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posticon State Faces Potential Budget Gaps

BusinessFriday, July 29, 2016By NYS Comptroller's OfficePrint
nys120New York state faces potential budget gaps in future years, according to an analysis of the state's Financial Plan released today by State Comptroller Thomas P. DiNapoli. The budget gaps result from spending increases and tax reductions enacted this year, and the use of temporary resources to pay for recurring costs.

"New York is facing the prospect of outyear budget gaps," DiNapoli said. "New York's rainy day reserves are at low levels compared to many states and the use of temporary resources to meet recurring expenses contributes to the state's potential outyear budget shortfalls. More must be done to promote long-term structural balance and ensure that taxpayers' dollars are used cost-effectively."

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posticon Reed Hosts Regional Manufacturing Summit in Corning

BusinessFriday, July 29, 2016By Office of Congressman Tom ReedPrint
reed13a 120Tom Reed brought together manufacturers from across the Southern Tier, Finger Lakes and Western New York, during a day-long manufacturing summit held at Corning-Painted Post High School.

"We care about helping U.S. manufacturing succeed because it means good jobs for people right here at home.  This summit gave local manufacturers an opportunity to learn about what programs are available to them and share ideas so they can grow and create the jobs that our workforce deserves," said Reed.

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posticon Tompkins Financial Corporation Second Quarter Reports

BusinessFriday, July 29, 2016By Mackenzie O'ConnorPrint
tompkinsfinancial 120Tompkins Financial Corporation announced last Friday that its Board of Directors approved payment of a regular quarterly cash dividend of $0.44 per share, payable on August 15, 2016, to common shareholders of record on August 2, 2016.

The company reported net income of $14.6 million for the quarter, and $28.8 million for the year to date period ended June 30, 2016, down $2.8 million and $1.3 million, respectively, from the same period in 2015.   Prior year results included a non-recurring curtailment gain of $3.6 million after tax ($0.24 per share) related to changes to the Company's pension plan, which was recognized in the second quarter of 2015.

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