Archive: Business & Technology

Tompkins Connect, in collaboration with Tompkins Trust Company, Tompkins Chamber and the United Way of Tompkins County, announced the winners Thursday of the Fifth Annual Fab5 Young Professional Awards. These awards aim to highlight and celebrate the achievements of young professionals, aged 21 to 40, who are excelling in their respective fields and making an impact in Tompkins County.

This year featured a special judging panel that consisted of past Fab5 Award winners. After receiving more than 40 nominations, the judges were tasked with selecting the winners for each category.

Despite projections for healthy gains in tax receipts and continued growth in the economy, the State Fiscal Year (SFY) 2020-21 Executive Budget reflects significant fiscal challenges related, in part, to higher than expected spending in the Medicaid program, according to an analysis released today by New York State Comptroller Thomas P. DiNapoli. With a budget deadline soon approaching, more than a third of the Executive's proposed nearly $7 billion gap-closing plan remains to be identified by the Medicaid Redesign Team (MRT), creating uncertainty for Medicaid beneficiaries, providers, local governments and the state budget.

DiNapoli also raised concerns about transparency and accountability, including proposed statutory changes that could distort the reporting of revenue and spending in the state's financial statements and allow the Executive to spend beyond the amounts approved by the legislature. Other proposals would weaken oversight.

Nancy Bussieres
Tompkins Trust Company has promoted Michael Buza to Assistant Vice President, Credit Analysis Manager and Alex Remizowski to Small Business Banking Associate.  Mary Robillard  has been promoted to Vice President, Branch Manager and Rachel Clarkson to Officer, Corporate Compliance Specialist.  And Nancy Bussieres has been promoted to Assistant Vice President, Employee Relations Manager. She will continue to report to Scott Pronti, Vice President, Human Resources.

Buza started with the company in 2019. He was previously with M&T Bank. His responsibilities include management of the credit department, underwriting commercial loans, commercial appraisals, and maintaining credit policy standards for the Commercial Department. Buza holds both his MA and BA in Economics from SUNY Buffalo. He enjoys spending time with his wife and son, is an active Eagle Scout, and organizes and volunteers for various scout events. He has volunteered at the Ronald McDonald House and the Food Bank of CNY. He will continue reporting to Thomas Evans.

Tompkins Financial Corporation announced that its Board of Directors approved payment of a regular quarterly cash dividend of $0.52 per share, payable on February 18, 2020, to common shareholders of record on February 10, 2020. The current dividend represents a 4.0% increase over the $0.50 cash dividend paid in the first quarter of 2019.

The company reported record diluted earnings per share of $5.37 for the full year of 2019, an increase of 0.4% compared to the $5.35 per share reported for the twelve-month period ended December 31, 2018. For the fourth quarter of 2019, diluted earnings per share of $1.40 were up 13.8% over the $1.23 per share reported in the same quarter of 2018.

Overall growth in local sales tax collections statewide in 2019 was relatively strong, according to a report released today by New York State Comptroller Thomas P. DiNapoli. Collections across the state, totaling $18.3 billion in 2019, grew by $815 million or 4.7 percent, from the previous year. While this was slower than the 5.3 percent annual growth for 2018, it exceeded growth in all other years since 2013.

In Tompkins County sales tax revenues are up 5.1%, from last year: from $54,150,488 in 2018 to $56,886,775 in 2019. The City of Ithaca's sales tax rise was 3.2%, from $11,966,317 to $12,347,450.

Tompkins County Area Development (TCAD), the economic development group for Ithaca, N.Y., and the surrounding county, has named Kathy May its first director of workforce services. The organization, which works to grow, retain and attract companies that provide high-quality employment opportunities in the region, announced that May will be actively involved in developing workforce training programs and encouraging collaboration with higher education institutions. She will also identify workforce trends and convey industry data for communities in and around Ithaca.

May, formerly of the Johnson Graduate School of Management at Cornell University, has over 20 years of experience in administrative management and leadership roles, plus a background in personal and professional coaching for individuals and corporate teams. A graduate of Cornell University (bachelor's degree in Industrial and Labor Relations), she also completed coach training through the Coaches Training Institute.

Team acknowledged for best-in-class service, smart business growth and professionalism Delano, Minn. (Feb. 5, 2020) – Landscape Structures Inc., a Delano, Minn.-based commercial playground equipment manufacturer, has named Parkitects, Inc. of Ithaca, N.Y., 2019 Rep Organization of the Year. The award was presented to the Parkitects team last month during Landscape Structures' annual sales meeting in Phoenix, Ariz.

"Parkitects was named 2019 Rep Organization of the Year because they bring value and best-in- class service to everyone with which they work," said Pat Faust, president of Landscape Structures. "Parkitects has been an exceptional partner of Landscape Structures as well as the playground design industry as a whole, and we are proud to have their team bringing our playground, shade and splash pad solutions to New York."

Abby Peterson (right) and Michelle Hallock
After a rigorous selection process, Abby Peterson, VP, Marketing Communications has been selected as the Business Leader of the Year for the upcoming Annual Fab5 Young Professional Awards.

Peterson joined Tompkins Trust Company in 2016, and brings over 8 years of Marketing experience to the organization. She was promoted to Vice President in 2019.

City Harbor, a substantial mixed-use project promoting wider access to Cayuga Lake, has entered site preparation stages, its project team has announced. The site, nestled along an inlet on the southern shore of the 37.9-mile Finger Lake, will feature 158,000 square feet of residential space, with an adjacent medical building adding another 60,000 square feet to the site. Developers plan to break ground on the project in May, with construction for its first phase set to take approximately a year and a half.

Upon completion, the residential complex at 101 Pier Road in Ithaca, N.Y., formerly the site of Johnson Boat Yard, will include 156 one- and two-bedroom residential units with a wellness center and amenities. These include a full-service restaurant with indoor and outdoor waterfront dining, improved boating and golfing amenities and access to the new Guthrie Medical Office building. City Harbor's heating and cooling will also be powered by an advanced, effluent-based system.

The New York State Energy Research and Development Authority (NYSERDA) announced a new Co-Investment Fund Wednesday, making an initial $6 million available for clean energy companies seeking to match investments from qualified investors and stimulate their advancement. Today's announcement supports Governor Andrew M. Cuomo's Green New Deal, the most aggressive climate change program in the nation, by spurring cleantech innovation to accelerate the green economy.

Alicia Barton, President and CEO, NYSERDA, said, "Emerging cleantech companies are the foundation of New York's clean energy future, making it critical that we continue providing the support and tools they need to succeed. Investing in new technologies will play an increasingly vital role in our success as Governor Cuomo continues to lead the nation with his ambitious clean energy goals and agenda, and NYSERDA is proud to continue its work making investments and matching investors with New York's cleantech companies of the future."

New York State Comptroller Thomas P. DiNapoli today announced the New York State Common Retirement Fund (Fund) is reviewing 27 thermal coal mining companies to determine whether they are taking steps to transition to a more sustainable business model in line with the growing low carbon economy. The review of coal companies is part of DiNapoli’s Climate Action Plan to further decarbonize the state pension fund’s investments.

“Investors who fail to face the risks and seize the opportunities presented by climate change put their portfolios in jeopardy,” DiNapoli said. “We are assessing minimum standards for transition readiness at coal mining companies first, because they face the greatest risk as the world turns to cleaner and renewable energies. If a particular company is not ready to move away from its reliance on thermal coal mining for profits, we may divest our holdings in that company.”

Moody's Investors Service announced this week it is maintaining Tompkins County's high municipal bond rating of 'Aa1', among the highest in New York State.

"This stable bond rating will help the County in its upcoming sale of bonds and bond anticipation notes scheduled for January 30th," said County Finance Director Rick Snyder.