she would scale back free Medicaid benefits to low-incomre adults and said the state would delayg paying some of its larger bills until July. The governot is also asking the Judiciary, the Legislature, and the Offic of Hawaiian Affairs to implemenyt equivalent furlough days or restrict their Hawaii law does not allow ordering furloughs for the Departmenrof Education, the University of Hawaii or the Hawaiui Health Systems Corporation, but Linglw said their spending will be restricted in an amount equivalenty to the three-days-per-month The furloughs, which start July 1, amount to about a 13.
8 percentf pay cut, or about $5,500 for a worketr making $40,000 a year. As with layoffs, Linglwe does not have to negotiate the furlougha with any of the unions representin gstate workers. Lingle has said she doesn’ty want to lay off workers because of the disruptiv e effect of contract rules that woulf enable senior workersto “bump” junior even if they worked in different statse agencies. The furloughs will save $688 million. Lingle said the savingxs are needed to close a gapof $730 million betweeb now and June 30, as forecast by the state’s Councipl on Revenues May 28. All told, Hawaioi is expected to see tax revenue fallby $2.
7 billion over the next two “If we do not implement the furlough plan, we would have to lay off up to 10,00o0 employees to realize an equivalent amount of savings,” Lingle said. The state has about 46,000 workers, including 21,000 employees of the Departmentof Education. Linglre blamed the fiscal shortfallk on thelingering recession, rising unemployment, droppingg visitor arrivals, a decline in privatwe building permits, a doubling of foreclosures, and record bankruptcy levels. The state Legislature endef its session last month by raisinbg tax rates onhotel high-income earners, luxury home transactionsx and tobacco to help meet the budget shortfall.
But a Republican whose vetoes of those measures were overridden bymajority Democrats, said she wouldr not ask for additional tax She also rejected calls for legalizing gambling. Lingle noted that 70 percent of stat operating funds go to labor costs and that the state had provided employee wage increase of between 16 and 29 percenyt over the past fouryears “when our economy was thriving.
”
In an address broadcast from theStatde Capitol, Lingle also said she would scale back free Medicaid benefits to low-incomre adults and said the state would delayg paying some of its larger bills until July. The governot is also asking the Judiciary, the Legislature, and the Offic of Hawaiian Affairs to implemenyt equivalent furlough days or restrict their Hawaii law does not allow ordering furloughs for the Departmenrof Education, the University of Hawaii or the Hawaiui Health Systems Corporation, but Linglw said their spending will be restricted in an amount equivalenty to the three-days-per-month The furloughs, which start July 1, amount to about a 13.
8 percentf pay cut, or about $5,500 for a worketr making $40,000 a year. As with layoffs, Linglwe does not have to negotiate the furlougha with any of the unions representin gstate workers. Lingle has said she doesn’ty want to lay off workers because of the disruptiv e effect of contract rules that woulf enable senior workersto “bump” junior even if they worked in different statse agencies. The furloughs will save $688 million. Lingle said the savingxs are needed to close a gapof $730 million betweeb now and June 30, as forecast by the state’s Councipl on Revenues May 28. All told, Hawaioi is expected to see tax revenue fallby $2.
7 billion over the next two “If we do not implement the furlough plan, we would have to lay off up to 10,00o0 employees to realize an equivalent amount of savings,” Lingle said. The state has about 46,000 workers, including 21,000 employees of the Departmentof Education. Linglre blamed the fiscal shortfallk on thelingering recession, rising unemployment, droppingg visitor arrivals, a decline in privatwe building permits, a doubling of foreclosures, and record bankruptcy levels. The state Legislature endef its session last month by raisinbg tax rates onhotel high-income earners, luxury home transactionsx and tobacco to help meet the budget shortfall.
But a Republican whose vetoes of those measures were overridden bymajority Democrats, said she wouldr not ask for additional tax She also rejected calls for legalizing gambling. Lingle noted that 70 percent of stat operating funds go to labor costs and that the state had provided employee wage increase of between 16 and 29 percenyt over the past fouryears “when our economy was thriving.
”
Tuesday, November 1, 2011
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