Archive: Business & Technology

New York State Comptroller Thomas P. DiNapoli today announced that ExxonMobil has agreedto implement the shareholder request that the company analyze how worldwide efforts to adopt the Paris Agreement goals for reducing global warming might impact its business. The request, co-filed by the New York State Common Retirement Fund (the Fund) and the Church of England, received landslide support from more than 62 percent of Exxon voting shareholders at the company's annual meeting in May. As a result of the company's decision, the Fund will withdraw the shareholder proposal, which it refiled on Nov. 28, 2017.

"ExxonMobil's adoption of greater climate analysis is a win for shareholders and for the company's ability to manage risk," said New York State Comptroller Thomas P. DiNapoli. "I am pleased Exxon has agreed to undertake this important analysis. Climate change is one of the greatest threats to our pension fund's long-term value. Exxon's decision demonstrates that investors have the power to hold corporations accountable and to compel them to address our very real climate-related concerns. We will continue to monitor Exxon's response to climate change as we urge the company, and others in the energy sector, to find ways that they can adapt to the growing lower carbon economy."

New York's state-funded debt is projected to reach $63.7 billion at the end of the current fiscal year and to increase over the following four years to $71.8 billion, according to a reportissued today by New York State Comptroller Thomas P. DiNapoli. The comptroller once again called for reforms to New York's use of debt, including voter approval of borrowing and better capital planning for infrastructure projects.

"New York faces tremendous infrastructure challenges and the wise use of debt can be an essential part of the financing picture," DiNapoli said. "Still, backdoor borrowing imposes significant costs on taxpayers, lacks transparency and may limit flexibility in providing important services and programs. My debt reform proposal would help ensure effective capital planning and manageable debt levels."

Iconic rock radio station WIII-FM (I-100) awarded its "Economic Engine- Business of the Year" with an in-studio interview and presentation to Dan Smalls, President of DSP Shows.

"Dan and his team at DSP are truly deserving of this award," said Kat Walters, Brand Manager and on-air host at I-100. "He has brought over 100 concerts and shows to the region over the past year which has resulted in thousands of thousands of people coming into our region and spending money here."

DSP Shows is an events promoter that is responsible for bringing live acts to such venues as The Haunt, The Dock, The State Theatre, Hangar Theater, and Homer Center for the Arts. In addition, DSP Shows created and held the inaugural Cayuga Sound Festival at Stewart Park which featured Ithaca natives X-Ambassadors and the Roots.

Foodnet Meals on Wheels announced Tuesday that it will participate in the tenth annual Subaru Share the Love Event as a member of Meals on Wheels America, one of four national Share the Love charitable partners supported through the promotion. From now to January 2, 2018, Subaru of America will donate $250 for every new Subaru vehicle sold or leased to the customer's choice of participating charity. Participating Meals on Wheels America members, like Foodnet, will receive a share of the donation raised by Subaru in their state.

"We are honored to join this campaign with our national affiliate, Meals on Wheels America," said Foodnet Executive Director Jessica Gosa. We continue to be touched by the generosity of Subaru of America, Inc. and the investment that the organization makes to a range of important community causes."

It's a circle of life.  Talented but displaced people get an outlet to sell their beautiful clothing, people of means get a high quality, unique product, and children in need get to eat.  That is the 'value chain' Riad Shalaby is creating that he hopes will turn into a sustainable business that helps people at every step along the way, even beyond the sale.  True to its mission The Florida Cotton Company is partnering with the Food Bank of the Southern Tier, providing food for one backpack for each online sale the company makes.

"I think that would have meant something to my grandparents and great grandparents," Shalaby says.  "I think they would find the value in that and they would think that what they did here was helpful.  The other side of it is, pragmatically in today's world it's good business to help people.  To try to do something with an association that's beyond the transaction that you're making.  To embed that in the balance sheet of your business, you're going to create an environment where every time there is a revenue occurrence is something good for you, you're going to automatically build in some way to share that."

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Lansing, NY - ADC's President Mr. Alex Deyhim and Managing Director Mr. Eric Van Every spoke at CHESS-U's announcement of $15 million state-sponsored grant to upgrade their facility.

"Our local economy has already begun to see the effects of the state funding from CHESS-U. ADC successfully delivered two hutches, has designed five more and as a result we have submitted proposals to Argonne National Lab and Brazilian Synchrotron for 32 Hutches and to Australian Synchrotron for 6 beam lines that will bring in over $30 million in revenue allowing ADC to expand and create more jobs." Says Managing Director Eric Van Every.

Sprague & Janowsky Accountants and Enrolled Agents announced Thursday a change in the accounting firm's name to Sprague & Jackson.  The new name reflects Angie Jackson's new role as Principal in 2017.

Resident of Lansing, NY, and an Ithaca College graduate, Angie Jackson has over 15 years of tax preparation experience, concentrating her practice in both individual and business taxes. She also holds her Masters in Accountancy from Kaplan University.

Hiking the Cascadilla Gorge trail, the 25 students in this semester's Underground Railroad seminar stopped at a bridge halfway down to talk about why water routes were important to escaping slaves.

"Water would help them to know what direction they were heading, it would hide their scent if they were being followed by dogs, and the water noise would hide the noise they might be making as they walked along," said A.T. Miller, senior lecturer in the Department of English and associate vice provost for academic diversity at Cornell University, who co-teaches the class with Gerard Aching, professor of Africana studies and Romance studies and provost's fellow for public engagement. "Also, people didn't build their houses next to water because of the risk of flooding, so traveling close to water meant less chance of being seen."

A partnership between Life's So Sweet Chocolates and Challenge Workforce Solutions was recognized October 19th in Albany at the Works For Me Awards, hosted by the New York State Office For People with Developmental Disabilities (OPWDD).

The event, hosted at the New York State Museum, celebrates the abilities and contributions that people with developmental disabilities make to the workplace. OPWDD recognized Life's So Sweet owner Darlynne Overbaugh, as well as Danya S., who is legally blind and has been diagnosed with a developmental disability. Danya started a work placement at Overbaugh's former store in Trumansburg in 2013, and was later hired by Overbaugh, handling tasks such as stocking, packaging, and even helping with cutting chocolate.

State tax collections totaled $36.1 billion through the first half of New York's 2017-18 fiscal year, $386.6 million below the latest projections, largely because of lower than expected personal income tax collections, according to a reportreleased today by State Comptroller Thomas P. DiNapoli. Tax collections through the first six months declined 2.1 percent, or $767.9 million, from the same period last year.

"New York faces serious fiscal challenges. Projected budget gaps, weaker than expected personal income tax collections and cuts to federal programs combine for a triple threat of budgetary risks," DiNapoli said. "Any federal funding reductions not already assumed in the Financial Plan could force difficult decisions regarding the funding of important programs and services."

New York residents stand to lose more than $72 billion in reported deductions for income and property taxes if proposals to change the federal tax code are implemented, according to a report issued Thursday by State Comptroller Thomas P. DiNapoli.

"New Yorkers lose valuable deductions under the proposed changes to the federal tax code. Changes to the standard deduction and personal exemptions could result in higher tax bills for some New Yorkers and only modest savings for others," said DiNapoli. "Washington should proceed with caution, because these and other changes have far reaching implications that not only hit the bottom line for taxpayers, but could affect state and local finances in ways that are hard to predict."

The Tompkins County Industrial Development Agency (TCIDA) adopted an off-site commercial solar policy on October 12, 2017. The policy will make available a property tax incentive to promote community solar projects. Community solar projects allow anyone to purchase renewable energy generated from the sun without the high cost of installing solar on their own roof. Property taxes have been one of the hurdles for community solar in New York State and the TCIDA is hoping the policy will jumpstart solar development. This policy supports consumer choice for renewable energy generation, Tompkins County's goal to reduce greenhouse gas emissions by 80% by 2050, and the State's goal to generate 50% of New York's electricity from renewables by 2030.

"The IDA is playing an important role in making community solar a financially viable energy choice for hundreds of local residents." - Jim Dennis, Chair of the TCIDA and Tompkins County Legislator