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New York State Does Not Need Professional Politicians
Because New York State government is now almost exclusively controlled by downstate Democrats, the expansion of state government into every aspect of our lives accelerated during the last legislative session. This was true with both economic and social policy. For example, the state expanded rent-control regulations to Upstate, which has the potential of limiting what […]
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Because New York State government is now almost exclusively controlled by downstate Democrats, the expansion of state government into every aspect of our lives accelerated during the last legislative session. This was true with both economic and social policy. For example, the state expanded rent-control regulations to Upstate, which has the potential of limiting what landlords can charge for rent. The New York City politician-sponsored Farm Labor Act was enacted, which will further regulate our upstate agricultural industry. The legislation that will have perhaps the largest impact on the lives of all New Yorkers, was the enactment of the so-called Climate Leadership and Community Protection Act — a law so expansive that it will regulate every aspect of our lives including what type of cars we drive, how our houses are heated and cooled, and how our electricity is generated.
With progressive Democrats in charge of state government, it comes as no surprise that this type of legislation was adopted. During debates over these bills, Democrats argued that the legislation was necessary to protect New Yorkers — particularly those who have been seen as traditionally disadvantaged. No one would argue that helping the disadvantaged is not an honorable goal, but Democrats and Republicans just differ on how to accomplish that.
In this context, it’s surprising that downstate Democrats would be pushing so hard for the implementation of two policies that would help no one except state politicians — people who everyone would agree are the antithesis of the disadvantaged. The two policies are the creation of a full-time state legislature and public funding of political campaigns.
Interestingly, these proposals are not being implemented in a traditional manner. The creation of a full-time legislature is a policy that was attempted to be imposed by an unelected commission made up of downstate Democrats empaneled by Gov. Cuomo and the legislative majorities to review legislative and executive branch salaries. The commission made the specious argument that a full-time legislature would prevent corruption even though the corruption that has plagued Albany has not been tied to legislators’ outside employment. Fortunately, two courts held that the commission exceeded its authority in its attempt to impose a full-time legislature on New Yorkers. From a policy perspective, New Yorkers should be thankful that the courts repudiated the commission’s overreach. A full-time legislature will create a professional political class that will be solely dependent on state government for its income. Instead of professional politicians, we should be encouraging citizen legislators who have diverse occupational backgrounds and who can bring a diversity of thought and experience to state government.
The second proposal, public funding of political campaigns, also has the potential of being imposed by an unelected commission. As part of the 2019-20 state budget, the governor and legislature created a commission tasked with creating a system for publicly funded political campaigns — that is, simply, using taxpayer money to fund the campaigns of state politicians. The budget also included $100 million for the effort. The commission has until Dec. 1, 2019 to come up with its plan. The legislature then has until Dec. 22 to reject the plan — otherwise whatever the commission comes up with becomes law. Putting aside that this is a constitutionally dubious way to enact state law, public funding of campaigns is also bad policy.
In 1989, New York City (NYC) enacted a law to publicly fund city campaigns. Proponents claimed that doing so would limit the influence of private money in elections and encourage more citizen participation. Neither has happened. Current NYC Mayor Bill de Blasio alone spent more than $10 million in private donations on his last election in addition to the public money his campaign received. Since the implementation of public financing, voter turnout continues to be at some of the lowest percentages in the country. Lastly, there is something inherently troublesome about using taxpayer money to support political candidates. Why should a person’s tax dollars be used to support candidates with whom they do not agree?
William (Will) A. Barclay is the Republican representative of the 120th New York Assembly District, which encompasses most of Oswego County, including the cities of Oswego and Fulton, as well as the town of Lysander in Onondaga County and town of Ellisburg in Jefferson County. Contact him at barclaw@assembly.state.ny.us or (315) 598-5185.
Opinion: Madison County Speaks out Against State Bail Reform
OPINION The Madison County District Attorney’s Office, Madison County Probation Office, Madison County Sheriff’s Office, and Madison County Board of Supervisors on Oct. 17 issued the following joint statement on bail reform and reforms to discovery that are set to take effect in New York State in January 2020. As of Jan. 1, 2020
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OPINION
The Madison County District Attorney’s Office, Madison County Probation Office, Madison County Sheriff’s Office, and Madison County Board of Supervisors on Oct. 17 issued the following joint statement on bail reform and reforms to discovery that are set to take effect in New York State in January 2020.
As of Jan. 1, 2020 there will be no more cash bail for most misdemeanor or nonviolent felony arrests. The majority of offenses will require only an appearance ticket. Officials in Madison County say while the idea of reform is well intentioned, these changes now put our residents at a greater risk.
Due to the changes in the laws, the District Attorney’s Office and the Probation Office are predicting a substantial increase in workload, resulting in additional staffing requests in the 2020 budget. This will be reflected in a tax increase for Madison County residents in 2020.
“Prosecutors across the state were in favor of true bail reform. Sadly, what was passed by the legislature and signed into law by the Governor is not so much a ‘reform’ as it is an attack on our criminal justice system that endangers public safety in general and victim safety in particular,” Robert A. Mascari, chief assistant district attorney, speaking on behalf of the Madison County District Attorney’s Office, said in the statement. “It is shocking to realize that as of Jan. 1, 2020, a criminal can break into a Madison County citizen’s home with the knowledge that when arrested, bail cannot be set and that criminal must be released on the ‘least restrictive non-monetary conditions.’ To make matters worse, under other newly enacted discovery ‘reform’ laws, that same criminal can get a court order to reenter the victim’s residence — apparently, to see what was missed the first time. In the pursuit of ‘justice and fairness’ for defendants, our Governor and State Legislature have not only ignored public safety, they have sent a message that they truly do not care about victims.”
“The component of the reform that most directly affects the probation department is the elimination of cash bail for most defendants,” said Joanne Miller, director of the Madison County Probation Department. “Whereas in the past, it was at the judge’s discretion to weigh a defendant’s potential risk to the community or risk of flight, it is now required that in most cases defendants be released pending disposition of their cases. The Madison County Probation Department currently operates a Release Under Supervision program wherein defendants are screened, must meet certain eligibility criteria, and, upon our recommendation and the consent of the judge, the defendant may be released under our supervision pending disposition of his/her case. This new legislation will likely result in an influx of defendants being released under our supervision without the benefit of screening and despite the fact that they may pose a risk of flight or a risk of engaging in continued criminal behavior.”
Madison County Sheriff Todd Hood said, “While the intentions of bail reform are good, this law makes it difficult for law enforcement to keep the residents of Madison County safe. This law is putting dangerous people who we previously could put behind bars back on the streets.”
“The safety and well-being of our citizens is the top priority of our Board of Supervisors; these laws do not allow our employees to do their jobs properly to ensure that safety,” said John M. Becker, Madison County Board Chairman. “While the idea of reform is well intentioned, when these laws were passed no one took into account how they would be executed on the local level. Now we are demanding more of our staff and endangering the public at the same time.”
“Until the laws take effect in 2020, we cannot estimate the full impact they will have on operations here at the County,” said Madison County Administrator Mark Scimone. “I am a member of a task force with the New York State Association of Counties working to address the issues that will arise with these changes.”
This opinion article is drawn from a joint statement and press release issued by the Madison County Government on Oct. 17.
Fust Charles Chambers LLP has hired JACQUELINE ROMEO as an audit associate to help service the firm’s manufacturing, health care, not-for-profit, and other professional service and family-owned businesses. Romeo received her bachelor’s degree and MBA in public accounting from SUNY Oswego. She is currently working to complete the examination requirements to earn her certified public
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Fust Charles Chambers LLP has hired JACQUELINE ROMEO as an audit associate to help service the firm’s manufacturing, health care, not-for-profit, and other professional service and family-owned businesses. Romeo received her bachelor’s degree and MBA in public accounting from SUNY Oswego. She is currently working to complete the examination requirements to earn her certified public accountant license.
KRISTI TARR has been promoted to senior data analyst. She joined Fust Charles Chambers in November 2017. Tarr received her bachelor’s degree in business administration, with an accounting specialty, from Saint Leo University in Tampa, Florida.
HUNT Engineers, Architects, Land Surveyors & Landscape Architect, DPC
HUNT Engineers, Architects, Land Surveyors & Landscape Architect, DPC recently added DANIEL CLARK as a bridge and structural engineer on its structural design staff. An Alfred State and Rochester Institute of Technology graduate, with degrees in construction and civil engineering, respectively, he specializes in bridge and highway design. Clark has a lengthy list of design
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HUNT Engineers, Architects, Land Surveyors & Landscape Architect, DPC recently added DANIEL CLARK as a bridge and structural engineer on its structural design staff. An Alfred State and Rochester Institute of Technology graduate, with degrees in construction and civil engineering, respectively, he specializes in bridge and highway design. Clark has a lengthy list of design and project management projects in Clinton, Jefferson, and St. Lawrence counties. HUNT has also hired MARK CHIOVARELLI as a water/wastewater engineer; VELMA ANDREWS, who works in the firm’s accounting department; and MIKALYA ELLIOTT as an architectural designer.
Mohawk Valley Community College
Mohawk Valley Community College (MVCC) named DIANA AYERS-DARLING professor emerita, in recognition of her many years of outstanding service to MVCC. MONICA BROWN-HODKINSON was appointed student support advisor. She will provide students with a single point of contact to create a seamless pathway for student success from pre-boarding to completion. Prior to joining the college,
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Mohawk Valley Community College (MVCC) named DIANA AYERS-DARLING professor emerita, in recognition of her many years of outstanding service to MVCC. MONICA BROWN-HODKINSON was appointed student support advisor. She will provide students with a single point of contact to create a seamless pathway for student success from pre-boarding to completion. Prior to joining the college, Brown-Hodkinson worked at Utica College as an administrative assistant, academic coaching expert, adjunct faculty member, and, most recently, a success coach. She holds a master’s degree in liberal studies and organization communication and a bachelor’s degree in science, health studies, and human behavior — both from Utica College. GRACE COSTELLO was also named a student support advisor. She has been with the college since 2001 in several capacities, including placement test administrator, college advisor, accessibility resources specialist, and an adult-learner support specialist. She previously served as an accounting clerk at Cathedral Corporation and a billing coordinator at Northland Communications. Costello holds a bachelor’s degree in history from SUNY Oneonta and an associate degree in general studies from MVCC. EMILY GIFFORD has transitioned to the position of coordinator of international students and will be responsible for international student recruitment, support, programming, and retention efforts. GEORDAN HOLMES was appointed licensed mental health practitioner; Holmes will provide an array of counseling, mentoring, and coaching services and personal and educational counseling for individual students. She also will be responsible for the evaluation of mental health and mental-health-related cases. Holmes most recently served as a licensed mental-health counselor at Herkimer BOCES. She previously served as primary therapist in the Intensive Treatment Program at The House of the Good Shepherd. Holmes holds a master’s degree in mental-health counseling and a bachelor’s degree in psychology — both from SUNY Oswego. BRANDON HORENDER was named coordinator of dual credit. He will be responsible for meeting the needs of K-12 partner organizations by coordinating the development and delivery of selected credited coursework and articulation agreements. NANCY HALL was appointed instructor of electrical engineering technology. Before joining the college, she was a principal engineer at Global Foundries; an integrated circuit layout engineer and senior CAD engineer at Fairchild Semiconductor Corporation in South Portland, Maine; a senior process engineer at National Semiconductor in South Portland; and a research engineer at Florida Institute of Technology. Hall holds a master’s degree in electrical engineering and microelectronics and a bachelor’s degree in electrical engineering, both from the University of South Florida. JONATHAN HODGE was named admissions counselor. He will be responsible for recruiting students to achieve college-enrollment objectives. Prior to joining the college, Hodge worked as a K-5 elementary physical education teacher, and assistant varsity and eighth-grade basketball coach at Atkinson Elementary School in Barnesville, Minnesota. He also served as a special education teacher at Beacon Academy in Maple Grove, Minnesota, and assistant basketball coach at Hamline University. He holds a bachelor’s degree in K-12 education: physical education from Saint Cloud State University, and an associate degree in general studies from Minnesota State Community and Technical College. DAVID KATZ was named administrator and professor emeritus, in recognition of his many years of outstanding service to MVCC. JAMES KELLY, IV was appointed additive manufacturing specialist. He will assist the principle investigators of the Remote Lab-Sharing Models for Additive Manufacturing Skills Training-NSF-funded project to fulfill outlined goals. He has been with MVCC in various capacities since 2007, including technical assistant, professional tutor, adjunct faculty member, drone outreach program instructor, and STEM program curriculum designer and lead teacher for Upward Bound. Before MVCC, he worked at Kelly Foundry and Machine, Co., Inc. first as a laborer and production operator and then as VP for engineering. Kelly holds a bachelor’s degree in science, manufacturing, technology, and supply chain operations management from SUNY Empire State College and associate degrees in geospatial technology and mechanical engineering technology from MVCC. JEAN LEANDRE was appointed director of student engagement and leadership. Leandre will provide administrative oversight of the Student Activities office, including Student Government, and serve as the director of the CSTEP and STEP grants. KALYNN RIEDMAN was appointed admissions specialist. She will work with the director of admissions to develop and implement an admissions-recruitment plan that’s consistent with the college’s strategic plan and initiatives. Riedman will also be responsible for recruiting students by working with high-school counselors, adult learners, community agencies, and local businesses. ROBIN SAXE was named student support advisor. She will work as part of a team providing individual academic, career, financial, and related support to an assigned group of students. Saxe has been at MVCC since 2009 in several capacities, including director of Kids Summer Camp, assistant coordinator of Kiddie Campus, college services associate, and community resource specialist in the College-Community-Connection office. Previously, Saxe was the director of the School Age Program at St. Luke’s Nursing Home, a teacher in the Preschool Age Program at MVCC, and site director at the Neighborhood Center. She holds a bachelor’s degree in elementary education from SUNY Oneonta and an associate degree in fine arts from Munson-Williams-Proctor Arts Institute. ZACHARY STEFFEN was appointed to the grant-funded position of associate business advisor for the Small Business Development Center. He will support business advisors who provide advisement services to a variety of small businesses and entrepreneurs engaged in starting, managing, growing, or purchasing a business. Steffen’s prior positions include general manager for North Country Books and president of Pyramid Publishing, both based in Utica. He holds a bachelor’s degree in business administration and marketing from SUNY Albany. GAIL WARCHOL, previously associate director of human resources for benefits and labor relations, has been named professor. She will direct a variety of college human-resource processes and procedures regarding benefits and labor relations. Warchol has been with MVCC since 2011, first as a coordinator of health-care careers and then as academic project manager. Prior to these positions, she was a human-resources representative and hazard-analysis critical-control points coordinator at Delft Blue, and an outreach coordinator for government programs at Excellus BlueCross BlueShield. Warchol holds a master’s degree in information design and technology and bachelor’s degree in professional studies in health-service management, both from SUNY Polytechnic Institute. She also has an associate degree in human services from MVCC.
TRACEY BARONE has been named director of nursing for emergency services at Mohawk Valley Health System (MVHS). She has served as the St. Elizabeth campus trauma coordinator since October 2014. Barone previously served as the Emergency Department nurse manager, assistant nurse manager, and clinical educator. She has worked as a staff nurse in a variety
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TRACEY BARONE has been named director of nursing for emergency services at Mohawk Valley Health System (MVHS). She has served as the St. Elizabeth campus trauma coordinator since October 2014. Barone previously served as the Emergency Department nurse manager, assistant nurse manager, and clinical educator. She has worked as a staff nurse in a variety of settings including: the Emergency Department, Critical Care Unit, and Medical Surgical Unit. Barone has earned a bachelor’s degree in nursing from SUNY Plattsburgh and a master’s degree from SUNY Polytechnic Institute. Barone maintains certifications as a trauma nursing core course instructor, emergency nurse pediatric instructor, basic life support instructor, pediatric advanced life support instructor, and an advanced cardiac care instructor.
Scalzo, Zogby & Wittig, Inc., a Utica–based insurance agency, has appointed ZACHARY T. SCALZO as an account executive in its Sleepy Hollow office. He is a licensed property and casualty agent, offering auto, home, and business insurance. Scalzo previously worked in hospitality management in San Diego and New York. He is a graduate of SUNY
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Scalzo, Zogby & Wittig, Inc., a Utica–based insurance agency, has appointed ZACHARY T. SCALZO as an account executive in its Sleepy Hollow office. He is a licensed property and casualty agent, offering auto, home, and business insurance. Scalzo previously worked in hospitality management in San Diego and New York. He is a graduate of SUNY Oneonta.
SYDNEY PIRRECA, a Long Island native, has joined the Syracuse University women’s lacrosse coaching staff as an assistant coach. She graduated last spring from the University of Florida, where she was a star women’s lacrosse player for four years. Pirreca also gained some coaching experience by serving as a volunteer coach at Mount Sinai High
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SYDNEY PIRRECA, a Long Island native, has joined the Syracuse University women’s lacrosse coaching staff as an assistant coach. She graduated last spring from the University of Florida, where she was a star women’s lacrosse player for four years. Pirreca also gained some coaching experience by serving as a volunteer coach at Mount Sinai High School for three summers during her college years and was an assistant coach for the Long Island Elite Yellow Jackets club team in 2014.
Community Bank System to acquire Steuben Trust Corp. for $107 million
HORNELL — Community Bank System, Inc. (ticker: CBU), parent of Community Bank, N.A., on Oct. 21 announced it has agreed to acquire Steuben Trust Corporation (ticker: SBHO), parent company of Steuben Trust Company, in a stock and cash deal valued at $106.8 million. DeWitt–based Community Bank says the deal extends its reach in Western New
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HORNELL — Community Bank System, Inc. (ticker: CBU), parent of Community Bank, N.A., on Oct. 21 announced it has agreed to acquire Steuben Trust Corporation (ticker: SBHO), parent company of Steuben Trust Company, in a stock and cash deal valued at $106.8 million.
DeWitt–based Community Bank says the deal extends its reach in Western New York (WNY). Hornell–based Steuben Trust provides Community Bank, with improved scale in several more WNY markets, including Buffalo and Rochester, with total assets of nearly $580 million, deposits of $480 million, and 15 branch offices across a six-county area.
“Our acquisition of Steuben Trust will enhance and extend our banking footprint in Western New York, in markets which we successfully compete in and aspire to continue to grow,” Mark E. Tryniski, president and CEO of Community Bank System, said in a news release. “Our move to establish a broader and deeper banking presence in this region is reflective of these growth objectives. We are confident that the Steuben Trust franchise will further support our efforts to grow our retail and business banking presence in Western New York.
Steuben Trust has offices in the Southern Tier and WNY communities of Alfred, Andover, Arkport, Bath, Belmont, Bolivar, Canseraga, Canisteo, Clarence, Elma, Geneseo, Henrietta, Hornell, Warsaw, Wellsville, and Whitesville, according to its website.
Acquisition price details
Under the terms of the agreement, shareholders of Steuben Trust will receive, for each share of common stock they own, a combination of $12.60 cash and 0.8054 shares of Community Bank System common stock, for total consideration valued at about $63 per share, based on Community Bank System’s recent average price. The sale price is about 167 percent of Steuben Trust Corp.’s tangible book value as of June 30, 2019, the release stated.
The transaction is being arranged to qualify as a reorganization for federal income-tax purposes, which allows Steuben Trust shareholders to receive Community Bank System common stock tax-free, the banking companies said.
Upon completion of the acquisition, Community Bank System expects to have more than $12 billion in total assets. Community Bank expects the transaction to add about 8-9 cents per share to its first full year of GAAP earnings and 9-10 cents a share to its cash earnings, excluding one-time transaction costs.
The acquisition is expected to close in the second quarter of 2020 and is subject to customary closing conditions, including approval by the shareholders of Steuben Trust and required regulatory approvals.
D.A. Davidson & Co. Inc., a national financial-services and investment banking firm, was the financial advisor for Community Bank System and New York City–based law firm Cadwalader, Wickersham & Taft LLP acted as its legal advisor. PNC FIG Advisory was the financial advisor for Steuben Trust and Pillar Aught LLC served as its legal advisor.
KeyCorp net income declines in 3rd quarter
But, adjusted earnings per share beats the analysts’ estimates KeyCorp (NYSE: KEY) — parent of KeyBank, which ranks No. 2 in deposit market share in the 16-county Central New York region — reported that its net income from continuing operations fell to $383 million, or 38 cents a share, from $468 million, or 45 cents, in
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But, adjusted earnings per share beats the analysts’ estimates
KeyCorp (NYSE: KEY) — parent of KeyBank, which ranks No. 2 in deposit market share in the 16-county Central New York region — reported that its net income from continuing operations fell to $383 million, or 38 cents a share, from $468 million, or 45 cents, in the year-ago period.
Excluding a previously disclosed fraud loss of 10 cents a share, Key’s adjusted third-quarter earnings per share was 48 cents. That beat the consensus analyst estimate of 47 cents, according to Zacks Equity Research.
“Our results this quarter reflect positive revenue momentum and strong expense management that drove our cash efficiency ratio to its lowest level in over a decade,” Beth Mooney, KeyCorp chairman and CEO, said in the earnings report.
“We generated positive operating leverage compared to the prior year and previous quarter, supported by strong balance sheet growth, as well as continued momentum in our fee-based businesses, including record third quarter investment banking and debt placement fees. We produced another quarter of strong, broad-based growth in commercial and industrial loans and saw higher consumer loan balances…,” she added.
Key produced taxable-equivalent net interest income of $980 million in the third quarter, down from $993 million in the year-ago period. Lower net interest margin, driven by higher interest-bearing deposit costs, and lower loan fees led the decline.
Key’s noninterest income in the third quarter was $650 million, up from $609 million in the year-prior quarter. The increase resulted from growth in investment banking and debt-placement fees, as well as growth in corporate-services income, caused by higher derivatives income, according to the earnings report.
The Cleveland, Ohio–based banking company incurred noninterest expense of $939 million in the third quarter, down from $964 million in the year-earlier quarter. The decline reflected the successful implementation of Key’s expense-reduction initiatives and the elimination of the FDIC’s requirement that banks pay quarterly surcharges that cover some of the costs of insuring their customers’ deposits.
These expenses were partially offset by acquisition expenses associated with Key’s acquisition of Laurel Road Bank’s digital-lending business.
Key’s average loans were $92 billion in the third quarter, an increase of $3.5 billion compared to a year prior. Its commercial loans increased by $2.1 billion, reflecting broad-based growth in commercial and industrial loans, partially offset by declines in commercial mortgage and construction loans, the banking company said. Consumer loans increased $1.4 billion, “driven by solid growth from Laurel Road,” residential mortgage loans, and indirect auto lending. Home-equity loans declined by $927 million, largely the result of continued paydowns in home-equity lines of credit.
In the third quarter, Key realized a $123 million pre-tax loss related to a “previously disclosed fraud incident,” the earnings report stated. Excluding the fraud loss, Key’s provision for credit losses was $77 million in the third quarter, compared to $62 million in the third quarter of 2018.
Excluding the fraud loss, net loan charge-offs for the third quarter totaled $73 million, or 0.31 percent of average total loans. These results compare to $60 million, or 0.27 percent, for the third quarter of 2018.
KeyCorp, which says its roots trace back 190 years to Albany, has assets of more than $140 billion. KeyBank has more than 1,100 branches in 15 states. It operates several dozen branches in Central New York.
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