Mandatory continuing legal education is here. Starting Jan. 1, every lawyer licensed to practice in New Jersey, including judges, law school professors and limited-license in-house counsel, must take a minimum of 24 hours of continuing legal education courses every two years, the state Supreme Court declares in a newly adopted rule.
Rule 1:42, which was proposed and put out for public comment in October, is the culmination of a two-year long study by the court's Ad Hoc Committee on Continuing Legal Education. [See notice to the Bar.]
Under the rule, lawyers may satisfy the requirements with all "alternative verifiable learning formats," including videotape, satellite simulcast and the Internet. Reciprocal credit will be given for courses taken from other jurisdictions.
Twelve credit hours can be carried over from one cycle to the next, except for courses in the area of ethics or professionalism, which must make up four of the requisite 24 credits in every cycle. Lawyers who serve on a district ethics committee will get credit for two of those four hours.
The court also abolished outright the Skills and Methods Course, until now required of all newly admitted attorneys. But new admittees will have to "bridge the gap" during their first two-year cycle by choosing subjects from a special list.
Compliance with mandatory continuing legal education, or MCLE, will be on the honor system, with lawyers required to certify every two years that they have fulfilled their obligation. They must also "maintain all necessary records and documentation to demonstrate such compliance in accordance with regulations adopted under these Rules."
Self-reporting, which was favored by the State Bar Association, was not part of the MCLE system as originally proposed. The ad hoc committee, chaired by former N.J. Supreme Court Justice Peter Verniero, wanted a "transcript method," a central uniform tracking system with providers sending in attendance records. Another rejected idea, suggested by the Institute for Continuing Legal Education, the state's largest single provider of such services, would have put ICLE in charge of tracking compliance.
The self-monitoring will cost lawyers $4 per year, which will be added to the annual attorney registration fee. The court said the money was needed because under the transcript method, it could have collected up to $2 per credit for out-of-state courses or those using alternative learning formats, money foregone under the self-reporting approach. So it imposed the $4 fee to pay for staff to administer MCLE and for such costs as a computer database and tracking system.
Extensions of time to comply will be available on a case-by-case basis "for good cause shown," including illness.
Though the two-year cycle will not start until Jan. 1, 2010, lawyers are entitled to credit for certain courses taken as far back as Jan. 1, 2009. The retroactive credit, which was announced by the court on Aug. 13, is available for courses taken to become a certified attorney, skills and methods courses, out-of state CLE courses and possibly others.
The court also created an 11-member Board on Continuing Legal Education, chaired by Justice Roberto Rivera-Soto, that will administer the program and promulgate the governing regulations. Board members, who serve staggered, three-year terms, are immunized from suit over their board activities.
The board's duties include deciding which courses and activities qualify for credit, designating education providers and setting the fees that will be charged to attorneys and providers to fund the administration of the program. The board has instructions to revisit the $4 fee after the first two years and decide if an annual assessment is still needed.
To make sure MCLE is up and running as of Jan. 1, the board is authorized to act before it adopts controlling regulations. For instance, it can determine the MCLE subject areas and what credit to give for completed skills and methods courses. But until it puts rules in place, it can only approve courses that require attorney attendance, ruling out online instruction for the interim.
Verniero, now with Sills Cummis & Gross in Newark, says "I feel very good about the end result" and he praised the court, saying it "took the time necessary to create an ad hoc committee to review various proposals and to be very comprehensive in its approach."
State Bar president Allen Etish released a statement saying the association is proud the final rule incorporated many of the bar association's recommendations, "most notably that attorneys are allowed to track their own coursework," and it "will be looking for ways to provide our members additional opportunities to accumulate meaningful and affordable CLE credits through the programming of our sections, committees, and at our Mid-Year and Annual Meetings."
With the adoption of R. 1:42, New Jersey joins 42 other states, according to the American Bar Association, that require some form of continuing legal education.
By Mary Pat Gallagher
Thursday, December 31, 2009
Monday, December 28, 2009
New Jersey lawmaker targets tax exclusions
Every year, New Jersey gives away millions, perhaps billions, of dollars through tax credits, deductions, and exemptions collectively known as tax expenditures.
The tax breaks include everything from exempting employee-retirement-fund contributions from income taxes to special tax credits for certain corporations.
While many - and perhaps even all - might advance worthy goals, no one knows how much New Jersey is spending through these tax expenditures.
That is because the state is one of nine that offer no public accounting of such spending.
Sen. Barbara Buono (D., Middlesex), chairwoman of the Senate Budget and Appropriations Committee, wants that to change.
Buono introduced a bill earlier this month to require that the governor's annual budget message include a state tax-expenditure report, including a list of the state's tax credits, deductions, and exemptions, and how much each costs the state. She said the measure was especially crucial now, in light of the state's dire fiscal situation.
"It's another form of spending, and it's revenue forgone," Buono said. "It doesn't receive the level of scrutiny that direct expenditures do. The danger is most of these are written into the tax code where they are continued indefinitely, unlike annual appropriations, which usually last one year."
Buono said she planned to post the bill, which she said was based on the best practices identified in a report by the Center on Budget and Policy Priorities on tax-expenditure reports, for discussion when the budget committee meets on Jan. 4.
Most other states and the federal government produce tax-expenditure reports, though they vary widely in quality.
The reports help lawmakers and the public keep track of forgone revenues that otherwise might get lost in the shuffle of the tax code.
The tax breaks can amount to big money: Washington state has reported a loss of nearly $99 billion a year in state and local tax expenditures and Oregon nearly $29 billion, according to Mary Forsberg, interim president of New Jersey Policy Perspective, which has argued for years that New Jersey should require a tax-expenditure report. Pennsylvania's most recent tax-expenditure report runs more than 100 pages.
As states throughout the country try to replace dramatically fallen revenue, lawmakers in at least one, Oklahoma, have targeted tax breaks as a potential source of new funding. Among the legislators already in support of Buono's bill is Sen. Shirley Turner (D., Mercer).
Turner sponsored a bill, signed by Gov. Corzine in November 2007, to require the state treasurer to produce an annual report with information on development subsidies, a small subset of the information Buono's bill seeks.
But the treasurer has never produced the report required by the law, Turner and Buono both say. The office of Treasurer R. David Rousseau did not return calls for comment Thursday.
Turner said she wrote to the treasurer in August and again Wednesday asking about the report but had received no response.
"It is very disappointing as well as frustrating when there are laws on the books that are being ignored, and the treasurer doesn't seem to think that it's important to comply with something as important as millions and millions of taxpayer dollars that are being given to corporations with no accountability," Turner said. "I think taxpayers have a right to know exactly how their dollars are being spent."
Turner said she was inspired to create the law after hearing about a company that received state subsidies to create jobs in New Jersey that moved to New York City before fulfilling its obligations.
"They were taking the money, and they were running," Turner said.
Forsberg, of New Jersey Policy Perspective, said tax-expenditure reports are critical to understanding how the state allocates its resources. Every dollar of forgone revenue can mean higher taxes for someone else, or fewer services.
"It's important for people to realize that the state is losing money as a result of decisions that are never revisited," Forsberg said.
One example of a tax expenditure that is costing state taxpayers a significant amount of money is a long-standing agreement between New Jersey and New York regarding residents of one state who work in the other, Forsberg said. Under the agreement, residents pay income taxes to the state where they work. Forsberg said that in 2004, when the numbers were last available, the agreement cost New Jersey about $1.5 billion a year, a number she said was likely higher now.
Most of the people who live in New Jersey but work in New York pay more to New York than they would to New Jersey, which means that if New Jersey could end or rework the agreement, the state could receive more in income taxes while its individual residents would pay less, Forsberg said.
"Considering that income taxes in New Jersey are dedicated to property-tax relief, that's a lot of money that would be a very helpful thing for New Jersey to have," Forsberg said.
According to the Treasury Department, New Jersey has never done a formal tax-expenditure report.
In 2006, the state Division of Taxation compiled a list of many tax expenditures, finding 121 sales-tax exclusions, 44 gross-personal-income-tax exclusions, and 28 corporate-business-tax exclusions. The list did not attempt to estimate what each exclusion was costing taxpayers.
By Adrienne Lu
The tax breaks include everything from exempting employee-retirement-fund contributions from income taxes to special tax credits for certain corporations.
While many - and perhaps even all - might advance worthy goals, no one knows how much New Jersey is spending through these tax expenditures.
That is because the state is one of nine that offer no public accounting of such spending.
Sen. Barbara Buono (D., Middlesex), chairwoman of the Senate Budget and Appropriations Committee, wants that to change.
Buono introduced a bill earlier this month to require that the governor's annual budget message include a state tax-expenditure report, including a list of the state's tax credits, deductions, and exemptions, and how much each costs the state. She said the measure was especially crucial now, in light of the state's dire fiscal situation.
"It's another form of spending, and it's revenue forgone," Buono said. "It doesn't receive the level of scrutiny that direct expenditures do. The danger is most of these are written into the tax code where they are continued indefinitely, unlike annual appropriations, which usually last one year."
Buono said she planned to post the bill, which she said was based on the best practices identified in a report by the Center on Budget and Policy Priorities on tax-expenditure reports, for discussion when the budget committee meets on Jan. 4.
Most other states and the federal government produce tax-expenditure reports, though they vary widely in quality.
The reports help lawmakers and the public keep track of forgone revenues that otherwise might get lost in the shuffle of the tax code.
The tax breaks can amount to big money: Washington state has reported a loss of nearly $99 billion a year in state and local tax expenditures and Oregon nearly $29 billion, according to Mary Forsberg, interim president of New Jersey Policy Perspective, which has argued for years that New Jersey should require a tax-expenditure report. Pennsylvania's most recent tax-expenditure report runs more than 100 pages.
As states throughout the country try to replace dramatically fallen revenue, lawmakers in at least one, Oklahoma, have targeted tax breaks as a potential source of new funding. Among the legislators already in support of Buono's bill is Sen. Shirley Turner (D., Mercer).
Turner sponsored a bill, signed by Gov. Corzine in November 2007, to require the state treasurer to produce an annual report with information on development subsidies, a small subset of the information Buono's bill seeks.
But the treasurer has never produced the report required by the law, Turner and Buono both say. The office of Treasurer R. David Rousseau did not return calls for comment Thursday.
Turner said she wrote to the treasurer in August and again Wednesday asking about the report but had received no response.
"It is very disappointing as well as frustrating when there are laws on the books that are being ignored, and the treasurer doesn't seem to think that it's important to comply with something as important as millions and millions of taxpayer dollars that are being given to corporations with no accountability," Turner said. "I think taxpayers have a right to know exactly how their dollars are being spent."
Turner said she was inspired to create the law after hearing about a company that received state subsidies to create jobs in New Jersey that moved to New York City before fulfilling its obligations.
"They were taking the money, and they were running," Turner said.
Forsberg, of New Jersey Policy Perspective, said tax-expenditure reports are critical to understanding how the state allocates its resources. Every dollar of forgone revenue can mean higher taxes for someone else, or fewer services.
"It's important for people to realize that the state is losing money as a result of decisions that are never revisited," Forsberg said.
One example of a tax expenditure that is costing state taxpayers a significant amount of money is a long-standing agreement between New Jersey and New York regarding residents of one state who work in the other, Forsberg said. Under the agreement, residents pay income taxes to the state where they work. Forsberg said that in 2004, when the numbers were last available, the agreement cost New Jersey about $1.5 billion a year, a number she said was likely higher now.
Most of the people who live in New Jersey but work in New York pay more to New York than they would to New Jersey, which means that if New Jersey could end or rework the agreement, the state could receive more in income taxes while its individual residents would pay less, Forsberg said.
"Considering that income taxes in New Jersey are dedicated to property-tax relief, that's a lot of money that would be a very helpful thing for New Jersey to have," Forsberg said.
According to the Treasury Department, New Jersey has never done a formal tax-expenditure report.
In 2006, the state Division of Taxation compiled a list of many tax expenditures, finding 121 sales-tax exclusions, 44 gross-personal-income-tax exclusions, and 28 corporate-business-tax exclusions. The list did not attempt to estimate what each exclusion was costing taxpayers.
By Adrienne Lu
Tuesday, December 15, 2009
Johnnie Walker Strides in New Jersey
Black Label Celebrates 100th Anniversary and Appoints New Jersey Native to Lead Local Initiative
Johnnie Walker Black Label is launching a new initiative that brings events, promotions and new business opportunities to New Jersey. In May, the deluxe Scotch Whisky kicked off its 100th anniversary celebration with the theme, "100 Years of Progress." In continuation of the centennial birthday, the brand turns the focus local and highlights the Garden State's Latino community -- with one of New Jersey's own at the program's helm.
Latinos exert a powerful force in New Jersey, making an ideal environment for the endeavor. Currently making up more than 16 percent of the population, they represent the fastest growing segment in the state. In addition, New Jersey houses the 5th largest concentration of Latino businesses in the country, which numbered over 52,000 in 2008, predicted to double by 2010. As business leaders, consumers, homeowners and active community members, Latinos make essential social, cultural and economic contributions that help the state thrive.
"Latinos represent achievement and progress in New Jersey, two characteristics that Johnnie Walker Black Label also exemplifies," says Gerry Rojas, New Jersey Hispanic Brand Ambassador for Johnnie Walker and proud New Jerseyite. The initiative celebrates the accomplishments of New Jersey Latinos and creates new opportunities for business owners in the spirits industry to excel. It also invites everyday residents to join the celebration. "Whether they are coming together for family festivities, networking, cultural events or just a well-deserved evening out, Johnnie Walker is uniting people from every part of the diverse Latino community by providing access to some of the best places and events that New Jersey has to offer," Rojas says.
New Jersey's Striding Man
Rojas' vast experience in the Latino market has primed him to be the ideal Hispanic Brand Ambassador for Johnnie Walker in New Jersey. Having grown up in Union City, West New York and North Bergen, he brings first-hand familiarity with the business and entertainment landscape, and he also touts a credentialed record.
An industry veteran with nearly a decade of experience in sales, brand development and marketing, Rojas is a pioneer in Latino marketing who entered the field when multicultural marketing was still in its inception, shortly after the 2000 census results raised awareness of the Hispanic consumers' potential. He lead some of the first broad-scale corporate marketing initiatives incorporating the emerging Latino consumer and spearheaded the development of a new multicultural division of an established event agency, which brought branded entertainment expertise to the Latino demographic.
For New Jersey, this means exciting strides to come from Rojas and Johnnie Walker Black Label. "People who live, work and play in New Jersey can look forward to new options provided by Johnnie Walker," Rojas says. "We're excited to give businesses more of the tools they need to get ahead and to support fun events that give people more occasions to get together around art, music, food and heritage, courtesy of Johnnie Walker." Watch for a calendar of Johnnie Walker events coming soon.
Learn more about Johnnie Walker at www.johnniewalker.com.
For more information about Johnnie Walker events across New Jersey kicking off in January 2010, email Onda.Comm@gmail.com.
ABOUT JOHNNIE WALKER®
Johnnie Walker® is the world's most powerful whisky brand. Its portfolio features five award-winning whiskies -- Red Label®, Black Label®, Green Label®, Gold Label®, and Blue Label® -- imported and distributed in the United States by Diageo North America. More than 4 bottles of Johnnie Walker are consumed every second, and more than 120 million bottles are sold every year in more than 200 countries. The product line covers a broad range of occasions for the whisky drinker from every day to special moments. The five premium brands represent a range of prices and tastes that share a remarkable 180-year history and a commitment to quality. Additional information about Johnnie Walker may be found at www.johnniewalker.com.
ABOUT DIAGEO
Diageo is the world's leading premium drinks business with an outstanding collection of beverage alcohol brands across spirits, wines, and beer categories. These brands include Johnnie Walker, Guinness, Smirnoff, J&B, Baileys, Cuervo, Tanqueray, Captain Morgan, and Crown Royal, as well as Beaulieu Vineyard and Sterling Vineyards wines. Diageo is a global company, trading in more than 200 markets around the world. The company is listed on both the New York Stock Exchange (DEO) and the London Stock Exchange (DGE). For more information about Diageo, its people, brands, and performance, visit http://www.diageo.com. Celebrating life, every day, everywhere, responsibly.
SOURCE Johnnie Walker
Johnnie Walker Black Label is launching a new initiative that brings events, promotions and new business opportunities to New Jersey. In May, the deluxe Scotch Whisky kicked off its 100th anniversary celebration with the theme, "100 Years of Progress." In continuation of the centennial birthday, the brand turns the focus local and highlights the Garden State's Latino community -- with one of New Jersey's own at the program's helm.
Latinos exert a powerful force in New Jersey, making an ideal environment for the endeavor. Currently making up more than 16 percent of the population, they represent the fastest growing segment in the state. In addition, New Jersey houses the 5th largest concentration of Latino businesses in the country, which numbered over 52,000 in 2008, predicted to double by 2010. As business leaders, consumers, homeowners and active community members, Latinos make essential social, cultural and economic contributions that help the state thrive.
"Latinos represent achievement and progress in New Jersey, two characteristics that Johnnie Walker Black Label also exemplifies," says Gerry Rojas, New Jersey Hispanic Brand Ambassador for Johnnie Walker and proud New Jerseyite. The initiative celebrates the accomplishments of New Jersey Latinos and creates new opportunities for business owners in the spirits industry to excel. It also invites everyday residents to join the celebration. "Whether they are coming together for family festivities, networking, cultural events or just a well-deserved evening out, Johnnie Walker is uniting people from every part of the diverse Latino community by providing access to some of the best places and events that New Jersey has to offer," Rojas says.
New Jersey's Striding Man
Rojas' vast experience in the Latino market has primed him to be the ideal Hispanic Brand Ambassador for Johnnie Walker in New Jersey. Having grown up in Union City, West New York and North Bergen, he brings first-hand familiarity with the business and entertainment landscape, and he also touts a credentialed record.
An industry veteran with nearly a decade of experience in sales, brand development and marketing, Rojas is a pioneer in Latino marketing who entered the field when multicultural marketing was still in its inception, shortly after the 2000 census results raised awareness of the Hispanic consumers' potential. He lead some of the first broad-scale corporate marketing initiatives incorporating the emerging Latino consumer and spearheaded the development of a new multicultural division of an established event agency, which brought branded entertainment expertise to the Latino demographic.
For New Jersey, this means exciting strides to come from Rojas and Johnnie Walker Black Label. "People who live, work and play in New Jersey can look forward to new options provided by Johnnie Walker," Rojas says. "We're excited to give businesses more of the tools they need to get ahead and to support fun events that give people more occasions to get together around art, music, food and heritage, courtesy of Johnnie Walker." Watch for a calendar of Johnnie Walker events coming soon.
Learn more about Johnnie Walker at www.johnniewalker.com.
For more information about Johnnie Walker events across New Jersey kicking off in January 2010, email Onda.Comm@gmail.com.
ABOUT JOHNNIE WALKER®
Johnnie Walker® is the world's most powerful whisky brand. Its portfolio features five award-winning whiskies -- Red Label®, Black Label®, Green Label®, Gold Label®, and Blue Label® -- imported and distributed in the United States by Diageo North America. More than 4 bottles of Johnnie Walker are consumed every second, and more than 120 million bottles are sold every year in more than 200 countries. The product line covers a broad range of occasions for the whisky drinker from every day to special moments. The five premium brands represent a range of prices and tastes that share a remarkable 180-year history and a commitment to quality. Additional information about Johnnie Walker may be found at www.johnniewalker.com.
ABOUT DIAGEO
Diageo is the world's leading premium drinks business with an outstanding collection of beverage alcohol brands across spirits, wines, and beer categories. These brands include Johnnie Walker, Guinness, Smirnoff, J&B, Baileys, Cuervo, Tanqueray, Captain Morgan, and Crown Royal, as well as Beaulieu Vineyard and Sterling Vineyards wines. Diageo is a global company, trading in more than 200 markets around the world. The company is listed on both the New York Stock Exchange (DEO) and the London Stock Exchange (DGE). For more information about Diageo, its people, brands, and performance, visit http://www.diageo.com. Celebrating life, every day, everywhere, responsibly.
SOURCE Johnnie Walker
Japanese Business Group Travels Long Distance to See New Jersey American Water Plant
A 14-member management team from Japan's Nippon Soda company, requested that their visit to the United States include a visit to New Jersey American Water's Canal Road water treatment plant in Somerset, NJ. The Japanese were just the latest in a line of international visitors that have come to New Jersey American Water in 2009 to see what many consider to be a flagship water treatment facility.
Accompanied by a translator, the Japanese business men and women traveled from New York City to see how the northern New Jersey plant uses a unique mix of technologies to treat up to 80 million gallons of drinking water per day.
Production Manager Oleg Kostin, who managed the initial construction of the facility briefed the group on the plant's history, and its integration into New Jersey American Water's system. "I feel like I birthed this plant," said Kostin. "It's my baby." It was a comment that, translated, drew quite a few laughs from the Japanese guests.
"The group members were delighted with the warm reception they received in New Jersey," said Howard Sigman of the Consulate General of Japan. "In fact, they said the visit to the Somerset facility was the highlight of their trip to the US."
New Jersey American Water, a wholly owned subsidiary of American Water (NYSE: AWK), is the largest investor-owned water utility in the state, providing high-quality and reliable water and/or wastewater services to approximately 2.5 million people. Founded in 1886, American Water is the largest investor-owned U.S. water and wastewater utility company. With headquarters in Voorhees, N.J., the company employs more than 7,000 dedicated professionals who provide drinking water, wastewater and other related services to approximately 15 million people in 32 states and Ontario, Canada. More information can be found by visiting www.amwater.com.
SOURCE New Jersey American Water
Accompanied by a translator, the Japanese business men and women traveled from New York City to see how the northern New Jersey plant uses a unique mix of technologies to treat up to 80 million gallons of drinking water per day.
Production Manager Oleg Kostin, who managed the initial construction of the facility briefed the group on the plant's history, and its integration into New Jersey American Water's system. "I feel like I birthed this plant," said Kostin. "It's my baby." It was a comment that, translated, drew quite a few laughs from the Japanese guests.
"The group members were delighted with the warm reception they received in New Jersey," said Howard Sigman of the Consulate General of Japan. "In fact, they said the visit to the Somerset facility was the highlight of their trip to the US."
New Jersey American Water, a wholly owned subsidiary of American Water (NYSE: AWK), is the largest investor-owned water utility in the state, providing high-quality and reliable water and/or wastewater services to approximately 2.5 million people. Founded in 1886, American Water is the largest investor-owned U.S. water and wastewater utility company. With headquarters in Voorhees, N.J., the company employs more than 7,000 dedicated professionals who provide drinking water, wastewater and other related services to approximately 15 million people in 32 states and Ontario, Canada. More information can be found by visiting www.amwater.com.
SOURCE New Jersey American Water
Display Ad Recovery Bodes Well For Yahoo: Analysts Cite Auto, Finance, 'Price Integrity'
Reiterating an "overweight" buying recommendation for shares of Yahoo stock, the influential securities research team at JP Morgan this morning issued a report to investors suggesting that an imminent recovery in the online display advertising marketplace could be the "catalyst" for a rebound at the online portal giant.
"In 2009, one of the hardest hit Internet sectors has been display advertising. At Yahoo, owned-and-operated display advertising revenues were down 12% in the first three quarters of 2009 and accounted for roughly 25% of gross revenue in third quarter (and a substantially higher percentage of profitability). Thus, we think a recovery in display advertising dollars could be a catalyst for Yahoo's stock," the analysts wrote, noting that positive signs are mounting, including an improvement in key vertical ad categories, such as automotive and finance, which account for roughly 25% of Yahoo's online advertising revenue.
"Revenue from those two verticals was down more than 15% during the first nine months," the researchers noted, adding, "However, based on our industry checks, we think auto and finance advertisement trends are improving in the fourth quarter. Additionally we think the comps are getting easier. Therefore we think our owned and operated display advertising estimate for 1.5% growth in fiscal 2010 could be too conservative."
Another positive sign for Yahoo is the fact that big premium publishers are shifting their focus to "price integrity," which JPMorgan said should help bolster Yahoo's display advertising business, as well. Specifically, the analysts cited Time Warner's spin-off of AOL, and reports that CBS plans to discontinue selling its premium online ad inventory via third-party ad networks.
"We believe these moves by larger publishers will improve price integrity for the display advertising market as a whole," the analysts wrote. "Considering Yahoo is the largest display ad publisher, we see it as a likely beneficiary of pricing improvements."
"In 2009, one of the hardest hit Internet sectors has been display advertising. At Yahoo, owned-and-operated display advertising revenues were down 12% in the first three quarters of 2009 and accounted for roughly 25% of gross revenue in third quarter (and a substantially higher percentage of profitability). Thus, we think a recovery in display advertising dollars could be a catalyst for Yahoo's stock," the analysts wrote, noting that positive signs are mounting, including an improvement in key vertical ad categories, such as automotive and finance, which account for roughly 25% of Yahoo's online advertising revenue.
"Revenue from those two verticals was down more than 15% during the first nine months," the researchers noted, adding, "However, based on our industry checks, we think auto and finance advertisement trends are improving in the fourth quarter. Additionally we think the comps are getting easier. Therefore we think our owned and operated display advertising estimate for 1.5% growth in fiscal 2010 could be too conservative."
Another positive sign for Yahoo is the fact that big premium publishers are shifting their focus to "price integrity," which JPMorgan said should help bolster Yahoo's display advertising business, as well. Specifically, the analysts cited Time Warner's spin-off of AOL, and reports that CBS plans to discontinue selling its premium online ad inventory via third-party ad networks.
"We believe these moves by larger publishers will improve price integrity for the display advertising market as a whole," the analysts wrote. "Considering Yahoo is the largest display ad publisher, we see it as a likely beneficiary of pricing improvements."
Monday, December 14, 2009
Thanksgiving Travelers Drove Close and Stayed With Family
In a snapshot poll taken in the three days leading up to the American Thanksgiving break, Ipsos Marketing's travel and tourism division found that 19% of Americans planned to travel out of town this Thanksgiving, which was down slightly from the number who traveled for Thanksgiving in 2008. Even though Thanksgiving is one of the most important travel periods of the year, a large majority of Americans are not Thanksgiving travelers, as 78% didn't travel last Thanksgiving and 79% had no plans to travel this Thanksgiving.
Despite the economic downturn, 35% of travelers planned to spend more money this year as compared to 2008 on their Thanksgiving travel. Those who planned to spend less in 2009 accounted for 13% of all travelers while the remaining 41% planned to spend as much in 2009 as they did in 2008.
Dave Pierzchala, Vice President of Ipsos' travel team explains, "Thanksgiving travel is as much of a tradition as turkey with all the trimmings and these results show that the need to be with friends and family does not disappear even in strained financial times."
Thrifty Thanksgiving travelers say that this year they
• 22% planned to stay with friends and family instead of a hotel
• 17% planned to drive instead of fly
• 14% planned to take shorter trips (14%)
• 41% said that nothing changed for their Thanksgiving travel plans this year
Dave Pierzchala, Vice President of Ipsos' travel team explains, "In the current economic times Americans are finding ways to continue to connect with loved ones and in some cases the pull-out couch or long car ride is the necessary sacrifice."
Among Americans who had no travel plans this Thanksgiving, a primary reason is that:
• 25% had the pleasure of hosting their friends and family
• 13% planned to avoid travel this Thanksgiving because it was too expensive
• 5% said too crowded
• 5% are watching their travel budget
• 3% have suffered a loss of employment
• 21% simply didn't want to travel this Thanksgiving
An Ipsos online study conducted from November 23, 2009 to November 26, 2009 with 1,114 U.S. adults (18+). The results are considered accurate within 2.94 percentage points, 19 times out of 20
Despite the economic downturn, 35% of travelers planned to spend more money this year as compared to 2008 on their Thanksgiving travel. Those who planned to spend less in 2009 accounted for 13% of all travelers while the remaining 41% planned to spend as much in 2009 as they did in 2008.
Dave Pierzchala, Vice President of Ipsos' travel team explains, "Thanksgiving travel is as much of a tradition as turkey with all the trimmings and these results show that the need to be with friends and family does not disappear even in strained financial times."
Thrifty Thanksgiving travelers say that this year they
• 22% planned to stay with friends and family instead of a hotel
• 17% planned to drive instead of fly
• 14% planned to take shorter trips (14%)
• 41% said that nothing changed for their Thanksgiving travel plans this year
Dave Pierzchala, Vice President of Ipsos' travel team explains, "In the current economic times Americans are finding ways to continue to connect with loved ones and in some cases the pull-out couch or long car ride is the necessary sacrifice."
Among Americans who had no travel plans this Thanksgiving, a primary reason is that:
• 25% had the pleasure of hosting their friends and family
• 13% planned to avoid travel this Thanksgiving because it was too expensive
• 5% said too crowded
• 5% are watching their travel budget
• 3% have suffered a loss of employment
• 21% simply didn't want to travel this Thanksgiving
An Ipsos online study conducted from November 23, 2009 to November 26, 2009 with 1,114 U.S. adults (18+). The results are considered accurate within 2.94 percentage points, 19 times out of 20
Sunday, December 13, 2009
Dunkin' Donuts manager accused of stealing $20,000 at Atlantic Highlands store
ATLANTIC HIGHLANDS — A manager at the local Dunkin' Donuts has been charged with stealing more than $20,000 from the business, police said.
Oscar Israel Mateos, 26, of Red Bank, who worked as a manager at the shop for about five years, was arrested Saturday by Patrolman Brian Phair, police said.
Mateos was charged with theft by failure to make required disposition of property.
Detective Sgt. Thomas Stone said Mateos was in charge of making the day's bank deposits, and while he gave his boss bank slips that he had filled out, he never deposited the money in the bank.
Stone said the owner of the Dunkin' Donuts called police after he realized there was a problem with his account. Mateos is charged with stealing the money in October and November and the investigation is continuing, police said.
Oscar Israel Mateos, 26, of Red Bank, who worked as a manager at the shop for about five years, was arrested Saturday by Patrolman Brian Phair, police said.
Mateos was charged with theft by failure to make required disposition of property.
Detective Sgt. Thomas Stone said Mateos was in charge of making the day's bank deposits, and while he gave his boss bank slips that he had filled out, he never deposited the money in the bank.
Stone said the owner of the Dunkin' Donuts called police after he realized there was a problem with his account. Mateos is charged with stealing the money in October and November and the investigation is continuing, police said.
Friday, December 4, 2009
N.J. auto insurance rates still highest, but ...
The average Garden State resident paid 4 percent less in auto insurance premiums in 2007 than the previous year — and 9 percent less than the peak year of 2004, the National Association of Insurance Commissioners reported this week. Nationally, rates fell by only 5.6 percent between 2004 and 2007.
That's the good news. Despite the downward trend, New Jersey drivers continued to pay the highest premiums of any state in the nation — $1,103 per vehicle.
Part of New Jersey's decline in premiums is attributable to legislative reforms in 2003 that helped lure firms that wouldn't do business here. The state made changes to its assigned risk pool of drivers and allowed companies to offer bare-bones polices.
In 2002 alone, seven auto insurance companies bailed out of New Jersey, bringing the total number of companies that had fled the state in the previous decade to 25. The insurance rules made it impossible for some people to get insurance at all. For those who could, the limited competition resulted in escalating premiums.
Today, eight out of the top 10 largest firms write policies in New Jersey. Unfortunately, the policies aren't cheap. Only three other states had average per-vehicle premium costs in excess of $1,000 in 2007 — Louisiana, New York and Florida. The cheapest rates in the nation were in North Dakota, where the average premium was $511.
Several explanations are offered by auto insurers for why New Jersey has the highest rates: generous medical reimbursements, higher auto repair costs, a higher proportion of luxury cars and heavily congested roads.
Those elements aren't likely to change any time soon.
For now, the best thing to do to keep your premiums down is to shop around, explore the discounts offered by various insurers and keep your driving record clean.
That's the good news. Despite the downward trend, New Jersey drivers continued to pay the highest premiums of any state in the nation — $1,103 per vehicle.
Part of New Jersey's decline in premiums is attributable to legislative reforms in 2003 that helped lure firms that wouldn't do business here. The state made changes to its assigned risk pool of drivers and allowed companies to offer bare-bones polices.
In 2002 alone, seven auto insurance companies bailed out of New Jersey, bringing the total number of companies that had fled the state in the previous decade to 25. The insurance rules made it impossible for some people to get insurance at all. For those who could, the limited competition resulted in escalating premiums.
Today, eight out of the top 10 largest firms write policies in New Jersey. Unfortunately, the policies aren't cheap. Only three other states had average per-vehicle premium costs in excess of $1,000 in 2007 — Louisiana, New York and Florida. The cheapest rates in the nation were in North Dakota, where the average premium was $511.
Several explanations are offered by auto insurers for why New Jersey has the highest rates: generous medical reimbursements, higher auto repair costs, a higher proportion of luxury cars and heavily congested roads.
Those elements aren't likely to change any time soon.
For now, the best thing to do to keep your premiums down is to shop around, explore the discounts offered by various insurers and keep your driving record clean.
New Jersey Losing $22,000-a-Day With Swap for Bonds Never Sold
New Jersey taxpayers are being saddled with a bill of about $657,000 a month from Bank of Montreal for an interest-rate swap approved by state officials and linked to bonds that were never sold.
The 11th-largest U.S. state by population, which is cutting expenses to close a $1 billion budget deficit, will pay Canada’s oldest lender $23.5 million. The sum, about the same as the salaries for 113 teachers over three years, will allow it to avoid a $50 million penalty for canceling the contract, which was tied to planned sales of school-construction bonds.
The interest rate swap, an agreement between borrowers to exchange fixed and variable-rate payments on a set amount of debt, was arranged in 2004 to protect taxpayers against rising borrowing costs. The strategy backfired after officials decided against issuing the securities.
“This is a classic case of a strategic error,” said Robert Brooks, a finance professor at the University of Alabama- Tuscaloosa and author of a book on derivatives. “It’s arrogant to believe that you have such a command of the future that you know with certainty what is going to happen.”
The payments, which work out to $21,892 a day for three years, show how elected and appointed officials failed taxpayers by agreeing to financial strategies they didn’t fully understand. New Jersey spent $21.3 million in 2008 to exit three contracts signed when James Florio and James McGreevey were governors. The state’s transportation trust fund is giving almost $1 million a month to a Goldman Sachs Group Inc. partnership in an agreement linked to bonds that were redeemed.
Penalties and Losses
New Jersey isn’t alone. Borrowers from Massachusetts to California are struggling with billions of dollars in swap penalties and losses at the same time that budget deficits expand to an estimated $350 billion in 2010 and 2011, according to the Washington, D.C.-based Center on Budget and Policy Priorities.
The derivatives, mostly interest-rate swaps used to exchange fixed payments for variable rates, have grown to as much as $300 billion annually, the Alexandria, Virginia-based Municipal Securities Rulemaking Board said in an April report, citing information from market participants.
Derivatives have created “unprecedented financial stress” for some of the 500 municipal issuers that sold variable-rate debt and purchased swaps from banks to lock in borrowing costs, according to an October report by Moody’s Investors Service. The biggest users of the arrangements are Pennsylvania, California, Texas and Tennessee.
The U.S. Justice Department and Securities and Exchange Commission are investigating whether Wall Street banks conspired with brokers to rig bids on the contracts.
Forward-Starting Agreement
Jefferson County, Alabama, is on the edge of bankruptcy mostly because of a $3 billion sewer project in which fixed-rate bonds were refinanced into floating-rate securities hedged with interest-rate swaps. Larry Langford, the former Democratic mayor of Birmingham, was convicted of federal corruption charges Oct. 29 for accepting bribes in exchange for giving underwriting contracts to a banker friend while he was county commission president.
New Jersey’s 2004 school-bond swap with Bank of Montreal was linked to a $250 million bond originally scheduled to be sold in 2007. The so-called forward-starting agreement was one of 15 such contracts the state set up to help finance construction.
The issue was deferred to 2009 because the school program wasn’t borrowing fast enough to use swaps coming due in 2007, according to treasury spokesman Tom Bell.
Fixed Rate
Under its contract, New Jersey agreed to pay the bank a fixed rate of about 4.6 percent, or $967,000 a month, on the $250 million principal. In return, it would receive unspecified variable-rate payments based on a percentage of the one-month London interbank offered rate, according to Treasury Department spokesman Tom Vincz.
The one-month rate was 0.23 percent on Dec. 3, down from 1.9 percent when the Bank of Montreal swap was set up, according to the British Bankers Association One-Month Libor U.S. Dollar Index. Libor is a benchmark for the cost of loans between banks.
In pushing the swap off to 2009, New Jersey agreed to a 9 basis-point reduction in its fixed interest rate and the bank changed the floating-rate formula to a lower percentage of Libor. A basis point is 0.01 percentage point.
When the revamped agreement took effect on Nov. 1, the state faced payments of $833,000 a month, Vincz said in an e- mail. Treasury officials allowed the bank to suspend floating- rate payments while lowering New Jersey’s fixed-rate cost to 3.1 percent, or $656,770 monthly, through November 2012.
Typical School
The cost would cover the $23.6 million price of a typical elementary school, according to New Jersey Schools Development Authority reports. It would also pay 113 teachers’ salaries for three years, based on data reported by the state Teachers Pension and Annuity Fund.
“It is obscene,” New Jersey Governor-elect Christopher Christie said at a Nov. 16 news conference in Trenton, referring to financial strategies such as swaps pursued largely during McGreevey’s term from 2001 to 2004. “It is extraordinary to me that someone could do that much damage in less than three years.”
McGreevey, who resigned in 2004 after saying he was gay, didn’t respond to phone messages left at his home and the office of his partner, Mark O’Donnell, at real-estate developer Kushner Cos. in New York City. The former governor also didn’t return a message left at the Episcopal All Saints Parish in Hoboken, New Jersey, where he serves as an assistant while seeking a Master of Divinity degree at Manhattan’s General Theological Seminary.
$3.4 Billion
John McCormac, Christie’s transition team economic development and growth adviser who served as state treasurer when most of New Jersey’s swaps were arranged, hung up when asked about them on Nov. 11.
“OK, thanks for calling,” McCormac, mayor of Woodbridge Township, said before disconnecting.
New Jersey refinanced $3.4 billion of debt tied to derivatives last year, according to a report from the state Treasury Department’s Office of Public Finance.
The renegotiated swap lets New Jersey avoid a termination fee, estimated at $50 million in an Oct. 31 state report. It will allow the original swap to be reinstated if officials want to sell school-construction bonds in 2012, Vincz said in the Nov. 16 e-mail.
Diligent Work
“We are working diligently to manage and reduce the cost of the swap portfolio this administration inherited,” he said. “This temporary solution limits swap costs for a three-year period, after which time the state will retain the option of applying the original terms with a future borrowing as a hedge against rising interest rates.”
“We are not in a position to comment, out of an obligation of confidentiality to the client,” Kim Hanson, a spokeswoman for Bank of Montreal, said in a phone interview.
Peter Nissen, a financial adviser in Marlboro, New Jersey, who worked on the swap while at Public Financial Management, the state’s Harrisburg, Pennsylvania-based adviser, declined to comment.
Marty Margolis, managing director at PFM, said in a phone interview that Nissen worked independently on the contract and hasn’t been associated with the company for more than two years.
“That swap was done by someone who hasn’t worked for the company for several years,” Margolis said. “I know nothing about it.”
Except for two deals to stem losses from existing derivative contracts, New Jersey has entered into no new swaps since Governor Jon Corzine, the former co-chairman of Goldman Sachs, took office in 2006, according to Vincz. Christie, a former U.S. prosecutor, defeated Corzine last month and is to be sworn in Jan. 19.
UBS Contract
New Jersey paid $21.3 million last year to end three derivative contracts connected to bonds for business-incentive grants, the River Line Light Rail project from Trenton to Camden and the New Jersey Sports and Exposition Authority. On Nov. 18, the Delaware River Port Authority, a bistate agency that runs toll bridges and a rail line to Pennsylvania, agreed to give Zurich-based UBS AG $111 million if the authority can’t issue variable-rate debt to make use of an existing swap by February.
The state Transportation Trust Fund Authority is paying almost $1 million monthly to Goldman Sachs Mitsui Marine Derivative Products L.P., a partnership of the New York-based bank and Japan’s Mitsui Sumitomo Insurance Group Holdings Inc., under a swap agreement made during McGreevey’s administration in 2003. The derivatives were linked to $345 million in auction- rate bonds sold to finance road and rail projects.
Fixed-Rate Debt
While New Jersey replaced the debt with fixed-rate securities in 2008, the derivative payments aren’t scheduled to expire until 2019. The state plans to sell $150 million in variable-rate bonds on Dec. 7 to make use of part of the swap.
The state treasury “should continue to aggressively manage the termination, conversion and management of swaps that this administration inherited, while dealing with the realities of the most difficult credit conditions in history,” Corzine’s former spokesman, Steve Sigmund, said in an e-mail on Oct. 22.
New Jersey passed up borrowing costs of 4.6 percent to 4.9 percent when it opted to issue variable-rate bonds tied to swaps during McGreevey’s tenure, a 2008 state analysis shows. The net interest cost on the debt was about 4 percent while the original derivative agreements were in effect, according to the report.
Revenue Bonds
The yield on 25-year fixed-rate revenue bonds is now 4.98 percent, up from a yearly low of 4.69 percent in early October, according to a Bond Buyer Index.
Derivatives can save taxpayers money over longer periods if they’re managed properly, said Peter Shapiro, managing director of Swap Financial Group LLC, in South Orange, New Jersey, an adviser to companies and governments.
“Will municipal officers ever take for granted that floating-rate bonds will be dull, boring and predictable means of finance?” he said in a phone interview. “No, and they probably never should have.”
The 11th-largest U.S. state by population, which is cutting expenses to close a $1 billion budget deficit, will pay Canada’s oldest lender $23.5 million. The sum, about the same as the salaries for 113 teachers over three years, will allow it to avoid a $50 million penalty for canceling the contract, which was tied to planned sales of school-construction bonds.
The interest rate swap, an agreement between borrowers to exchange fixed and variable-rate payments on a set amount of debt, was arranged in 2004 to protect taxpayers against rising borrowing costs. The strategy backfired after officials decided against issuing the securities.
“This is a classic case of a strategic error,” said Robert Brooks, a finance professor at the University of Alabama- Tuscaloosa and author of a book on derivatives. “It’s arrogant to believe that you have such a command of the future that you know with certainty what is going to happen.”
The payments, which work out to $21,892 a day for three years, show how elected and appointed officials failed taxpayers by agreeing to financial strategies they didn’t fully understand. New Jersey spent $21.3 million in 2008 to exit three contracts signed when James Florio and James McGreevey were governors. The state’s transportation trust fund is giving almost $1 million a month to a Goldman Sachs Group Inc. partnership in an agreement linked to bonds that were redeemed.
Penalties and Losses
New Jersey isn’t alone. Borrowers from Massachusetts to California are struggling with billions of dollars in swap penalties and losses at the same time that budget deficits expand to an estimated $350 billion in 2010 and 2011, according to the Washington, D.C.-based Center on Budget and Policy Priorities.
The derivatives, mostly interest-rate swaps used to exchange fixed payments for variable rates, have grown to as much as $300 billion annually, the Alexandria, Virginia-based Municipal Securities Rulemaking Board said in an April report, citing information from market participants.
Derivatives have created “unprecedented financial stress” for some of the 500 municipal issuers that sold variable-rate debt and purchased swaps from banks to lock in borrowing costs, according to an October report by Moody’s Investors Service. The biggest users of the arrangements are Pennsylvania, California, Texas and Tennessee.
The U.S. Justice Department and Securities and Exchange Commission are investigating whether Wall Street banks conspired with brokers to rig bids on the contracts.
Forward-Starting Agreement
Jefferson County, Alabama, is on the edge of bankruptcy mostly because of a $3 billion sewer project in which fixed-rate bonds were refinanced into floating-rate securities hedged with interest-rate swaps. Larry Langford, the former Democratic mayor of Birmingham, was convicted of federal corruption charges Oct. 29 for accepting bribes in exchange for giving underwriting contracts to a banker friend while he was county commission president.
New Jersey’s 2004 school-bond swap with Bank of Montreal was linked to a $250 million bond originally scheduled to be sold in 2007. The so-called forward-starting agreement was one of 15 such contracts the state set up to help finance construction.
The issue was deferred to 2009 because the school program wasn’t borrowing fast enough to use swaps coming due in 2007, according to treasury spokesman Tom Bell.
Fixed Rate
Under its contract, New Jersey agreed to pay the bank a fixed rate of about 4.6 percent, or $967,000 a month, on the $250 million principal. In return, it would receive unspecified variable-rate payments based on a percentage of the one-month London interbank offered rate, according to Treasury Department spokesman Tom Vincz.
The one-month rate was 0.23 percent on Dec. 3, down from 1.9 percent when the Bank of Montreal swap was set up, according to the British Bankers Association One-Month Libor U.S. Dollar Index. Libor is a benchmark for the cost of loans between banks.
In pushing the swap off to 2009, New Jersey agreed to a 9 basis-point reduction in its fixed interest rate and the bank changed the floating-rate formula to a lower percentage of Libor. A basis point is 0.01 percentage point.
When the revamped agreement took effect on Nov. 1, the state faced payments of $833,000 a month, Vincz said in an e- mail. Treasury officials allowed the bank to suspend floating- rate payments while lowering New Jersey’s fixed-rate cost to 3.1 percent, or $656,770 monthly, through November 2012.
Typical School
The cost would cover the $23.6 million price of a typical elementary school, according to New Jersey Schools Development Authority reports. It would also pay 113 teachers’ salaries for three years, based on data reported by the state Teachers Pension and Annuity Fund.
“It is obscene,” New Jersey Governor-elect Christopher Christie said at a Nov. 16 news conference in Trenton, referring to financial strategies such as swaps pursued largely during McGreevey’s term from 2001 to 2004. “It is extraordinary to me that someone could do that much damage in less than three years.”
McGreevey, who resigned in 2004 after saying he was gay, didn’t respond to phone messages left at his home and the office of his partner, Mark O’Donnell, at real-estate developer Kushner Cos. in New York City. The former governor also didn’t return a message left at the Episcopal All Saints Parish in Hoboken, New Jersey, where he serves as an assistant while seeking a Master of Divinity degree at Manhattan’s General Theological Seminary.
$3.4 Billion
John McCormac, Christie’s transition team economic development and growth adviser who served as state treasurer when most of New Jersey’s swaps were arranged, hung up when asked about them on Nov. 11.
“OK, thanks for calling,” McCormac, mayor of Woodbridge Township, said before disconnecting.
New Jersey refinanced $3.4 billion of debt tied to derivatives last year, according to a report from the state Treasury Department’s Office of Public Finance.
The renegotiated swap lets New Jersey avoid a termination fee, estimated at $50 million in an Oct. 31 state report. It will allow the original swap to be reinstated if officials want to sell school-construction bonds in 2012, Vincz said in the Nov. 16 e-mail.
Diligent Work
“We are working diligently to manage and reduce the cost of the swap portfolio this administration inherited,” he said. “This temporary solution limits swap costs for a three-year period, after which time the state will retain the option of applying the original terms with a future borrowing as a hedge against rising interest rates.”
“We are not in a position to comment, out of an obligation of confidentiality to the client,” Kim Hanson, a spokeswoman for Bank of Montreal, said in a phone interview.
Peter Nissen, a financial adviser in Marlboro, New Jersey, who worked on the swap while at Public Financial Management, the state’s Harrisburg, Pennsylvania-based adviser, declined to comment.
Marty Margolis, managing director at PFM, said in a phone interview that Nissen worked independently on the contract and hasn’t been associated with the company for more than two years.
“That swap was done by someone who hasn’t worked for the company for several years,” Margolis said. “I know nothing about it.”
Except for two deals to stem losses from existing derivative contracts, New Jersey has entered into no new swaps since Governor Jon Corzine, the former co-chairman of Goldman Sachs, took office in 2006, according to Vincz. Christie, a former U.S. prosecutor, defeated Corzine last month and is to be sworn in Jan. 19.
UBS Contract
New Jersey paid $21.3 million last year to end three derivative contracts connected to bonds for business-incentive grants, the River Line Light Rail project from Trenton to Camden and the New Jersey Sports and Exposition Authority. On Nov. 18, the Delaware River Port Authority, a bistate agency that runs toll bridges and a rail line to Pennsylvania, agreed to give Zurich-based UBS AG $111 million if the authority can’t issue variable-rate debt to make use of an existing swap by February.
The state Transportation Trust Fund Authority is paying almost $1 million monthly to Goldman Sachs Mitsui Marine Derivative Products L.P., a partnership of the New York-based bank and Japan’s Mitsui Sumitomo Insurance Group Holdings Inc., under a swap agreement made during McGreevey’s administration in 2003. The derivatives were linked to $345 million in auction- rate bonds sold to finance road and rail projects.
Fixed-Rate Debt
While New Jersey replaced the debt with fixed-rate securities in 2008, the derivative payments aren’t scheduled to expire until 2019. The state plans to sell $150 million in variable-rate bonds on Dec. 7 to make use of part of the swap.
The state treasury “should continue to aggressively manage the termination, conversion and management of swaps that this administration inherited, while dealing with the realities of the most difficult credit conditions in history,” Corzine’s former spokesman, Steve Sigmund, said in an e-mail on Oct. 22.
New Jersey passed up borrowing costs of 4.6 percent to 4.9 percent when it opted to issue variable-rate bonds tied to swaps during McGreevey’s tenure, a 2008 state analysis shows. The net interest cost on the debt was about 4 percent while the original derivative agreements were in effect, according to the report.
Revenue Bonds
The yield on 25-year fixed-rate revenue bonds is now 4.98 percent, up from a yearly low of 4.69 percent in early October, according to a Bond Buyer Index.
Derivatives can save taxpayers money over longer periods if they’re managed properly, said Peter Shapiro, managing director of Swap Financial Group LLC, in South Orange, New Jersey, an adviser to companies and governments.
“Will municipal officers ever take for granted that floating-rate bonds will be dull, boring and predictable means of finance?” he said in a phone interview. “No, and they probably never should have.”
Probe finds lucrative perks for some in New Jersey
TRENTON, N.J. — The economic downturn hasn't stopped some local governments in New Jersey from paying out generous bonuses and severance packages to employees, including six-figure cash payouts to workers in fiscally distressed cities and towns.
A State Commission of Investigation report released Tuesday concludes the lucrative perks paid to some local government workers are costing New Jersey taxpayers millions of dollars.
The report comes the day Gov. Jon Corzine is expected detail how he intends to close an unanticipated state budget gap, which could include withholding December aid payments to municipalities.
"Enough is enough," Assembly Budget Committee Chairman Lou Greenwald said after reading the report. He said it's time for towns to stop blaming the state for rising property taxes and make some tough budgetary decisions.
The SCI spent nearly a year examining the compensation and benefits paid to public employees in 75 towns, counties and local authorities.
The panel found examples of waste, excess and abuse in 80 percent of the entities it investigated, and sometimes found the hidden perks tucked into complex contract language and difficult to detect. It estimated the cash benefit payouts at $39 million in the municipalities it examined.
For example, 20 workers in Camden cashed in unused time and left their jobs with $115,000 each. New Jersey's most impoverished city has received $258 million in distressed cities aid in the past six years.
Five employees got $780,000 in unused leave in Rockaway Township in Morris County, even after budget cuts forced the elimination of a police department position.
And, in Edison, where six firefighters were laid off to help close a $8 million budget deficit in the current fiscal year, the municipality paid out $3.9 million in lump-sum payments for unused leave over the five previous years.
Corzine's office did not immediately return a call for comment.
"I've been around this state for my entire life, I had no idea, no idea that they were permitted to do that," Gov.-elect Chris Christie said of buyouts of unused sick time. "They should give it back. It's not right. This is the stuff that drives the voters crazy."
The more egregious examples cited in the report include employees who are paid to take time off for weddings and baptisms (West New York) — or to go Christmas shopping (Union City). Police in Hoboken can qualify for up to five days off for donating blood while those in Fort Lee can earn two days off for demonstrating marksmanship on the firing range.
The independent SCI, chaired by former Attorney General W. Cary Edwards, has looked into public employee abuses periodically over the past 15 years, and has recommended reforms. A similar investigation in 2006 focusing on excessive compensation for public school administrators, yielded a legislative change that brought administrators under the same restrictions as state workers, who can cash in a maximum of $15,000 in sick leave at retirement.
Aside from such incremental steps, however, "there has been no concerted effort to rein in lavish, unreasonable and excessive public employee benefit costs in a comprehensive fashion," the report concludes.
A State Commission of Investigation report released Tuesday concludes the lucrative perks paid to some local government workers are costing New Jersey taxpayers millions of dollars.
The report comes the day Gov. Jon Corzine is expected detail how he intends to close an unanticipated state budget gap, which could include withholding December aid payments to municipalities.
"Enough is enough," Assembly Budget Committee Chairman Lou Greenwald said after reading the report. He said it's time for towns to stop blaming the state for rising property taxes and make some tough budgetary decisions.
The SCI spent nearly a year examining the compensation and benefits paid to public employees in 75 towns, counties and local authorities.
The panel found examples of waste, excess and abuse in 80 percent of the entities it investigated, and sometimes found the hidden perks tucked into complex contract language and difficult to detect. It estimated the cash benefit payouts at $39 million in the municipalities it examined.
For example, 20 workers in Camden cashed in unused time and left their jobs with $115,000 each. New Jersey's most impoverished city has received $258 million in distressed cities aid in the past six years.
Five employees got $780,000 in unused leave in Rockaway Township in Morris County, even after budget cuts forced the elimination of a police department position.
And, in Edison, where six firefighters were laid off to help close a $8 million budget deficit in the current fiscal year, the municipality paid out $3.9 million in lump-sum payments for unused leave over the five previous years.
Corzine's office did not immediately return a call for comment.
"I've been around this state for my entire life, I had no idea, no idea that they were permitted to do that," Gov.-elect Chris Christie said of buyouts of unused sick time. "They should give it back. It's not right. This is the stuff that drives the voters crazy."
The more egregious examples cited in the report include employees who are paid to take time off for weddings and baptisms (West New York) — or to go Christmas shopping (Union City). Police in Hoboken can qualify for up to five days off for donating blood while those in Fort Lee can earn two days off for demonstrating marksmanship on the firing range.
The independent SCI, chaired by former Attorney General W. Cary Edwards, has looked into public employee abuses periodically over the past 15 years, and has recommended reforms. A similar investigation in 2006 focusing on excessive compensation for public school administrators, yielded a legislative change that brought administrators under the same restrictions as state workers, who can cash in a maximum of $15,000 in sick leave at retirement.
Aside from such incremental steps, however, "there has been no concerted effort to rein in lavish, unreasonable and excessive public employee benefit costs in a comprehensive fashion," the report concludes.
Thursday, December 3, 2009
Toll Bros. loses $111 million in Q4
Toll Brothers Inc.'s stock tumbled Thursday after the luxury homebuilder reported a disappointing year-end loss and said it expects its sales in fiscal 2010 to decline at least 7 percent.
Toll's stock fell more than 7 percent, or $1.47 a share, to $18.02.
CEO Robert Toll said homebuyer demand was strong from March through August, but has been "choppy" since then. He also said he expects to see the usual holiday slowdown in prospective shoppers, and little help from the expanded federal tax credit for homebuyers.
"You just have to bite the finger, be patient, and wait until you see what comes out in the latter part of January, all of February and in the early part of March," he said.
The cautious outlook from Toll, which builds in 21 states, runs counter to wider industry trends. Sales of new homes have increased six out of the past seven months, according to government data. They dipped in September, but surged in October to the highest level in more than a year.
The industry has been buoyed by an $8,000 federal tax credit for first-time homebuyers, which was extended last month and expanded to include $6,500 for existing homeowners.
But Toll said he didn't expect to see much of a boost in business from that.
The builder did have some good news, however. The company posted a 42 percent jump in new sales contracts and a healthy cancellation rate of just 7 percent.
Toll said the company has been able to trim incentives and even raise prices slightly in several Northeast markets, including Massachusetts, New Jersey, Maryland, Connecticut, and parts of New York City.
"We've had some pretty good action recently in Florida, but we're still a little slow to pull that gun from the holster," Toll said.
Incentives have helped the builder drum up sales in the San Francisco Bay area, but business remains sluggish elsewhere in California and other markets such as Las Vegas, Phoenix and Chicago, Toll said.
And that ate into profits. The Horsham, Pa.-based builder's lost $111.4 million, or 68 cents a share, between August and October, largely due to continued write downs on the value of its land holdings and staff reductions. Excluding those charges, the builder almost broke even. In the year-ago quarter, which included a larger amount of write downs, Toll lost $78.8 million, or 49 cents a share.
Revenue for the quarter fell 30 percent to $486.6 million.
Analysts polled by Thomson Reuters were expecting a loss of 46 cents a share on revenue of about $450.1 million.
For Toll Brothers' full fiscal year, the net loss was $755.8 million, or $4.68 per share, which included write downs of $848.9 million. For fiscal 2008, the builder lost $297.8 million, or $1.88 per share.
Total revenue dropped to $1.76 billion from $3.15 billion.
Toll's stock fell more than 7 percent, or $1.47 a share, to $18.02.
CEO Robert Toll said homebuyer demand was strong from March through August, but has been "choppy" since then. He also said he expects to see the usual holiday slowdown in prospective shoppers, and little help from the expanded federal tax credit for homebuyers.
"You just have to bite the finger, be patient, and wait until you see what comes out in the latter part of January, all of February and in the early part of March," he said.
The cautious outlook from Toll, which builds in 21 states, runs counter to wider industry trends. Sales of new homes have increased six out of the past seven months, according to government data. They dipped in September, but surged in October to the highest level in more than a year.
The industry has been buoyed by an $8,000 federal tax credit for first-time homebuyers, which was extended last month and expanded to include $6,500 for existing homeowners.
But Toll said he didn't expect to see much of a boost in business from that.
The builder did have some good news, however. The company posted a 42 percent jump in new sales contracts and a healthy cancellation rate of just 7 percent.
Toll said the company has been able to trim incentives and even raise prices slightly in several Northeast markets, including Massachusetts, New Jersey, Maryland, Connecticut, and parts of New York City.
"We've had some pretty good action recently in Florida, but we're still a little slow to pull that gun from the holster," Toll said.
Incentives have helped the builder drum up sales in the San Francisco Bay area, but business remains sluggish elsewhere in California and other markets such as Las Vegas, Phoenix and Chicago, Toll said.
And that ate into profits. The Horsham, Pa.-based builder's lost $111.4 million, or 68 cents a share, between August and October, largely due to continued write downs on the value of its land holdings and staff reductions. Excluding those charges, the builder almost broke even. In the year-ago quarter, which included a larger amount of write downs, Toll lost $78.8 million, or 49 cents a share.
Revenue for the quarter fell 30 percent to $486.6 million.
Analysts polled by Thomson Reuters were expecting a loss of 46 cents a share on revenue of about $450.1 million.
For Toll Brothers' full fiscal year, the net loss was $755.8 million, or $4.68 per share, which included write downs of $848.9 million. For fiscal 2008, the builder lost $297.8 million, or $1.88 per share.
Total revenue dropped to $1.76 billion from $3.15 billion.
Nothing but Nets! NJ’s worst ever
The New Jersey Nets were pounded into NBA infamy last night in East Rutherford, N.J., falling 117-101 to the Dallas Mavericks for their 18th straight loss to start the season.
The Nets passed the 1988-89 Miami Heat and 1999 Los Angeles Clippers, who both dropped their first 17 games. New Jersey’s next chance to end the streak comes tomorrow night at home against the Charlotte Bobcats.
“At this point, I feel the streak has definitely gotten the best of us. It’s really not starting to get to us now,” guard Chris Douglas-Roberts said. “So when a team goes on a run, we kind of, it’s almost like we give up, which is really unfortunate but that’s what it looks like to me. We kind of give up and just lay down instead of trying to fight.”
Dallas shot 81 percent in the first half, the first NBA team to make 80 percent of its shots in a half since the Denver Nuggets hit 82 percent against the Clippers on April 4, 2006, according to STATS, LLC.
Dirk Nowitzki scored 24 points, and Jason Kidd had 16 points, 10 assists and eight rebounds for the Mavericks. Douglas-Roberts scored 24 points for the Nets.
Interim coach Tom Barrise was at the bench for New Jersey, but eneral manager Kiki Vandeweghe will be taking over the coaching duties for the remainder of the season.
The Nets passed the 1988-89 Miami Heat and 1999 Los Angeles Clippers, who both dropped their first 17 games. New Jersey’s next chance to end the streak comes tomorrow night at home against the Charlotte Bobcats.
“At this point, I feel the streak has definitely gotten the best of us. It’s really not starting to get to us now,” guard Chris Douglas-Roberts said. “So when a team goes on a run, we kind of, it’s almost like we give up, which is really unfortunate but that’s what it looks like to me. We kind of give up and just lay down instead of trying to fight.”
Dallas shot 81 percent in the first half, the first NBA team to make 80 percent of its shots in a half since the Denver Nuggets hit 82 percent against the Clippers on April 4, 2006, according to STATS, LLC.
Dirk Nowitzki scored 24 points, and Jason Kidd had 16 points, 10 assists and eight rebounds for the Mavericks. Douglas-Roberts scored 24 points for the Nets.
Interim coach Tom Barrise was at the bench for New Jersey, but eneral manager Kiki Vandeweghe will be taking over the coaching duties for the remainder of the season.
Wednesday, November 18, 2009
N.J. employers pay more than $10K in benefits per employee
A national survey that included New Jersey employers found the health benefits costs of large Garden State companies rose 6.6 percent in 2009, to an average of $10,522 per worker — and employers said they will try to control health care inflation in 2010 by shifting costs to employees, making changes to their plans or switching insurers.
The New Jersey results were part of Mercer’s annual survey of employer-sponsored health plans.
The New Jersey respondents estimated that if they made no changes to their current plan, costs would rise by 10.2 percent in 2010. However, they expect to lower their cost increase to 6.1 percent by making changes to plan design and switching to a new health care provider.
Nearly half, or 47 percent, said they will shift costs to their employees in 2010 by raising deductibles, co-pays or out-of-pocket maximums.
One-quarter of the New Jersey respondents said they offered a consumer-directed health plan this year that includes features such as a health savings account; 27 percent say they will offer it again in 2010.
While the survey only broke out large-employer results for New Jersey, the nationwide study included large and small employers. The national results revealed small employers are cutting health care costs by moving employees into high-deductible policies, which offer significantly lower premiums.
“Small and large employers used different strategies to keep cost growth down in 2009,” said Rich Fuerstenberg, a consultant with Mercer’s health and benefits business in Princeton. “Small employers moved employees into low-cost, consumer-directed health plans and raised deductibles.” Large employers were more likely to offer programs and policies designed to improve work force health, he said.
Nationwide, the percentage of workers enrolled in a high-deductible plan rose to 9 percent in 2009, from 7 percent last year, according to Mercer.
The survey included public and private organizations with 10 or more employees, and received 2,914 responses.
The New Jersey results were part of Mercer’s annual survey of employer-sponsored health plans.
The New Jersey respondents estimated that if they made no changes to their current plan, costs would rise by 10.2 percent in 2010. However, they expect to lower their cost increase to 6.1 percent by making changes to plan design and switching to a new health care provider.
Nearly half, or 47 percent, said they will shift costs to their employees in 2010 by raising deductibles, co-pays or out-of-pocket maximums.
One-quarter of the New Jersey respondents said they offered a consumer-directed health plan this year that includes features such as a health savings account; 27 percent say they will offer it again in 2010.
While the survey only broke out large-employer results for New Jersey, the nationwide study included large and small employers. The national results revealed small employers are cutting health care costs by moving employees into high-deductible policies, which offer significantly lower premiums.
“Small and large employers used different strategies to keep cost growth down in 2009,” said Rich Fuerstenberg, a consultant with Mercer’s health and benefits business in Princeton. “Small employers moved employees into low-cost, consumer-directed health plans and raised deductibles.” Large employers were more likely to offer programs and policies designed to improve work force health, he said.
Nationwide, the percentage of workers enrolled in a high-deductible plan rose to 9 percent in 2009, from 7 percent last year, according to Mercer.
The survey included public and private organizations with 10 or more employees, and received 2,914 responses.
New Jersey Unemployment Rate Fell to 9.7% in October
Nov. 18 (Bloomberg) -- New Jersey’s unemployment rate fell one-tenth of a percentage point in October to 9.7 percent from a 32-year high the previous month, according to the state’s labor department.
The rate last month compares with 6 percent in October 2008. Total nonfarm employment in the state fell by 1,800 positions to 3.9 million in October, after a loss of 10,600 jobs from August to September, the department said in a statement.
“The preliminary estimates for October, in which the unemployment rate declined and monthly job losses slowed, show signs that a slow recovery is under way,” Labor Commissioner David Socolow said in the statement.
The U.S. unemployment rate jumped to 10.2 percent in October, the highest level since 1983, from 9.8 percent in September.
New Jersey’s private-sector employment was lower by 4,400, while public sector jobs rose by 2,600. The largest private- sector losses were in professional and business services, with a loss of 3,600 jobs; and financial activities, with a decline of 3,000 positions. The trade, transportation and utilities sector lost 2,200 jobs, largely because of less-than-expected seasonal hiring in retail businesses, the department said.
Construction and manufacturing jobs each gained by 1,600, according to the labor department.
September’s jobless rate of 9.8 percent was the state’s highest since April 1977, labor department data show.
The rate last month compares with 6 percent in October 2008. Total nonfarm employment in the state fell by 1,800 positions to 3.9 million in October, after a loss of 10,600 jobs from August to September, the department said in a statement.
“The preliminary estimates for October, in which the unemployment rate declined and monthly job losses slowed, show signs that a slow recovery is under way,” Labor Commissioner David Socolow said in the statement.
The U.S. unemployment rate jumped to 10.2 percent in October, the highest level since 1983, from 9.8 percent in September.
New Jersey’s private-sector employment was lower by 4,400, while public sector jobs rose by 2,600. The largest private- sector losses were in professional and business services, with a loss of 3,600 jobs; and financial activities, with a decline of 3,000 positions. The trade, transportation and utilities sector lost 2,200 jobs, largely because of less-than-expected seasonal hiring in retail businesses, the department said.
Construction and manufacturing jobs each gained by 1,600, according to the labor department.
September’s jobless rate of 9.8 percent was the state’s highest since April 1977, labor department data show.
Sy Syms, 83 - Retailer created a discount clothing empire
Sy Syms, 83, the discount retailer who for 35 years told millions of television viewers that "an educated consumer is our best customer," died of heart disease Nov. 17 at his home in New York City.
The off-price clothing that Mr. Syms sold on unadorned racks in large, no-frills stores, mesmerized customers who recognized prestige designer labels in the lining. Although not all of the attire was actually the same Pierre Cardin jacket or Brioni suit you'd find it Italy, it was good enough to satisfy bargain-hunting customers who needed a decent suit for a job interview, and it made Mr. Syms a multimillionaire.
Syms Corp., a New Jersey-based public company, operates 30 stores in 13 states. In June, it acquired Filene's Basement, adding 22 stores to its empire. Mr. Syms, who was succeeded by his daughter Marcy as the chief executive in 1998, remained the firm's chairman.
His success was due in no small part to the television commercials in which he appeared, starting in 1974, and that are still on the air.
"My father had an uncanny talent that made him sensitive to the needs of his customers and the changes in the marketplace," Marcy Syms said in a statement. "He knew the time was right for off-price retailing. Certainly he was ahead of his time."
Seymour Merinsky was born May 12, 1926, in Brooklyn, N.Y. His family changed its surname to Merns when Mr. Syms's father and older brother opened a clothing store by that name. Mr. Syms originally didn't plan to enter the rag trade. He served in the Army, then graduated from New York University with a broadcasting degree. In 1948, he became a sportscaster in Cumberland, Md.
After two years, he returned to New York to join the family business.
But family businesses are nothing if not dispute factories, and by 1959, Mr. Syms left to open a rival store around the corner. He named it "Sy Merns" but lost a court battle with his family and was forced to rename the store. He chose Syms and later changed his own name to match it.
"I remember when he first began Syms," said Marcy Syms in a 2006 New York Times profile. "He would do deliveries on Sunday so he would be one day ahead when the stores opened on Monday. He had about three stores at the time, and here he was loading up a Dodge station wagon, driving around town and unpacking boxes of inventory."
Store by store, Mr. Syms built an empire based on discounted men's clothing, which later expanded into women's and children's clothes. The company went public in 1983.
A 1985 Forbes magazine article said the company's profit margin was among the highest in all of retailing, about 13 percent before income taxes. Syms bought surplus goods from manufacturers and also contracted with them to turn their uncut fabrics into special, lower-quality versions of their more expensive clothing. Syms bought in bulk, in cash and agreed not to advertise the brands, snipping off the labels at the checkout counter, the Forbes article said.
Although Mr. Syms was among the first to exploit this inefficiency in the clothing business, he was not alone for long. Men's Wearhouse, Marshall's, Mervyn's, T.J. Maxx and many others adopted similar strategies.
Mr. Syms donated millions to Yeshiva University in New York, which named its business school for him. He was a major philanthropist with a wide variety of causes. In 1998, he offered to buy the New York Yankees to keep the team from moving to New Jersey.
His first marriage, to Ruth Glickman Merns, ended in divorce. Two of their children died, Stephen Syms in 1998 and Adrienne Syms in 1999.
In addition to Marcy Syms, survivors include his wife of 25 years, Lynn Tamarkin Syms of New York; three other children from his first marriage; two stepchildren; three sisters; and 10 grandchildren.
The off-price clothing that Mr. Syms sold on unadorned racks in large, no-frills stores, mesmerized customers who recognized prestige designer labels in the lining. Although not all of the attire was actually the same Pierre Cardin jacket or Brioni suit you'd find it Italy, it was good enough to satisfy bargain-hunting customers who needed a decent suit for a job interview, and it made Mr. Syms a multimillionaire.
Syms Corp., a New Jersey-based public company, operates 30 stores in 13 states. In June, it acquired Filene's Basement, adding 22 stores to its empire. Mr. Syms, who was succeeded by his daughter Marcy as the chief executive in 1998, remained the firm's chairman.
His success was due in no small part to the television commercials in which he appeared, starting in 1974, and that are still on the air.
"My father had an uncanny talent that made him sensitive to the needs of his customers and the changes in the marketplace," Marcy Syms said in a statement. "He knew the time was right for off-price retailing. Certainly he was ahead of his time."
Seymour Merinsky was born May 12, 1926, in Brooklyn, N.Y. His family changed its surname to Merns when Mr. Syms's father and older brother opened a clothing store by that name. Mr. Syms originally didn't plan to enter the rag trade. He served in the Army, then graduated from New York University with a broadcasting degree. In 1948, he became a sportscaster in Cumberland, Md.
After two years, he returned to New York to join the family business.
But family businesses are nothing if not dispute factories, and by 1959, Mr. Syms left to open a rival store around the corner. He named it "Sy Merns" but lost a court battle with his family and was forced to rename the store. He chose Syms and later changed his own name to match it.
"I remember when he first began Syms," said Marcy Syms in a 2006 New York Times profile. "He would do deliveries on Sunday so he would be one day ahead when the stores opened on Monday. He had about three stores at the time, and here he was loading up a Dodge station wagon, driving around town and unpacking boxes of inventory."
Store by store, Mr. Syms built an empire based on discounted men's clothing, which later expanded into women's and children's clothes. The company went public in 1983.
A 1985 Forbes magazine article said the company's profit margin was among the highest in all of retailing, about 13 percent before income taxes. Syms bought surplus goods from manufacturers and also contracted with them to turn their uncut fabrics into special, lower-quality versions of their more expensive clothing. Syms bought in bulk, in cash and agreed not to advertise the brands, snipping off the labels at the checkout counter, the Forbes article said.
Although Mr. Syms was among the first to exploit this inefficiency in the clothing business, he was not alone for long. Men's Wearhouse, Marshall's, Mervyn's, T.J. Maxx and many others adopted similar strategies.
Mr. Syms donated millions to Yeshiva University in New York, which named its business school for him. He was a major philanthropist with a wide variety of causes. In 1998, he offered to buy the New York Yankees to keep the team from moving to New Jersey.
His first marriage, to Ruth Glickman Merns, ended in divorce. Two of their children died, Stephen Syms in 1998 and Adrienne Syms in 1999.
In addition to Marcy Syms, survivors include his wife of 25 years, Lynn Tamarkin Syms of New York; three other children from his first marriage; two stepchildren; three sisters; and 10 grandchildren.
Tuesday, November 17, 2009
New Jersey Lawmakers expected to attend annual Atlantic City conference
ATLANTIC CITY -- New Jersey lawmakers and local officials poured into Atlantic City today for the annual New Jersey League of Municipalities conference – a Garden State tradition that features seminars by day and partying by night.
More than 20,000 elected and government-related officials are expected to attend the four day-confab, highlighted by a joint appearance Thursday by Republican Gov.-elect Chris Christie and lame duck Democratic Gov. Jon Corzine.
AP Photo/Mary GodleskiNew Jersey Gov. Jon S. Corzine speaks as Herbert Stiles, mayor of Elmer, N.J., and president of the New Jersey League of Municipalities, looks on during the league's annual conference in Atlantic City in this 2006 photo.
More than a dozen parties were scheduled at hotel and casino restaurants and ballrooms, hosted by state lawmakers, local officials and the contractors they do business with.
The event is a one-stop-shop for networking with government officials from mayors to the governor’s administration – and in past years, it’s where elected officials have gotten themselves in trouble.
League Executive Director William Dressel said his job is to put together an educational offering to "provide my elected officials with the tools they need" to run local government.
"I’m only responsible for what happens between 9 o’clock and 5 o’clock," Dressel said. "For every hour in that normal workday, it’s chock full of education workshops, clinics."
In his autobiography, former Gov. James E. McGreevey described the convention as "really just a huge frat party." It was where former Hudson County Executive Robert C. Janiszewski took a $5,000 bribe from an FBI informant, and later turned informant.
He was brought down by the office of then-U.S. Attorney Christie, who later led a league seminar on ethics with Attorney General Anne Milgram and warned local officials against participating in similar acts. He told them if "someone approaches you with an envelope of cash looking for some kind of favor from you" in Atlantic City, "it’s probably us."
Dressel said he expects less partying and antics this year, in part because the dismal economy has cut into hotel bookings.
"Quite frankly, (municipal officials are) looking for a lot of answers and insight on how to govern in these tight economic times," he said.
The seminars are on topics such as the economy, budgets, foreclosures, "going green," and the impact of federal stimulus dollars. "There’s a lot of good info," said Kevin Duffy, mayor of Hardwick Township, Warren County.
Lester Lewis-Powder, a Maplewood committee member, acknowledged some may think the convention is a time for local officials to live it up in Atlantic City on the taxpayers’ dime.
"I paid my entire bill myself to avoid that," he said of his room at the Borgata hotel.
More than 20,000 elected and government-related officials are expected to attend the four day-confab, highlighted by a joint appearance Thursday by Republican Gov.-elect Chris Christie and lame duck Democratic Gov. Jon Corzine.
AP Photo/Mary GodleskiNew Jersey Gov. Jon S. Corzine speaks as Herbert Stiles, mayor of Elmer, N.J., and president of the New Jersey League of Municipalities, looks on during the league's annual conference in Atlantic City in this 2006 photo.
More than a dozen parties were scheduled at hotel and casino restaurants and ballrooms, hosted by state lawmakers, local officials and the contractors they do business with.
The event is a one-stop-shop for networking with government officials from mayors to the governor’s administration – and in past years, it’s where elected officials have gotten themselves in trouble.
League Executive Director William Dressel said his job is to put together an educational offering to "provide my elected officials with the tools they need" to run local government.
"I’m only responsible for what happens between 9 o’clock and 5 o’clock," Dressel said. "For every hour in that normal workday, it’s chock full of education workshops, clinics."
In his autobiography, former Gov. James E. McGreevey described the convention as "really just a huge frat party." It was where former Hudson County Executive Robert C. Janiszewski took a $5,000 bribe from an FBI informant, and later turned informant.
He was brought down by the office of then-U.S. Attorney Christie, who later led a league seminar on ethics with Attorney General Anne Milgram and warned local officials against participating in similar acts. He told them if "someone approaches you with an envelope of cash looking for some kind of favor from you" in Atlantic City, "it’s probably us."
Dressel said he expects less partying and antics this year, in part because the dismal economy has cut into hotel bookings.
"Quite frankly, (municipal officials are) looking for a lot of answers and insight on how to govern in these tight economic times," he said.
The seminars are on topics such as the economy, budgets, foreclosures, "going green," and the impact of federal stimulus dollars. "There’s a lot of good info," said Kevin Duffy, mayor of Hardwick Township, Warren County.
Lester Lewis-Powder, a Maplewood committee member, acknowledged some may think the convention is a time for local officials to live it up in Atlantic City on the taxpayers’ dime.
"I paid my entire bill myself to avoid that," he said of his room at the Borgata hotel.
SBA reports pickup in lending activity
TD Bank approved the most Small Business Administration loans in New Jersey in the fiscal year ended Sept. 30, when the Cherry Hill-based bank made 168 SBA loans totaling $60.7 million to New Jersey small-business owners.
“Even during these tough economic times, TD Bank recognizes that small-business growth is a vital component of our economy,” SBA District Director Jim Kocsi said Tuesday, as he recognized leading SBA lenders during an annual award ceremony in Newark.
The recession and the credit crunch reduced SBA lending across New Jersey during the fiscal year — but SBA lending began to recover in the second half of the year, as $730 million in federal stimulus money was deployed to eliminate the SBA loan fees charged to borrowers, and to raise the federal guarantee to 90 percent from 75 percent.
An SBA loan is made by a bank or other lender, with repayment guaranteed by the federal government. In the last six months of the year, the number of New Jersey SBA loans rose 30 percent, and the dollar amount rose 14 percent. For the full fiscal year, SBA lending in New Jersey declined to 1,116 loans for $338.2 million, compared to fiscal 2008, when New Jersey businesses received 2,394 loans for $492.1 million.
Kocsi said those stimulus provisions could be phased out unless Congress decides to extend them, but said he doesn’t think phasing out the 90 percent guarantee and the fee suspension will severely impact SBA lending.
“With the economy recovering, we are seeing positive signals from our lending partners that things are starting to ease up, and they are getting more applications that they can approve,” he said.
BNB Bank, of Fort Lee, was the second-ranked New Jersey SBA lender, with 109 loans totaling $51.6 million. Vice President Dan Cardone is hoping Congress will extend the stimulus initiatives that have boosted SBA lending.
“The economy is not doing well enough, we still have a long way to go — but if these initiatives were extended, it would help a great deal,” he said.
Ira Lutsky is president of the New Jersey Business Finance Corp., in Fort Lee, which makes larger, 504 SBA loans that borrowers typically use to acquire real estate or equipment. He is seeing the economy turn upward, but also thinks the stimulus incentives need to stay in place to keep the recovery moving.
“People have the confidence now, and are starting to take advantage of the real estate market to acquire a larger facility,” he said. “The signs are pointing the right way, and the stimulus had a lot to do with it.”
“Even during these tough economic times, TD Bank recognizes that small-business growth is a vital component of our economy,” SBA District Director Jim Kocsi said Tuesday, as he recognized leading SBA lenders during an annual award ceremony in Newark.
The recession and the credit crunch reduced SBA lending across New Jersey during the fiscal year — but SBA lending began to recover in the second half of the year, as $730 million in federal stimulus money was deployed to eliminate the SBA loan fees charged to borrowers, and to raise the federal guarantee to 90 percent from 75 percent.
An SBA loan is made by a bank or other lender, with repayment guaranteed by the federal government. In the last six months of the year, the number of New Jersey SBA loans rose 30 percent, and the dollar amount rose 14 percent. For the full fiscal year, SBA lending in New Jersey declined to 1,116 loans for $338.2 million, compared to fiscal 2008, when New Jersey businesses received 2,394 loans for $492.1 million.
Kocsi said those stimulus provisions could be phased out unless Congress decides to extend them, but said he doesn’t think phasing out the 90 percent guarantee and the fee suspension will severely impact SBA lending.
“With the economy recovering, we are seeing positive signals from our lending partners that things are starting to ease up, and they are getting more applications that they can approve,” he said.
BNB Bank, of Fort Lee, was the second-ranked New Jersey SBA lender, with 109 loans totaling $51.6 million. Vice President Dan Cardone is hoping Congress will extend the stimulus initiatives that have boosted SBA lending.
“The economy is not doing well enough, we still have a long way to go — but if these initiatives were extended, it would help a great deal,” he said.
Ira Lutsky is president of the New Jersey Business Finance Corp., in Fort Lee, which makes larger, 504 SBA loans that borrowers typically use to acquire real estate or equipment. He is seeing the economy turn upward, but also thinks the stimulus incentives need to stay in place to keep the recovery moving.
“People have the confidence now, and are starting to take advantage of the real estate market to acquire a larger facility,” he said. “The signs are pointing the right way, and the stimulus had a lot to do with it.”
Books-A-Million Opens First Location in New Jersey
BIRMINGHAM, Ala.--(BUSINESS WIRE)-- Books-A-Million, Inc. (NASDAQ:BAMM) announced today that it opened its first northeastern location in Cherry Hill, New Jersey, at Cherry Hill Mall. The new Books-A-Million store at Cherry Hill Mall will serve nearly 2 million people in the surrounding trade areas of Burlington, Camden, Gloucester and Philadelphia counties. The Cherry Hill Mall store will also employ more than 20 people and will feature books, magazines, cards, gifts and collectibles. Cherry Hill Mall is known as South Jersey's fashion and dining destination.
Cherry Hill residents who are new Books-A-Million patrons are encouraged to sign up for the Millionaire's Club, where members save 40 percent off bestsellers, 20 percent off hundreds of items throughout the store and 10 percent off everything, every day. Millionaire's Club members are also invited to special sale events and receive promotions and coupons through weekly emails. The new location also offers discount programs for teachers and community organizations as well as community fundraising opportunities.
Books-A-Million is one of the nation's leading book retailers and sells on the Internet at www.booksamillion.com. The Company presently operates more than 200 stores in 22 states and the District of Columbia. The Company operates two distinct store formats, including large superstores operating under the names Books-A-Million and Books & Co., and traditional bookstores operating under the name Bookland. The Company's wholesale operations include American Wholesale Book Company and Book$mart, both based in Florence, Alabama. For more information, visit the company's website at http://www.booksamillioninc.com/.
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Cherry Hill residents who are new Books-A-Million patrons are encouraged to sign up for the Millionaire's Club, where members save 40 percent off bestsellers, 20 percent off hundreds of items throughout the store and 10 percent off everything, every day. Millionaire's Club members are also invited to special sale events and receive promotions and coupons through weekly emails. The new location also offers discount programs for teachers and community organizations as well as community fundraising opportunities.
Books-A-Million is one of the nation's leading book retailers and sells on the Internet at www.booksamillion.com. The Company presently operates more than 200 stores in 22 states and the District of Columbia. The Company operates two distinct store formats, including large superstores operating under the names Books-A-Million and Books & Co., and traditional bookstores operating under the name Bookland. The Company's wholesale operations include American Wholesale Book Company and Book$mart, both based in Florence, Alabama. For more information, visit the company's website at http://www.booksamillioninc.com/.
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NPD: Microwave Use Up, Cooking Down
Americans are doing more eating at home, but that doesn't necessarily mean more cooking, according to The NPD Group's" 24th Annual Report on Eating Patterns in America."
"There was a lot of speculation last year as to how our eating behaviors changed as a result of the economic crisis. The truth is that consumer behavior changes slowly," said Harry Balzer, chief industry analyst at NPD. "I've observed America's eating patterns in good and bad economies, and the constant is that there is no recession in eating -- and Americans don't want to cook what they eat."
Microwaving has been flat for two decades, but it increased last year as Americans found a way to eat at home and not cook, Balzer added. "We're using our microwaves to warm and heat more, but not prepare more dishes from scratch."
According to NPD's food industry market research, Americans used their microwave ovens more last year, but actually used their stovetops less. About 20% of all meals prepared in U.S. homes from 1990 to 2007 involved the use of a microwave, until last year, when usage rose 10%.
Stovetops remain the most popular cooking appliance, but the portion of main meals prepared on a stovetop dropped from 52% in 1985 to 33% in 2009
"There was a lot of speculation last year as to how our eating behaviors changed as a result of the economic crisis. The truth is that consumer behavior changes slowly," said Harry Balzer, chief industry analyst at NPD. "I've observed America's eating patterns in good and bad economies, and the constant is that there is no recession in eating -- and Americans don't want to cook what they eat."
Microwaving has been flat for two decades, but it increased last year as Americans found a way to eat at home and not cook, Balzer added. "We're using our microwaves to warm and heat more, but not prepare more dishes from scratch."
According to NPD's food industry market research, Americans used their microwave ovens more last year, but actually used their stovetops less. About 20% of all meals prepared in U.S. homes from 1990 to 2007 involved the use of a microwave, until last year, when usage rose 10%.
Stovetops remain the most popular cooking appliance, but the portion of main meals prepared on a stovetop dropped from 52% in 1985 to 33% in 2009
Monday, November 16, 2009
Loopholes in N.J. campaign finance laws benefit biggest government contractors
TRENTON -- New Jersey taxpayers don’t pay directly for the costly campaigns state politicians run, but public money regularly goes to government contractors who in turn make sure the candidates are well-funded.
Thanks to loopholes in campaign finance laws at the state and county levels, the biggest government contractors in New Jersey routinely get lucrative, taxpayer-funded work while simultaneously making huge contributions to the candidates who vote to approve their contracts.
New Jersey’s 566 municipalities, 616 school boards and 21 county governments all need lawyers, engineers and other professionals to handle government business and the politicians who control those contracts often award the work to firms that regularly contribute to their campaigns through a process known as "pay-to-play."
The pay-to-play system helped Democratic candidates running for freeholder seats this year in Bergen County, where the Democrats control the freeholder board, generate more than $1 million for the 2009 election - much of it from businesses that do work for the freeholders.
The Democratic candidates were able to raise money directly from county government contractors because the county contracting policy doesn’t prohibit it. The state’s "Local Unit Pay-to-Play Law" appears to address pay-to-play, but it includes a loophole that allows the practice to thrive.
The Bergen County policy, titled "Fair and Open," forces the Board of Freeholders to solicit public bids on most government projects, but price is only one factor and the freeholders are not compelled the board to select the lowest bidder.
That means county work can still go to regular contributors to the freeholders’ campaigns even if they don’t offer the best price.
WHEELING
The New Jersey political landscape is also full of candidates’ funds, political committees and other organizations that can raise money each time there is an election.
And savvy political operatives and organizations have figured out ways to use these numerous funds to get around donation restrictions that were put in place in an attempt to curb the influence special interests such as government contractors can have in an election.
The process of using political committees to get around the tight contribution limits that must be followed when making donations directly to a candidate is known in political circles as "wheeling."
In the Bergen County freeholder contest this year, several new political committees were used to "wheel" additional money into the race from county government contractors who had already donated directly to the two candidates up to the limit.
Since there are no rules in place prevent political committees such as those used in the 2009 contest from the accepting donations and then making subsequent donations to the freeholder candidates, the contractors were able to wheel funds totaling up to six times more than the contribution limits - and much of it at the last minute in an effort to save a campaign that was ultimately swept by the Republican candidates.
LEGISLATIVE ACTION
Some reforms that would address the pay-to-play and wheeling loopholes that exist in state campaign-finance laws remain stalled in the state Legislature. But lawmakers in leadership positions also control special legislative leadership funds that are among the most routinely used for wheeling money collected fdrom companies that receive lucrative government contracts.
And other legislators who hold key positions in the Assembly and Senate work for government contractors that are among the state’s most active contributors to political campaigns in New Jersey.
Thanks to loopholes in campaign finance laws at the state and county levels, the biggest government contractors in New Jersey routinely get lucrative, taxpayer-funded work while simultaneously making huge contributions to the candidates who vote to approve their contracts.
New Jersey’s 566 municipalities, 616 school boards and 21 county governments all need lawyers, engineers and other professionals to handle government business and the politicians who control those contracts often award the work to firms that regularly contribute to their campaigns through a process known as "pay-to-play."
The pay-to-play system helped Democratic candidates running for freeholder seats this year in Bergen County, where the Democrats control the freeholder board, generate more than $1 million for the 2009 election - much of it from businesses that do work for the freeholders.
The Democratic candidates were able to raise money directly from county government contractors because the county contracting policy doesn’t prohibit it. The state’s "Local Unit Pay-to-Play Law" appears to address pay-to-play, but it includes a loophole that allows the practice to thrive.
The Bergen County policy, titled "Fair and Open," forces the Board of Freeholders to solicit public bids on most government projects, but price is only one factor and the freeholders are not compelled the board to select the lowest bidder.
That means county work can still go to regular contributors to the freeholders’ campaigns even if they don’t offer the best price.
WHEELING
The New Jersey political landscape is also full of candidates’ funds, political committees and other organizations that can raise money each time there is an election.
And savvy political operatives and organizations have figured out ways to use these numerous funds to get around donation restrictions that were put in place in an attempt to curb the influence special interests such as government contractors can have in an election.
The process of using political committees to get around the tight contribution limits that must be followed when making donations directly to a candidate is known in political circles as "wheeling."
In the Bergen County freeholder contest this year, several new political committees were used to "wheel" additional money into the race from county government contractors who had already donated directly to the two candidates up to the limit.
Since there are no rules in place prevent political committees such as those used in the 2009 contest from the accepting donations and then making subsequent donations to the freeholder candidates, the contractors were able to wheel funds totaling up to six times more than the contribution limits - and much of it at the last minute in an effort to save a campaign that was ultimately swept by the Republican candidates.
LEGISLATIVE ACTION
Some reforms that would address the pay-to-play and wheeling loopholes that exist in state campaign-finance laws remain stalled in the state Legislature. But lawmakers in leadership positions also control special legislative leadership funds that are among the most routinely used for wheeling money collected fdrom companies that receive lucrative government contracts.
And other legislators who hold key positions in the Assembly and Senate work for government contractors that are among the state’s most active contributors to political campaigns in New Jersey.
Wednesday, November 11, 2009
Fiscal emergency is option for NJ's gov-elect
TRENTON, N.J. -- Declaring a fiscal emergency in New Jersey is one option open to Gov.-elect Chris Christie as he searches for a way out of the state's deep financial deficit, the head of his transition team said.
Jeff Chiesa, executive director of Christie's transition team, said an emergency declaration like the one Gov. Jon Corzine used after budget talks with the Legislature collapsed in 2006 is one of many ideas raised during a recent meeting.
"It would be premature to suggest it is anything more at this point in time," Chiesa said Tuesday in an e-mail.
Christie, who defeated Gov. Jon Corzine last week to become New Jersey's first Republican governor in a dozen years, faces a projected $8 billion budget deficit when he takes office in January. He must deliver a budget proposal for fiscal 2011 in March.
A report by the Statehouse bureau of The Star-Ledger and The Record, attributed to unnamed advisers and published Tuesday, said Christie is "examining the possibility of declaring a financial emergency."
An emergency declaration would give the governor broad powers similar to those invoked when a natural disaster strikes
The declaration could help Christie void the no-layoff pledge Gov. Jon Corzine negotiated with labor unions through December 2010.
Christie repeatedly criticized that deal throughout the campaign. At a news conference in Hamilton on Monday, he said he would not be bound by Corzine's deal.
"I want to leave my options open to reach a fair and appropriate resolution in light of the economic circumstances that confront the state today," Christie said. "It may turn out that there are no layoffs. If we can reach a fair agreement with all the parties that recognize the pressures the taxpayers are under and the state government is under, I would hope to have no layoffs."
Bob Master, political director of the state's largest union, the Communications Workers of America, said he hopes the state and the unions can resolve their issues through collective bargaining.
"We believe its a mistake to suspend the rules and declare an emergency when there are alternative ways of addressing these issues," Master said. "Our members have made very significant sacrifices in terms of wage freezes, unpaid furlough days, and increased contributions for health care and pensions in order to help the state through its fiscal problems."
Corzine invoked the emergency provision in 2006, ordering the shutdown of state government after the Legislature failed to pass a budget by July 1. Government lawyers reasoned that a legal emergency existed because a new spending plan was not in place when the prior budget expired.
The declaration by executive order gave Corzine the power to furlough state workers and cancel nonessential services. The emergency lasted a week.
Corzine considered invoking the provision again this year after state revenues plunged, but did not do so.
He renegotiated the contract with the largest state worker union, deferring a scheduled pay raise until 2011 and ordering furloughs in exchange for a no-layoff pledge through December 2010.
The New Jersey Constitution requires a balanced budget.
Christie has limited options for balancing the budget that starts July 1 after ruling out raising taxes or cutting funding for K-12 education.
By ANGELA DELLI SANTI
Jeff Chiesa, executive director of Christie's transition team, said an emergency declaration like the one Gov. Jon Corzine used after budget talks with the Legislature collapsed in 2006 is one of many ideas raised during a recent meeting.
"It would be premature to suggest it is anything more at this point in time," Chiesa said Tuesday in an e-mail.
Christie, who defeated Gov. Jon Corzine last week to become New Jersey's first Republican governor in a dozen years, faces a projected $8 billion budget deficit when he takes office in January. He must deliver a budget proposal for fiscal 2011 in March.
A report by the Statehouse bureau of The Star-Ledger and The Record, attributed to unnamed advisers and published Tuesday, said Christie is "examining the possibility of declaring a financial emergency."
An emergency declaration would give the governor broad powers similar to those invoked when a natural disaster strikes
The declaration could help Christie void the no-layoff pledge Gov. Jon Corzine negotiated with labor unions through December 2010.
Christie repeatedly criticized that deal throughout the campaign. At a news conference in Hamilton on Monday, he said he would not be bound by Corzine's deal.
"I want to leave my options open to reach a fair and appropriate resolution in light of the economic circumstances that confront the state today," Christie said. "It may turn out that there are no layoffs. If we can reach a fair agreement with all the parties that recognize the pressures the taxpayers are under and the state government is under, I would hope to have no layoffs."
Bob Master, political director of the state's largest union, the Communications Workers of America, said he hopes the state and the unions can resolve their issues through collective bargaining.
"We believe its a mistake to suspend the rules and declare an emergency when there are alternative ways of addressing these issues," Master said. "Our members have made very significant sacrifices in terms of wage freezes, unpaid furlough days, and increased contributions for health care and pensions in order to help the state through its fiscal problems."
Corzine invoked the emergency provision in 2006, ordering the shutdown of state government after the Legislature failed to pass a budget by July 1. Government lawyers reasoned that a legal emergency existed because a new spending plan was not in place when the prior budget expired.
The declaration by executive order gave Corzine the power to furlough state workers and cancel nonessential services. The emergency lasted a week.
Corzine considered invoking the provision again this year after state revenues plunged, but did not do so.
He renegotiated the contract with the largest state worker union, deferring a scheduled pay raise until 2011 and ordering furloughs in exchange for a no-layoff pledge through December 2010.
The New Jersey Constitution requires a balanced budget.
Christie has limited options for balancing the budget that starts July 1 after ruling out raising taxes or cutting funding for K-12 education.
By ANGELA DELLI SANTI
Tuesday, November 10, 2009
N.J. businesses await changes under Christie
New Jersey businesses are likely to see changes ranging from tax policy to how the state approaches economic development as a result of Chris Christie’s victory in last week’s gubernatorial election.
State business owners said they’re interested in how Christie will approach business issues, particularly economic development and taxation. Christie proposed lowering income taxes and dramatically reducing state spending during his campaign.
Questions affecting business and the economy were at the center of the election, with Christie saying he would halt new regulations for 90 days at the beginning of his term. He has said it is important to improve the business tax climate — the worst in the country, according to the nonprofit Tax Foundation.
It is not clear how much of Christie’s economic development approach will be announced before he is sworn into office. He has said that Kim Guadagno, who ran on his ticket as lieutenant governor, will lead a task force designed to reduce red tape, a signal that the new position she holds could become important to state businesses.
Robert Briant Jr., chief executive of the Utility and Transportation Contractors Association, said a top business priority must be to resolve the near-exhausted Transportation Trust Fund.
“We have no means to invest in our transportation systems,” he said. “It needs to be addressed immediately. We have to come up with a source of cash revenue — no more borrowing. There is a borrowing component, but it cannot overshadow the rest of the program.”
New Jersey Chamber of Commerce President Joan Verplanck said Christie should cut the corporate business tax surcharge and income taxes on high-wage earners. She is hopeful he understands the importance of rolling back taxes and making the state more competitive.
Verplanck said the chamber had a good relationship with Gov. Jon S. Corzine, but said Christie’s plan to reduce regulations is “a great start.”
“I would hope that either the governor or the lieutenant governor would have, as one of their primary duties, chief marketer for the state,” Verplanck said.
The election also saw the narrow passage of the $400 million open-space bond, and one seat in the Legislature changed parties — Republican Domenick DiCicco won the Assembly District 4 seat formerly held by Democrat Sandra Love, who did not seek re-election.
Verplanck said she was surprised with the passage of the open-space question, considering the amount of debt the state has.
Michael McGuinness, CEO of the New Jersey chapter of commercial real estate group NAIOP, said it will be cuts, not new revenue streams, that Christie will have to count on to solve the looming budget crisis.
“He needs to spend a significant amount of time examining how other states and other jurisdictions have addressed similar problems,” McGuinness said. “There are a lot of best management practices out there that New Jersey should consider.”
New Jersey Business & Industry Association President Philip Kirschner said he is looking for Christie to set a tone “that New Jersey is open for business.”
Chamber of Commerce of Southern New Jersey President and CEO Debra P. DiLorenzo said the state has had too great a reliance on tax increases and that the focus now must be on cutting both spending and taxes. She said the income tax on high earners is a good place to start.
“Most of the people that are earning that $500,000 level that’s being taxed extra now, those are small businesses,” DiLorenzo said, noting S corporations pay their taxes as personal income.
State business owners said they’re interested in how Christie will approach business issues, particularly economic development and taxation. Christie proposed lowering income taxes and dramatically reducing state spending during his campaign.
Questions affecting business and the economy were at the center of the election, with Christie saying he would halt new regulations for 90 days at the beginning of his term. He has said it is important to improve the business tax climate — the worst in the country, according to the nonprofit Tax Foundation.
It is not clear how much of Christie’s economic development approach will be announced before he is sworn into office. He has said that Kim Guadagno, who ran on his ticket as lieutenant governor, will lead a task force designed to reduce red tape, a signal that the new position she holds could become important to state businesses.
Robert Briant Jr., chief executive of the Utility and Transportation Contractors Association, said a top business priority must be to resolve the near-exhausted Transportation Trust Fund.
“We have no means to invest in our transportation systems,” he said. “It needs to be addressed immediately. We have to come up with a source of cash revenue — no more borrowing. There is a borrowing component, but it cannot overshadow the rest of the program.”
New Jersey Chamber of Commerce President Joan Verplanck said Christie should cut the corporate business tax surcharge and income taxes on high-wage earners. She is hopeful he understands the importance of rolling back taxes and making the state more competitive.
Verplanck said the chamber had a good relationship with Gov. Jon S. Corzine, but said Christie’s plan to reduce regulations is “a great start.”
“I would hope that either the governor or the lieutenant governor would have, as one of their primary duties, chief marketer for the state,” Verplanck said.
The election also saw the narrow passage of the $400 million open-space bond, and one seat in the Legislature changed parties — Republican Domenick DiCicco won the Assembly District 4 seat formerly held by Democrat Sandra Love, who did not seek re-election.
Verplanck said she was surprised with the passage of the open-space question, considering the amount of debt the state has.
Michael McGuinness, CEO of the New Jersey chapter of commercial real estate group NAIOP, said it will be cuts, not new revenue streams, that Christie will have to count on to solve the looming budget crisis.
“He needs to spend a significant amount of time examining how other states and other jurisdictions have addressed similar problems,” McGuinness said. “There are a lot of best management practices out there that New Jersey should consider.”
New Jersey Business & Industry Association President Philip Kirschner said he is looking for Christie to set a tone “that New Jersey is open for business.”
Chamber of Commerce of Southern New Jersey President and CEO Debra P. DiLorenzo said the state has had too great a reliance on tax increases and that the focus now must be on cutting both spending and taxes. She said the income tax on high earners is a good place to start.
“Most of the people that are earning that $500,000 level that’s being taxed extra now, those are small businesses,” DiLorenzo said, noting S corporations pay their taxes as personal income.
Monday, November 9, 2009
NJ candy factory flips switch on new solar array
HACKETTSTOWN, N.J. — Those green M&Ms really are getting greener.
A New Jersey candy factory that produces M&M's flipped the switch Monday on a new solar array that provides clean energy. Newark, N.J.-based Public Service Enterprise Group Inc. says the factory will use more solar power than any other in New Jersey.
The 18-acre facility in Hackettstown is one of the state's largest and can generate 2 megawatts of solar energy. That handles about one-fifth of the plant's needs and is enough power for roughly 1,800 homes.
McLean, Va.-based Mars Inc. provided the land next to its facility.
Former New Jersey Gov. Christie Whitman, who ran the U.S. Environmental Protection Agency under former President George W. Bush, called the project a blueprint for environmentally friendly business investment.
A New Jersey candy factory that produces M&M's flipped the switch Monday on a new solar array that provides clean energy. Newark, N.J.-based Public Service Enterprise Group Inc. says the factory will use more solar power than any other in New Jersey.
The 18-acre facility in Hackettstown is one of the state's largest and can generate 2 megawatts of solar energy. That handles about one-fifth of the plant's needs and is enough power for roughly 1,800 homes.
McLean, Va.-based Mars Inc. provided the land next to its facility.
Former New Jersey Gov. Christie Whitman, who ran the U.S. Environmental Protection Agency under former President George W. Bush, called the project a blueprint for environmentally friendly business investment.
Saturday, November 7, 2009
Friday, November 6, 2009
Thursday, November 5, 2009
New Economic Study Reveals $6.3 Billion Contribution to New York/New Jersey Region by Continental Airlines
Continental Airlines (NYSE: CAL) today released an economic impact study by NERA Economic Consulting (NERA) describing the airline’s impact on the New York/New Jersey region coinciding with Continental’s 30th anniversary of service to the area and its recent entry to Star Alliance. The study showed that in 2008, Continental’s operations contributed more than $6.3 billion in gross regional product to the region and an estimated 110,000 jobs amounting to more than $5.9 billion in personal income. As the leading carrier in New York, Continental offers more seats and serves more nonstop destinations from the New York area than any other carrier.
The report estimated that of the 110,000 jobs currently being contributed by Continental to the region, approximately 30 percent are in New York City, 12 percent in the rest of New York state, 31 percent in the Newark region and 27 percent in the rest of New Jersey.
"As significant as these results are, this study does not measure the full economic impact of Continental’s presence," said project director and senior vice president of NERA, Dr. David Harrison, Jr. "While the study measures aviation employment and passenger expenditures, including multiplier effects, it does not include other important aspects of Continental operations on the community. It is clear from the data that Continental’s presence makes the New York/New Jersey region a more attractive region for businesses to relocate or expand their operations due to the reduction in the cost of doing business associated with access to air travel."
Even excluding those substantial effects, the NERA analysis estimated that by 2030, Continental’s contribution would account for $11 billion in personal income and $12 billion in gross regional product, nearly double Continental’s contribution in 2008.
"On behalf of my more than 41,000 co-workers, we are pleased that Continental is making such a meaningful contribution in one of the most important regions for our company and our country," said Larry Kellner, Continental chairman and chief executive officer. "As the first member of the Star Alliance with a major hub in the New York City area, Continental will be connecting the region with 24 other carriers in a global alliance that offers more than 18,900 flights a day to 983 cities in 169 countries."
Continental commissioned NERA Economic Consulting (NERA) to conduct the study. NERA, one of the foremost global economic research organizations with extensive experience in transportation and regional economics, used a state-of-the-art computer model tailored to the local economy, as well as extensive data from Continental and outside sources, to develop an assessment of the airline’s current and future economic impacts on the New York/New Jersey region. The assessment includes the direct contributions made by Continental employees and passengers as well as the multiplier effects of increased spending on the regional economy. The study was performed by NERA, which has more than 600 staff members in eleven offices in North America as well as fourteen overseas offices. The result is one of the most complete and detailed studies ever completed concerning the contribution of an airline’s operations to a regional economy.
To view a full copy the NERA report, click here.
Background
As of March 2009, Continental and its regional partners served 146 nonstop destinations with 412 flights per day from Newark Liberty International Airport, making Continental Airlines the largest airline at the airport by both metrics. Together with its regional partners, Continental transported 70 percent of all revenue passengers at Newark in 2008. Continental also handled more than 120,000 tons of revenue freight at Newark in 2008, making it the largest freight handler among the airport’s passenger airlines. Continental has significant, though much smaller, operations at LaGuardia Airport (LaGuardia), where it ranked among the fifteen largest carriers (by passenger count) in 2008. From LaGuardia, Continental and its partners operated 16 flights per day as of March 2009.
Continental’s New York hub at Newark Liberty International Airport serves as a gateway to Continental’s international route system to Europe, Asia and Latin America. Continental’s hub at Newark Liberty currently provides daily or near-daily nonstop service to 26 European destinations, seven Canadian cities, eight Central American/Caribbean destinations, four cities in Mexico, plus Bogota, Sao Paulo, Beijing, Delhi, Hong Kong, Mumbai, Shanghai and Tokyo. Continental’s Newark Liberty service represents the only scheduled nonstop service from the New York City area to several important domestic and international destinations. Continental supplements its extensive Liberty operations with frequent nonstop service from LaGuardia to the airline’s hubs in Houston and Cleveland.
Continental Airlines is the world’s fifth largest airline. Continental, together with Continental Express and Continental Connection, has more than 2,400 daily departures throughout the Americas, Europe and Asia, serving 130 domestic and 132 international destinations. Continental is a member of Star Alliance, which provides access to more than 900 additional points in 169 countries via 24 other member airlines. With more than 41,000 employees, Continental has hubs serving New York, Houston, Cleveland and Guam, and together with its regional partners, carries approximately 63 million passengers per year.
Celebrating its 75th anniversary this year, Continental consistently earns awards and critical acclaim for both its operation and its corporate culture. For the sixth consecutive year, FORTUNE magazine named Continental the No. 1 World’s Most Admired Airline on its 2009 list of World’s Most Admired Companies. For more company information, go to continental.com.
SOURCE Continental Airlines
The report estimated that of the 110,000 jobs currently being contributed by Continental to the region, approximately 30 percent are in New York City, 12 percent in the rest of New York state, 31 percent in the Newark region and 27 percent in the rest of New Jersey.
"As significant as these results are, this study does not measure the full economic impact of Continental’s presence," said project director and senior vice president of NERA, Dr. David Harrison, Jr. "While the study measures aviation employment and passenger expenditures, including multiplier effects, it does not include other important aspects of Continental operations on the community. It is clear from the data that Continental’s presence makes the New York/New Jersey region a more attractive region for businesses to relocate or expand their operations due to the reduction in the cost of doing business associated with access to air travel."
Even excluding those substantial effects, the NERA analysis estimated that by 2030, Continental’s contribution would account for $11 billion in personal income and $12 billion in gross regional product, nearly double Continental’s contribution in 2008.
"On behalf of my more than 41,000 co-workers, we are pleased that Continental is making such a meaningful contribution in one of the most important regions for our company and our country," said Larry Kellner, Continental chairman and chief executive officer. "As the first member of the Star Alliance with a major hub in the New York City area, Continental will be connecting the region with 24 other carriers in a global alliance that offers more than 18,900 flights a day to 983 cities in 169 countries."
Continental commissioned NERA Economic Consulting (NERA) to conduct the study. NERA, one of the foremost global economic research organizations with extensive experience in transportation and regional economics, used a state-of-the-art computer model tailored to the local economy, as well as extensive data from Continental and outside sources, to develop an assessment of the airline’s current and future economic impacts on the New York/New Jersey region. The assessment includes the direct contributions made by Continental employees and passengers as well as the multiplier effects of increased spending on the regional economy. The study was performed by NERA, which has more than 600 staff members in eleven offices in North America as well as fourteen overseas offices. The result is one of the most complete and detailed studies ever completed concerning the contribution of an airline’s operations to a regional economy.
To view a full copy the NERA report, click here.
Background
As of March 2009, Continental and its regional partners served 146 nonstop destinations with 412 flights per day from Newark Liberty International Airport, making Continental Airlines the largest airline at the airport by both metrics. Together with its regional partners, Continental transported 70 percent of all revenue passengers at Newark in 2008. Continental also handled more than 120,000 tons of revenue freight at Newark in 2008, making it the largest freight handler among the airport’s passenger airlines. Continental has significant, though much smaller, operations at LaGuardia Airport (LaGuardia), where it ranked among the fifteen largest carriers (by passenger count) in 2008. From LaGuardia, Continental and its partners operated 16 flights per day as of March 2009.
Continental’s New York hub at Newark Liberty International Airport serves as a gateway to Continental’s international route system to Europe, Asia and Latin America. Continental’s hub at Newark Liberty currently provides daily or near-daily nonstop service to 26 European destinations, seven Canadian cities, eight Central American/Caribbean destinations, four cities in Mexico, plus Bogota, Sao Paulo, Beijing, Delhi, Hong Kong, Mumbai, Shanghai and Tokyo. Continental’s Newark Liberty service represents the only scheduled nonstop service from the New York City area to several important domestic and international destinations. Continental supplements its extensive Liberty operations with frequent nonstop service from LaGuardia to the airline’s hubs in Houston and Cleveland.
Continental Airlines is the world’s fifth largest airline. Continental, together with Continental Express and Continental Connection, has more than 2,400 daily departures throughout the Americas, Europe and Asia, serving 130 domestic and 132 international destinations. Continental is a member of Star Alliance, which provides access to more than 900 additional points in 169 countries via 24 other member airlines. With more than 41,000 employees, Continental has hubs serving New York, Houston, Cleveland and Guam, and together with its regional partners, carries approximately 63 million passengers per year.
Celebrating its 75th anniversary this year, Continental consistently earns awards and critical acclaim for both its operation and its corporate culture. For the sixth consecutive year, FORTUNE magazine named Continental the No. 1 World’s Most Admired Airline on its 2009 list of World’s Most Admired Companies. For more company information, go to continental.com.
SOURCE Continental Airlines
Republican victories in Va., N.J. hinged on economic worries
Voters worried about jobs and the shaky economy helped drive Republican gubernatorial victories in Virginia and New Jersey, according to exit polls, adding political urgency to Democratic efforts to combat the nation's surging unemployment rate.
While top White House officials dismissed suggestions that Tuesday's election amounted to a referendum on President Obama, gleeful Republicans portrayed the outcome as a signal of growing discontent with the president's economic initiatives.
"Certainly the president has put forth policies that are different, controversial, but I think out of the mainstream of where America is," said Republican National Committee Chairman Michael S. Steele, who called the election a "checkpoint" on Obama's policies. "America doesn't want the federal government running its health care. America doesn't want the federal government buying its cars for it and telling it what cars to drive. America doesn't want the federal government running its banks."
With the nation's unemployment rate nearing 10 percent, Republicans Robert F. McDonnell of Virginia and Chris Christie of New Jersey both campaigned heavily on the issue of jobs. Voters in both states rated the economy as the top issue, even if it was not the dominant concern it was a year ago. But in a major shift, voters who said they were "very worried" about the economy broke decidedly toward the Republican candidates this year after tilting heavily toward Obama in 2008.
That reversal accompanies a sharp increase in joblessness in each state over the past year. Unemployment in New Jersey stood at 9.8 percent in September, up four percentage points over the previous September. In Virginia, meanwhile, unemployment stood at 6.7 percent in September, up from 4.1 percent a year earlier.
"A year ago, the economy was bad, Bush was in charge, and if you wanted to change the economy you voted for Obama and against McCain," said Mark Mellman, a Democratic strategist. "In this case, the incumbent officeholders are Democrats. And if the economy is bad, there is a certain tendency to vote against those in power."
Christina Hoag, 58, who owns a catering business with about 25 employees in McLean, said that she hoped a Republican victory would slow government growth and block a health-care plan that she believes would hinder future economic growth. She said that with her vote for McDonnell and other Republicans, she wanted to send the message to Democrats that they do not have a mandate to remake the economy.
"Small businesses can't absorb what the government thinks we can absorb, especially in today's economy," she said at her polling place. "There's anger right now within ourselves, and I think most of that comes from uncertainty and fear."
Despite the shift in sentiment by voters concerned about the economy, White House aides signaled no changes in their approach to the president's ambitious initiatives to overhaul the health-care system, limit greenhouse-gas emissions and stoke job creation.
White House officials said they knew long before the election that the economy was on voters' minds. "I don't think the president needed an election or exit poll to come to that conclusion," said Robert Gibbs, Obama's press secretary.
Employers have slashed 8 million jobs since the recession began in December 2007. While the rate of job losses has slowed substantially in the wake of Obama's economic initiatives and the overall economy has begun to expand again after a year of shrinking, economists have said it could be many months before the jobless rate begins to decline
The gloomy employment picture has pushed the administration and its congressional allies to highlight the job-creation aspects of the $787 billion economic stimulus plan enacted in February, while economic advisers weigh new ideas for creating jobs.
Meanwhile, the President's Economic Recovery Advisory Board has recommended ramping up federal efforts to weatherize homes and public buildings. It also urged establishment of an infrastructure bank, which would allow the federal government to sell bonds for large infrastructure projects, an idea Obama advocated during the presidential campaign.
The Senate on Wednesday approved a bill that would extend unemployment benefits, the $8,000 tax credit for first-time home buyers and a package of small-business tax cuts. The House is expected to follow suit shortly.
"The president is governing in historically challenging economic times, and the economy will be a top issue in the 2010 elections," said Dan Pfeiffer, the White House deputy communications director. "But we knew that before Tuesday."
While top White House officials dismissed suggestions that Tuesday's election amounted to a referendum on President Obama, gleeful Republicans portrayed the outcome as a signal of growing discontent with the president's economic initiatives.
"Certainly the president has put forth policies that are different, controversial, but I think out of the mainstream of where America is," said Republican National Committee Chairman Michael S. Steele, who called the election a "checkpoint" on Obama's policies. "America doesn't want the federal government running its health care. America doesn't want the federal government buying its cars for it and telling it what cars to drive. America doesn't want the federal government running its banks."
With the nation's unemployment rate nearing 10 percent, Republicans Robert F. McDonnell of Virginia and Chris Christie of New Jersey both campaigned heavily on the issue of jobs. Voters in both states rated the economy as the top issue, even if it was not the dominant concern it was a year ago. But in a major shift, voters who said they were "very worried" about the economy broke decidedly toward the Republican candidates this year after tilting heavily toward Obama in 2008.
That reversal accompanies a sharp increase in joblessness in each state over the past year. Unemployment in New Jersey stood at 9.8 percent in September, up four percentage points over the previous September. In Virginia, meanwhile, unemployment stood at 6.7 percent in September, up from 4.1 percent a year earlier.
"A year ago, the economy was bad, Bush was in charge, and if you wanted to change the economy you voted for Obama and against McCain," said Mark Mellman, a Democratic strategist. "In this case, the incumbent officeholders are Democrats. And if the economy is bad, there is a certain tendency to vote against those in power."
Christina Hoag, 58, who owns a catering business with about 25 employees in McLean, said that she hoped a Republican victory would slow government growth and block a health-care plan that she believes would hinder future economic growth. She said that with her vote for McDonnell and other Republicans, she wanted to send the message to Democrats that they do not have a mandate to remake the economy.
"Small businesses can't absorb what the government thinks we can absorb, especially in today's economy," she said at her polling place. "There's anger right now within ourselves, and I think most of that comes from uncertainty and fear."
Despite the shift in sentiment by voters concerned about the economy, White House aides signaled no changes in their approach to the president's ambitious initiatives to overhaul the health-care system, limit greenhouse-gas emissions and stoke job creation.
White House officials said they knew long before the election that the economy was on voters' minds. "I don't think the president needed an election or exit poll to come to that conclusion," said Robert Gibbs, Obama's press secretary.
Employers have slashed 8 million jobs since the recession began in December 2007. While the rate of job losses has slowed substantially in the wake of Obama's economic initiatives and the overall economy has begun to expand again after a year of shrinking, economists have said it could be many months before the jobless rate begins to decline
The gloomy employment picture has pushed the administration and its congressional allies to highlight the job-creation aspects of the $787 billion economic stimulus plan enacted in February, while economic advisers weigh new ideas for creating jobs.
Meanwhile, the President's Economic Recovery Advisory Board has recommended ramping up federal efforts to weatherize homes and public buildings. It also urged establishment of an infrastructure bank, which would allow the federal government to sell bonds for large infrastructure projects, an idea Obama advocated during the presidential campaign.
The Senate on Wednesday approved a bill that would extend unemployment benefits, the $8,000 tax credit for first-time home buyers and a package of small-business tax cuts. The House is expected to follow suit shortly.
"The president is governing in historically challenging economic times, and the economy will be a top issue in the 2010 elections," said Dan Pfeiffer, the White House deputy communications director. "But we knew that before Tuesday."
Tuesday, October 13, 2009
Saturday, October 10, 2009
Sunday, October 4, 2009
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Saturday, October 3, 2009
List of New Jersey Cities & Towns
A
Absecon
Aberdeen Township
Adelphia Fire Company
Alexandria Township
Allamuchy Township
Allendale
Allenhurst
Allentown
Alpha Borough
Alpine Borough
Andover Borough
Andover Township
Asbury Park
Atlantic City
Atlantic County
Atlantic Highlands
Audubon Borough
Audubon Park Borough
Avalon
Avon
B
Barnegat Light
Barnegat Township
Barrington Borough
Bass River Township
Bay Head Borough
Bayonne
Beach Haven Borough
Beachwood Borough
Bedminster
Bellmawr
Belmar
Belleville
Belvidere Town
Bergen County
Bergen County Emergency Management
Bergen County Utilities Authority
Bergenfield
Berkeley Township
Berkeley Heights Police
Berkeley Heights Township
Berlin
Bernards Township
Bernardsville
Bethlehem Township
Blackwood Fire Company
Blairstown Township
Bloomfield Township
Bloomingdale Borough
Bloomsbury Borough
Bogota
Boonton
Boonton Township
Bordentown Township
Bound Brook Borough
Bradley Beach
Branchburg
Branchville Borough
Brick Township
Brick Township Police Department
Bridgeton
Bridgewater Township
Brielle Borough
Brielle Police Department
Brigantine
Brooklawn
Budd Lake Volunteer Fire Department
Buena Borough
Buena Vista Township
Burlington City
Burlington County
Burlington County Municipalities
Burlington County Sheriff's Office
Burlington Township
Butler Borough
Byram Township
C
Caldwell
Camden
Camden County
Cape May
Cape May County
Cape May Point
Carlstadt
Carneys Point Fire Department and Rescue Squad
Carteret
Cedar Grove
Chatham Borough
Chatham Township
Cherry Hill
Chesilhurst
Chester Borough
Chester Township
Chesterfield Township
Cinnaminson Fire Department
Cinnaminson Township
Clark
Clayton Borough
Clementon Borough
Cliffside Park Borough
Clifton
Clinton
Clinton Township
Closter Borough
Collingswood Borough
Colts Neck
Commercial Township
Corbin City
Cranbury
Cranford
Cranford Police Department
Cresskill
Cumberland County
Cumberland County 9-1-1 Communications Center
D
Deal
Deerfield Township
Delanco Township
Delaware
Delran Township
Demarest Borough
Dennis Township
Denville Township
Deptford Township
Dover (Morris County)
Downe Township
Dumont
Dunellen
E
East Amwell Township
East Brunswick
East Brunswick Police Department
East Greenwich Township
East Hanover
East Newark Borough
East Orange
East Rutherford Borough
East Windsor
East Windsor Police Department
Eastampton
Eastampton Police Department
Eatontown
Edgewater
Edgewater Park Township
Edison
Egg Harbor City
Egg Harbor Township
Elizabeth
Elk Township
Elmer Borough
Elmwood Park
Emerson Borough
Englewood
Englewood Cliffs Borough
Englishtown
Essex County
Essex Fells Borough
Estell Manor City
Evesham Township
Ewing Township
F
Fair Haven Borough
Fair Lawn
Fairfield
Fairfield Police Department
Fairfield Township (Cumberland County)
Fanwood Borough
Finderne Fire Department (Bridgewater)
Flemington
Florence
Florham Park
Folsom Borough
Fort Lee
Frankford Township (Sussex County)
Franklin Borough
Franklin Lakes
Franklin Township (Gloucester County)
Franklin Township (Hunterdon County)
Franklin Township (Somerset County)
Franklin Township (Warren County)
Fredon Township
Freehold Borough
Freehold Borough Police Department
Freehold Township
Frelinghuysen Township
Frenchtown
G
Galloway Township
Garfield
Garwood
Gibbsboro
Glassboro
Glen Gardner Borough
Glen Ridge Borough
Glen Rock
Gloucester
Gloucester County
Gloucester Township
Green Brook Township
Green Township
Greenwich Township (Cumberland County)
Greenwich Township (Gloucester County)
Greenwich Township (Warren County)
Guttenberg Town
H
Hackensack
Hackettstown
Haddonfield
Haddon Heights Borough
Haddon Township
Hainesport
Haledon Borough
Hamburg Borough
Hamilton (Mercer County)
Hamilton Township(Atlantic County)
Hammonton
Hampton Borough
Hampton Township
Hanover Township
Harding Township
Hardwick Township
Hardyston Township
Harmony Township
Harrington Park
Harrison Town (Hudson County)
Harrison Township
Harvey Cedars
Hasbrouck Heights
Hawthorne Borough
Haworth Borough
Hazlet
High Bridge
Highlands
Highland Park
Hightstown Borough
Hillsborough
Hillsdale
Hillside Township
Hi-nella
Hoboken
Ho-Ho-Kus
Holland Township
Holmdel
Hopatcong
Hope Township
Hopewell Borough
Hopewell Township (Cumberland County)
Hopewell Township (Mercer County)
Howell
Hudson County
Hunterdon County
I
Independence Township
Interlaken
Irvington Township
Island Heights
J
Jackson Township
Jamesburg
Jefferson Township
Jersey City
K
Keansburg
Kearny
Kenilworth
Keyport Borough
Kingwood Township
Kinnelon
Knowlton Township
L
Lacey Township
Lafayette Township
Lake Como (formerly South Belmar)
Lakehurst
Lakewood Township
Lambertville
Laurel Springs
Laurel Springs Fire Department
Lavallette Borough
Lawnside
Lawrence Township (Cumberland County)
Lawrence Township (Mercer County)
Lebanon Borough
Lebanon Township
Leonia Borough
Liberty Township
Lincoln Park
Linden
Lindenwold
Lindenwold Fire Department
Linwood City
Little Egg Harbor Township
Little Falls
Little Ferry Borough
Little Silver Borough
Livingston
Loch Arbor Borough
Lodi Borough
Logan Township
Long Beach Township
Long Beach Township Police Department
Long Branch
Long Hill Township
Longport
Lopatcong Township
Lower Township
Lumberton
Lyndhurst
M
Madison
Magnolia
Mahwah
Manalapan
Manasquan
Manchester
Mansfield Township (Burlington County)
Mansfield Township (Warren County)
Mantoloking Borough
Mantua Township
Manville Borough
Maple Shade Township
Maplewood
Margate
Marlboro Township
Matawan
Maurice River Township
Medford
Medford Lakes
Medford Lakes Fire Department
Mendham Borough
Mendham Township
Mercer County
Merchantville
Metuchen
Middlesex Borough
Middlesex County
Middle Township
Middletown Township
Middletown Township EMS
Midland Park
Milford Borough
Millburn
Millburn Township
Millstone Borough
Millstone Township
Milltown
Millville
Mine Hill
Monmouth Beach Borough
Monmouth County
Monroe Township (Gloucester County)
Monroe Township (Middlesex County)
Monroe Township Municipal Utilities Authority
Montague
Montclair
Montgomery Township
Montvale
Montville Township
Moonachie Borough
Moonachie Police Department
Moorestown
Morris County
Morris County, Municipal Clerks' Association
Morris County Park Police
Morris County Sheriff's Office
Morris County Municipal Utilities Authority
Morris Plains Borough
Morris Township
Morristown
Mount Arlington
Mount Ephraim Borough
Mount Holly
Mount Laurel
Mount Laurel Township Municipal Utilities Authority
Mount Olive Township
Mountain Lakes
Mountainside
Mullica Township
N
National Park Borough
Neptune City
Neptune Township
Netcong
Newark
New Brunswick
New Milford Borough
New Milford Police Department
New Providence
Newton
North Arlington Borough
North Bergen
North Branch Volunteer Fire Company
North Brunswick Township
North Caldwell Borough
North Haledon
North Hanover Township
North Plainfield Borough
North Wildwood
Northfield
Northvale Borough
Norwood Borough
Nutley
O
Oakland
Oaklyn
Ocean City
Ocean County
Ocean County Clerk
Ocean Township (Monmouth County)
Ocean Township (Ocean County)
Ocean Township Police
Oceanport Borough
Old Bridge Township
Oldmans Township
Old Tappan
Oradell
Orange Township
Oxford Township
P
Palmyra Borough
Park Ridge
Paramus
Parsippany
Passaic
Passaic County
Passaic County Office of Natural Resource Programs
Passaic Valley Sewerage Commissioners
Paterson
Paulsboro
Peapack-Gladstone Borough
Pemberton Borough
Pemberton Township
Pemberton Township Police Department
Pennington Borough
Pennsauken Township
Penns Grove Borough
Pennsville
Pequannock
Perth Amboy
Phillipsburg
Pilesgrove Township
Pine Beach Borough
Pine Hill Borough
Pine Hill Fire Department
Pine Valley Borough
Piscataway Township
Pitman
Pittsgrove
Plainfield
Plainsboro
Pleasantville
Plumsted Township
Pohatcong
Point Pleasant Borough
Point Pleasant Beach
Pompton Lakes
Port Republic Borough
Princeton
Princeton Township
Prospect Park Borough
R
Rahway
Ramsey
Randolph
Raritan Borough
Raritan Township
Readington Township
Red Bank
Ridgefield Borough
Ridgefield Park
Ridgewood
Ringwood
River Edge Borough
Riverdale Borough
Riverside Township
Riverton
River Vale Township
Robbinsville Township
Robbinsville Township Fire Department
Rochelle Park Township
Rockaway Borough
Rockaway Township
Rocky Hill
Roseland
Roselle Borough
Roselle Office of Emergency Management
Roselle Park Borough
Roxbury Township
Rumson
Runnemede Borough
Rutherford
Rutherford First Aid-Ambulance Corps
S
Saddle Brook Police Department
Saddle River
Saddle River Police Department
Salem City
Salem County
Sayreville
Scotch Plains
Sea Bright Borough
Sea Girt Borough
Sea Girt Police
Sea Isle City
Seaside Heights
Seaside Park
Secaucus
Sergeantsville Volunteer Fire Company
Shamong Township
Shiloh Borough
Ship Bottom Borough
Shrewsbury Borough
Somerdale Borough
Somerset County
Somers Point
Somerville
Somerville Police Department
South Amboy
South Bound Brook Borough
South Bound Brook Fire Department
South Brunswick
South Brunswick Fire District #1
South Hackensack Township
South Harrison Township
South Orange
South Plainfield
South River Borough
South Toms River Borough
Southampton Township
Sparta Township
Spotswood
Springfield (Union County)
Spring Lake
Spring Lake Heights Borough
Stafford Township
Stanhope Borough
Stillwater Township
Stockton Borough
Stone Harbor
Stow Creek Township
Stratford
Summit
Sussex Borough
Sussex County
Swedesboro
T
Tabernacle
Tavistock Borough
Teaneck
Tenafly Borough
Tewksbury
Tinton Falls
Toms River Fire Department
Toms River Township
Totowa Borough
Trenton
Trenton Police
Tuckerton
U
Union Beach Borough
Union City
Union County
Union County Police Department
Union Township (Hunterdon County)
Union Township (Union County)
Upper Deerfield Township
Upper Freehold Township
Upper Pittsgrove Township
Upper Saddle River
Upper Township
V
Ventnor City
Vernon Township
Verona
Vineland
Voorhees
W
Waldwick
Wall Township
Wallington
Walpack Township
Wanaque Borough
Wantage Township
Warren County
Warren County Department of Public Safety
Warren Township
Washington Borough (Warren County)
Washington Township (Bergen County)
Washington Township (Gloucester County)
Washington Township (Morris County)
Washington Township (Warren County)
Washington Township Fire Department No. 3 (Schooley's Mountain, Morris Co.)
Watchung
Waterford Township
Wayne Township
Weehawken
Weehawken Volunteer First Aid Squad
Wenonah Borough
West Amwell
West Caldwell
West Cape May Borough
West Deptford Township
West Long Branch Borough
West Milford Township
West New York
West Orange
West Wildwood
West Windsor
Westampton Township
Westfield
Westville
Westwood
Weymouth
Wharton
White Township
Wildwood Crest Borough
Wildwood
Willingboro
Winfield Township
Winslow Township (Camden County)
Woodbine Borough
Woodbridge Township
Woodbury
Woodbury Fire Department
Woodbury Heights Borough
Woodcliff Lake
Woodcliff Lake Police Department
Woodland Park
Wood-Ridge
Woodstown Borough
Woolwich Township
Wyckoff
Absecon
Aberdeen Township
Adelphia Fire Company
Alexandria Township
Allamuchy Township
Allendale
Allenhurst
Allentown
Alpha Borough
Alpine Borough
Andover Borough
Andover Township
Asbury Park
Atlantic City
Atlantic County
Atlantic Highlands
Audubon Borough
Audubon Park Borough
Avalon
Avon
B
Barnegat Light
Barnegat Township
Barrington Borough
Bass River Township
Bay Head Borough
Bayonne
Beach Haven Borough
Beachwood Borough
Bedminster
Bellmawr
Belmar
Belleville
Belvidere Town
Bergen County
Bergen County Emergency Management
Bergen County Utilities Authority
Bergenfield
Berkeley Township
Berkeley Heights Police
Berkeley Heights Township
Berlin
Bernards Township
Bernardsville
Bethlehem Township
Blackwood Fire Company
Blairstown Township
Bloomfield Township
Bloomingdale Borough
Bloomsbury Borough
Bogota
Boonton
Boonton Township
Bordentown Township
Bound Brook Borough
Bradley Beach
Branchburg
Branchville Borough
Brick Township
Brick Township Police Department
Bridgeton
Bridgewater Township
Brielle Borough
Brielle Police Department
Brigantine
Brooklawn
Budd Lake Volunteer Fire Department
Buena Borough
Buena Vista Township
Burlington City
Burlington County
Burlington County Municipalities
Burlington County Sheriff's Office
Burlington Township
Butler Borough
Byram Township
C
Caldwell
Camden
Camden County
Cape May
Cape May County
Cape May Point
Carlstadt
Carneys Point Fire Department and Rescue Squad
Carteret
Cedar Grove
Chatham Borough
Chatham Township
Cherry Hill
Chesilhurst
Chester Borough
Chester Township
Chesterfield Township
Cinnaminson Fire Department
Cinnaminson Township
Clark
Clayton Borough
Clementon Borough
Cliffside Park Borough
Clifton
Clinton
Clinton Township
Closter Borough
Collingswood Borough
Colts Neck
Commercial Township
Corbin City
Cranbury
Cranford
Cranford Police Department
Cresskill
Cumberland County
Cumberland County 9-1-1 Communications Center
D
Deal
Deerfield Township
Delanco Township
Delaware
Delran Township
Demarest Borough
Dennis Township
Denville Township
Deptford Township
Dover (Morris County)
Downe Township
Dumont
Dunellen
E
East Amwell Township
East Brunswick
East Brunswick Police Department
East Greenwich Township
East Hanover
East Newark Borough
East Orange
East Rutherford Borough
East Windsor
East Windsor Police Department
Eastampton
Eastampton Police Department
Eatontown
Edgewater
Edgewater Park Township
Edison
Egg Harbor City
Egg Harbor Township
Elizabeth
Elk Township
Elmer Borough
Elmwood Park
Emerson Borough
Englewood
Englewood Cliffs Borough
Englishtown
Essex County
Essex Fells Borough
Estell Manor City
Evesham Township
Ewing Township
F
Fair Haven Borough
Fair Lawn
Fairfield
Fairfield Police Department
Fairfield Township (Cumberland County)
Fanwood Borough
Finderne Fire Department (Bridgewater)
Flemington
Florence
Florham Park
Folsom Borough
Fort Lee
Frankford Township (Sussex County)
Franklin Borough
Franklin Lakes
Franklin Township (Gloucester County)
Franklin Township (Hunterdon County)
Franklin Township (Somerset County)
Franklin Township (Warren County)
Fredon Township
Freehold Borough
Freehold Borough Police Department
Freehold Township
Frelinghuysen Township
Frenchtown
G
Galloway Township
Garfield
Garwood
Gibbsboro
Glassboro
Glen Gardner Borough
Glen Ridge Borough
Glen Rock
Gloucester
Gloucester County
Gloucester Township
Green Brook Township
Green Township
Greenwich Township (Cumberland County)
Greenwich Township (Gloucester County)
Greenwich Township (Warren County)
Guttenberg Town
H
Hackensack
Hackettstown
Haddonfield
Haddon Heights Borough
Haddon Township
Hainesport
Haledon Borough
Hamburg Borough
Hamilton (Mercer County)
Hamilton Township(Atlantic County)
Hammonton
Hampton Borough
Hampton Township
Hanover Township
Harding Township
Hardwick Township
Hardyston Township
Harmony Township
Harrington Park
Harrison Town (Hudson County)
Harrison Township
Harvey Cedars
Hasbrouck Heights
Hawthorne Borough
Haworth Borough
Hazlet
High Bridge
Highlands
Highland Park
Hightstown Borough
Hillsborough
Hillsdale
Hillside Township
Hi-nella
Hoboken
Ho-Ho-Kus
Holland Township
Holmdel
Hopatcong
Hope Township
Hopewell Borough
Hopewell Township (Cumberland County)
Hopewell Township (Mercer County)
Howell
Hudson County
Hunterdon County
I
Independence Township
Interlaken
Irvington Township
Island Heights
J
Jackson Township
Jamesburg
Jefferson Township
Jersey City
K
Keansburg
Kearny
Kenilworth
Keyport Borough
Kingwood Township
Kinnelon
Knowlton Township
L
Lacey Township
Lafayette Township
Lake Como (formerly South Belmar)
Lakehurst
Lakewood Township
Lambertville
Laurel Springs
Laurel Springs Fire Department
Lavallette Borough
Lawnside
Lawrence Township (Cumberland County)
Lawrence Township (Mercer County)
Lebanon Borough
Lebanon Township
Leonia Borough
Liberty Township
Lincoln Park
Linden
Lindenwold
Lindenwold Fire Department
Linwood City
Little Egg Harbor Township
Little Falls
Little Ferry Borough
Little Silver Borough
Livingston
Loch Arbor Borough
Lodi Borough
Logan Township
Long Beach Township
Long Beach Township Police Department
Long Branch
Long Hill Township
Longport
Lopatcong Township
Lower Township
Lumberton
Lyndhurst
M
Madison
Magnolia
Mahwah
Manalapan
Manasquan
Manchester
Mansfield Township (Burlington County)
Mansfield Township (Warren County)
Mantoloking Borough
Mantua Township
Manville Borough
Maple Shade Township
Maplewood
Margate
Marlboro Township
Matawan
Maurice River Township
Medford
Medford Lakes
Medford Lakes Fire Department
Mendham Borough
Mendham Township
Mercer County
Merchantville
Metuchen
Middlesex Borough
Middlesex County
Middle Township
Middletown Township
Middletown Township EMS
Midland Park
Milford Borough
Millburn
Millburn Township
Millstone Borough
Millstone Township
Milltown
Millville
Mine Hill
Monmouth Beach Borough
Monmouth County
Monroe Township (Gloucester County)
Monroe Township (Middlesex County)
Monroe Township Municipal Utilities Authority
Montague
Montclair
Montgomery Township
Montvale
Montville Township
Moonachie Borough
Moonachie Police Department
Moorestown
Morris County
Morris County, Municipal Clerks' Association
Morris County Park Police
Morris County Sheriff's Office
Morris County Municipal Utilities Authority
Morris Plains Borough
Morris Township
Morristown
Mount Arlington
Mount Ephraim Borough
Mount Holly
Mount Laurel
Mount Laurel Township Municipal Utilities Authority
Mount Olive Township
Mountain Lakes
Mountainside
Mullica Township
N
National Park Borough
Neptune City
Neptune Township
Netcong
Newark
New Brunswick
New Milford Borough
New Milford Police Department
New Providence
Newton
North Arlington Borough
North Bergen
North Branch Volunteer Fire Company
North Brunswick Township
North Caldwell Borough
North Haledon
North Hanover Township
North Plainfield Borough
North Wildwood
Northfield
Northvale Borough
Norwood Borough
Nutley
O
Oakland
Oaklyn
Ocean City
Ocean County
Ocean County Clerk
Ocean Township (Monmouth County)
Ocean Township (Ocean County)
Ocean Township Police
Oceanport Borough
Old Bridge Township
Oldmans Township
Old Tappan
Oradell
Orange Township
Oxford Township
P
Palmyra Borough
Park Ridge
Paramus
Parsippany
Passaic
Passaic County
Passaic County Office of Natural Resource Programs
Passaic Valley Sewerage Commissioners
Paterson
Paulsboro
Peapack-Gladstone Borough
Pemberton Borough
Pemberton Township
Pemberton Township Police Department
Pennington Borough
Pennsauken Township
Penns Grove Borough
Pennsville
Pequannock
Perth Amboy
Phillipsburg
Pilesgrove Township
Pine Beach Borough
Pine Hill Borough
Pine Hill Fire Department
Pine Valley Borough
Piscataway Township
Pitman
Pittsgrove
Plainfield
Plainsboro
Pleasantville
Plumsted Township
Pohatcong
Point Pleasant Borough
Point Pleasant Beach
Pompton Lakes
Port Republic Borough
Princeton
Princeton Township
Prospect Park Borough
R
Rahway
Ramsey
Randolph
Raritan Borough
Raritan Township
Readington Township
Red Bank
Ridgefield Borough
Ridgefield Park
Ridgewood
Ringwood
River Edge Borough
Riverdale Borough
Riverside Township
Riverton
River Vale Township
Robbinsville Township
Robbinsville Township Fire Department
Rochelle Park Township
Rockaway Borough
Rockaway Township
Rocky Hill
Roseland
Roselle Borough
Roselle Office of Emergency Management
Roselle Park Borough
Roxbury Township
Rumson
Runnemede Borough
Rutherford
Rutherford First Aid-Ambulance Corps
S
Saddle Brook Police Department
Saddle River
Saddle River Police Department
Salem City
Salem County
Sayreville
Scotch Plains
Sea Bright Borough
Sea Girt Borough
Sea Girt Police
Sea Isle City
Seaside Heights
Seaside Park
Secaucus
Sergeantsville Volunteer Fire Company
Shamong Township
Shiloh Borough
Ship Bottom Borough
Shrewsbury Borough
Somerdale Borough
Somerset County
Somers Point
Somerville
Somerville Police Department
South Amboy
South Bound Brook Borough
South Bound Brook Fire Department
South Brunswick
South Brunswick Fire District #1
South Hackensack Township
South Harrison Township
South Orange
South Plainfield
South River Borough
South Toms River Borough
Southampton Township
Sparta Township
Spotswood
Springfield (Union County)
Spring Lake
Spring Lake Heights Borough
Stafford Township
Stanhope Borough
Stillwater Township
Stockton Borough
Stone Harbor
Stow Creek Township
Stratford
Summit
Sussex Borough
Sussex County
Swedesboro
T
Tabernacle
Tavistock Borough
Teaneck
Tenafly Borough
Tewksbury
Tinton Falls
Toms River Fire Department
Toms River Township
Totowa Borough
Trenton
Trenton Police
Tuckerton
U
Union Beach Borough
Union City
Union County
Union County Police Department
Union Township (Hunterdon County)
Union Township (Union County)
Upper Deerfield Township
Upper Freehold Township
Upper Pittsgrove Township
Upper Saddle River
Upper Township
V
Ventnor City
Vernon Township
Verona
Vineland
Voorhees
W
Waldwick
Wall Township
Wallington
Walpack Township
Wanaque Borough
Wantage Township
Warren County
Warren County Department of Public Safety
Warren Township
Washington Borough (Warren County)
Washington Township (Bergen County)
Washington Township (Gloucester County)
Washington Township (Morris County)
Washington Township (Warren County)
Washington Township Fire Department No. 3 (Schooley's Mountain, Morris Co.)
Watchung
Waterford Township
Wayne Township
Weehawken
Weehawken Volunteer First Aid Squad
Wenonah Borough
West Amwell
West Caldwell
West Cape May Borough
West Deptford Township
West Long Branch Borough
West Milford Township
West New York
West Orange
West Wildwood
West Windsor
Westampton Township
Westfield
Westville
Westwood
Weymouth
Wharton
White Township
Wildwood Crest Borough
Wildwood
Willingboro
Winfield Township
Winslow Township (Camden County)
Woodbine Borough
Woodbridge Township
Woodbury
Woodbury Fire Department
Woodbury Heights Borough
Woodcliff Lake
Woodcliff Lake Police Department
Woodland Park
Wood-Ridge
Woodstown Borough
Woolwich Township
Wyckoff
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