Brown & Brown Insurance to pay Q3 dividend in mid-August

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Brown & Brown, Inc. (NYSE: BRO), the Florida–based parent of Syracuse–based Brown & Brown Empire State, recently announced that its board of directors has declared a regular quarterly cash dividend of 10.25 cents per share for the third quarter. The dividend is payable on Aug. 17 to shareholders of record on Aug. 10, the insurance […]

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New York egg production rises more than 3 percent

Energy, Environment & Sustainability, Manufacturing & Engineering, Small Business, Subscriber Only

New York farms produced 145.9 million eggs in June, up 3.2 percent from 141.4 million eggs in the year-prior period, the USDA’s National Agricultural Statistics Service (NASS) recently reported. The number of layers in the Empire State averaged 5.78 million in June, down slightly from nearly 5.8 million in the same month in 2021. June egg

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CNY closed home sales dip nearly 9 percent in June, pending sales fall more than 33 percent

Construction, Design & Real Estate, Regional News, Small Business, Sports, Entertainment & Tourism, Subscriber Only

SYRACUSE, N.Y. — Realtors in a six-county region of Central New York closed on the sale of 783 homes in June, down 8.5 percent from the 856 homes they sold in the year-prior month. That’s according to the latest housing-market report released by the Greater Syracuse Association of Realtors (GSAR) on July 20. However, pending

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Project to redevelop ShoppingTown Mall can proceed after contract signing

Construction, Design & Real Estate, Sports, Entertainment & Tourism, Subscriber Only

DeWITT, N.Y. — Onondaga County and the development group involved have signed a contract allowing the redevelopment of ShoppingTown Mall at 3649 Erie Blvd East in DeWitt to move forward. The county’s July 20 announcement about the contract came almost a year to the day of the initial announcement about the project in July 2021.

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DeWITT, N.Y. — Onondaga County and the development group involved have signed a contract allowing the redevelopment of ShoppingTown Mall at 3649 Erie Blvd East in DeWitt to move forward.

The county’s July 20 announcement about the contract came almost a year to the day of the initial announcement about the project in July 2021.

Under the contract, Onondaga County Executive Ryan McMahon said the developer, OHB Redev LLC, will pay the county $8 million for the property as well as a study and closing period. The site has sat “largely vacant, dormant and abandoned for nearly a decade,” per the county’s announcement.

The study and closing period will “ensure that a thoughtful and comprehensive” development plan, with “full transparency and comment” from local residents and authorities, moves forward. It’ll move through the Onondaga County Industrial Development Agency (OCIDA); the Town of DeWitt and county permits; as well as a phased redevelopment of the site, Onondaga County said.

The contract also includes a condition precedent to closing that would secure title to the adjacent former Sears and Macy’s stores.

OHB Redev LLC is a joint venture that includes Redev CNY; Hueber-Breuer Construction Co. Inc.; DalPos Architects; and Housing Visions. The selection of OHB Redev LLC followed a “competitive process,” Onondaga County said in its July 2021 announcement about the project. Besides the $8 million purchase, OHB Redev LLC will invest at least $300 million into the site over the course of a “several year redevelopment.”

McMahon called July 20 an “exciting day” for the community with plans to move forward with redevelopment of the former ShoppingTown Mall site.

“My administration promised that we would make it a priority to protect the taxpayers of Onondaga County no matter who redevelops this site and the contract negotiated and executed with OHB Redev does just that,” McMahon said. “Just as important, OHB Redev is a joint-venture firm between three of Central New York’s most prevalent development companies with documented knowledge, experience and expertise in construction and redevelopment as well as an impressive and successful record with local construction and redevelopment right here in Central New York. I thank them for the partnership and look forward to seeing this long vacant property turned into a productive and vibrant destination for our community and region.”

The redeveloped site will be called District East and is expected to include a “significant” residential component; a modern movie theater; premium grocer; specialty retail; and will include services like doctors and medical offices. The project will also include new sidewalks, bike paths, walking trails, and large park and green space that will serve as a “spearhead to the recently enhanced” Empire State Trail, Onondaga County noted.

“Throughout the past 10 months we have engaged some of the most capable and creative designers and consultants to help us craft the vision for this unique project,” OHB Redev’s Ryan Benz said. “Our plans call for the wholesale demolition of the majority of the existing mall, to make way for a vibrant, pedestrian-friendly community. We’re anxious to get to work. It is an exciting time for the Town of DeWitt and for the region.”

Chemung Canal Trust adds account for the underserved

Banks & Credit Unions, Insurance & Financial Services, New York News, Regional News, Subscriber Only

ELMIRA, N.Y. — Chemung Canal Trust Company recently added a new checking product aimed at people who don’t currently utilize a bank or credit union. Referred to as “unbanked” or “underbanked,” these people do not use a financial institution for a variety of reasons, says Scott Heffner, senior VP and director of marketing at Chemung

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ELMIRA, N.Y. — Chemung Canal Trust Company recently added a new checking product aimed at people who don’t currently utilize a bank or credit union.

Referred to as “unbanked” or “underbanked,” these people do not use a financial institution for a variety of reasons, says Scott Heffner, senior VP and director of marketing at Chemung Canal Trust.

“Twelve million adults are completely unbanked,” he says.

Some people have had previous bad banking experiences that make them wary or may think they don’t have enough to meet minimum-balance requirements for having an account, Heffner notes. Those people often resort to alternatives such as money orders or check-cashing services when needed, often at a price. “That doesn’t get people ahead,” he contends.

Chemung’s new BankOn checking account, launched in late June, provides an alternative to those services and a means for people to establish an account that doesn’t charge monthly fees or overdraft or nonsufficient fund fees. The debit-focused account gives customers a debit card and the ability to pay bills and make purchases.

On top of that, the account is officially certified by the Cities for Financial Empowerment Fund (CFEF) as meeting its Bank On National Account Standards. That means Chemung’s BankOn product meets more than 25 requirements for safe and affordable consumer transaction accounts. Along with the lack of fees, other requirements include a low-minimum opening deposit of $25 or less, a debit card, branch access, telephone banking, ATM access, bill-pay services, check cashing, online banking, free electronic monthly statements, and insured account deposits. Additional recommended features include making funds immediately available from the government or payroll, charging $1.70 or less for money orders, linking to free savings accounts, and offering credit-building products.

Bank On is a platform offered by the CFEF. Banks still need to develop their own product built around the Bank On standards.

According to CFEF, on top of the 12 million adults who don’t have a checking or savings account, another 24 million adults are underbanked, meaning they use some fringe financial services. Nearly 34 percent of the unbanked and 45 percent of the underbanked households earn less than $30,000 per year. Nationally, 48 percent of Black households and 42 percent of Hispanic households are unbanked or underbanked, compared to less than 14 percent of White households.

Having a basic transaction account is the first step in establishing a mainstream banking relationship, according to CFEF. The unbanked and underbanked lose out on cost savings and the stabilizing benefits of having a bank account. On average, the unbanked spend about 5 percent of their net income on fees for alternative financial services. They may find it difficult to save money easily or automatically, can be at risk of crime without a safe place to deposit their money, and may find it harder to reach goals like reducing debt or improving credit scores.

That’s where Chemung’s BankOn account can help. It’s meant to make banking accessible to all people, Heffner says. “It gives them a chance to restart, to reboot, and to do it in a safe way.”

For Chemung Canal Trust, it’s also an opportunity for the bank to better serve the communities in which it does business. “We’ve been really focused here at the bank on how we can help, environmentally and socially, in the communities we serve,” Heffner notes.

Currently, Chemung Canal Trust offers the BankOn checking at all branches, and Heffner says the bank hopes to soon offer it online as well.

Chemung Canal Trust is working with area nonprofits to help spread the word about the account. “We’re always happy to go in and talk to people,” Heffner says. Feedback on the new account has been positive so far, he adds.

Headquartered in Elmira, the bank’s parent company is Chemung Financial Corp. (NASDAQ: CHMG), a $2.5 billion financial services holding company. Chemung Canal Trust has 31 branches across New York and in northern Pennsylvania. Chemung Financial also operates CFS Group, a financial-services subsidiary, and the Chemung Risk Management, Inc. insurance company.

N.Y. manufacturing index back in positive territory in July

Banks & Credit Unions, Employee Benefits & Human Resources, Manufacturing & Engineering, Small Business, Subscriber Only

But manufacturers are pessimistic about next six months The Empire State Manufacturing Survey’s benchmark general business-conditions index climbed 12 points in July to 11.1. The general business-conditions index — the monthly gauge of current conditions in New York’s manufacturing sector —

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But manufacturers are pessimistic about next six months

The Empire State Manufacturing Survey’s benchmark general business-conditions index climbed 12 points in July to 11.1.

The general business-conditions index — the monthly gauge of current conditions in New York’s manufacturing sector — also had risen 10 points in June to just miss positive territory at -1.2. The last two months of gains followed a 36-point plunge in the index in May

The July reading — based on firms responding to the survey — indicates business activity “increased modestly” in New York, the Federal Reserve Bank of New York said in its July 15 report.

A positive index number indicates expansion or growth in manufacturing activity, while a negative reading points to a decline in the sector.

The 11.1-point figure is derived from the survey finding that 34 percent of respondents reported that conditions had improved over the last month, while 23 percent said that conditions had worsened, the New York Fed said.

Survey details

Perhaps overshadowing the positive current general business-conditions numbers was the survey’s finding that the state’s manufacturers have become much more pessimistic about the next six months.

The New York Fed found manufacturing firms expect activity to decline over the next six months, a sentiment only expressed three other times in the survey’s two-decade long history.

The index for future business conditions plunged 20 points to -6.2. Orders are not expected to increase, and shipments are expected to be only slightly higher.

Respondents expect delivery times and unfilled orders to decline over the next half-year and expected price increases were lower than in recent months.

As for the current month’s results, the new-orders index was little changed at 6.2, pointing to a “small increase” in orders, while the shipments index surged to 25.3, indicating “strong growth” in shipments, the New York Fed said.

The unfilled-orders index held steady at -5.2, indicating that unfilled orders contracted for a second consecutive month.

The delivery-times index fell for a third consecutive month, declining 6 points to 8.7, suggesting that delivery times lengthened, though at the slowest pace in over a year.

The inventories index was little changed at 14.8, signaling that inventories expanded.

The index for number of employees held steady at 18, pointing to a “solid increase” in employment, and the average-workweek index came in at 4.3, indicating a slight increase in hours worked.

They remained elevated, but price indexes moved “notably lower,” indicating a deceleration in price increases. The prices-paid index fell 14 points to 64.3, and the prices-received index moved down 12 points to 31.3.

The capital-spending and technology-spending indexes also fell, but remained positive, the New York Fed said.

The Federal Reserve Bank of New York distributes the Empire State Manufacturing Survey on the first day of each month to the same pool of about 200 manufacturing executives in New York. On average, about 100 executives return responses.

Loretto’s Lyon named New Administrator of the Year for Central New York

Employee Benefits & Human Resources, Health Care, Nonprofits, People on the Move, Subscriber Only

SYRACUSE, N.Y. — Courtney Lyon, administrator for Loretto Health & Rehabilitation, recently received the New Administrator of the Year award for Central New York from the American College of Health Care Administrators, New York Chapter. Lyon was promoted to administrator at Loretto in 2020. After two of the most challenging years imaginable in health care

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New York home sales fell in June

Construction, Design & Real Estate, New York News, Small Business, Sports, Entertainment & Tourism, Subscriber Only

ALBANY, N.Y. — New York realtors sold 12,520 previously owned homes in June, down 8.6 percent from the 13,693 homes they sold in the year-ago month, as tight inventory and rising prices and mortgage rates took a toll. That’s according to the New York State Association of Realtors (NYSAR) June housing-market report issued on July

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That’s according to the New York State Association of Realtors (NYSAR) June housing-market report issued on July 20.

“A prolonged lack of homes on the market across the Empire State, combined with high prices and escalating mortgage rates continue to slow the New York housing market,” NYSAR said to open its report.

The association cited data from Freddie Mac indicating that the monthly average on a 30-year fixed-rate mortgage rose from 5.23 percent in May to 5.52 percent in June. This is highest the monthly average commitment rate has been since November 2008, when it stood at 6.09 percent. Freddie Mac is the more common way of referring to the Virginia–based Federal Home Loan Mortgage Corporation.

Pending home sales (houses under contract) in New York totaled 14,326 in June, a decrease of 6.5 percent from the 15,321 pending sales in the same month in 2021, according to the NYSAR data. This points to probable further declines in closed home sales in the next couple of months.

The months’ supply of homes for sale at the end of June stood at 3.1 months, down more than 6 percent from 3.3 months in June 2021, per NYSAR’s report. A 6 month to 6.5-month supply is considered to be a balanced market, the association noted.

The number of homes for sale in New York state totaled 38,965 in June, a decline of more than 14 percent from the year-prior period.

Amid that tight supply of homes, prices continued to soar in the Empire State. The June 2022 statewide median sales price was nearly $429,000, up more than 13 percent from the June 2021 median sales price of $379,000.

All home-sales data is compiled from multiple-listing services in New York state, and it includes townhomes and condominiums in addition to existing single-family homes, according to NYSAR.

VIEWPOINT: 4 Tips for Navigating an Uncertain Economic Climate

Business Mentors, Subscriber Only

If there is something we have learned collectively over the past two years, it is that uncertainty is somewhat inevitable. Business owners have faced unprecedented challenges, including health and wellness concerns, government-compliance issues, labor challenges, and a wildly unpredictable economy. From a good-news perspective, there are signs that aspects of our lives are progressing to

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This begs the question: what actions should be taken by business owners with conditions as unsettled as they currently stand? Perhaps starting with what we recognize are the major uncertain issues is in order.

Inflation is a major concern, according to many recent national polls seeking to better understand the national mindset. The most recent Consumer Price Index figure of a 9.1 percent increase is the highest since 1981. The effects of inflation are not only evident in fuel and food prices, but also in rent, commodities, labor, and logistics. It is the most pervasive and potentially destructive economic indicator that consumers and business owners are being forced to address.

Labor issues remain a major source of unease, especially for hospitality and service-sector businesses. Finding workers has been a significant challenge. The good news on that score is that consumer spending, up to this point, has been strong; hence the need for labor to meet consumer demand. The most recent U.S. Department of Labor reporting indicates that unemployment remains low, and the economy continues to add jobs. There are some reports beginning to emerge, however, that the trend may be changing. The number of people exiting the workforce appears to be on the rise, and with potential economic tightening, the number of available jobs may contract if consumer spending also tightens.

Supply-chain issues remain a challenge facing many small-business owners. We are continually hearing from entrepreneurs of the complications they experience as they continue to try to meet consumer needs and profitability goals when faced with the inability to acquire needed inputs for their businesses.

These are among the many complex and nuanced difficulties gnawing at the minds of the small businesses we work with every day. In some cases, it is difficult to forecast with any certainty what the next 12-24 months may look like economically. So what things should a business owner do to help mitigate the challenging times we expect to face in the near term?

1. Perform a cash-flow analysis — This is one thing most business owners never do and should. A cash-flow analysis can help evaluate the future and provide the business owner a tool to help make informed decisions. A cash-flow analysis looks at current and future spending and revenue. Done properly, it can help a business owner understand how minor changes in prices or costs can affect the flow of cash to the bottom line. Business owners can also use a cash-flow projection to perform a scenario or “what if” analysis to see what happens if they adjust labor, prices, or jettison unnecessary costs.

2. Challenge vendors — Purveyors of products or services to your business are all feeling the pinch, the same as everyone else. However, your obligation to the business is to protect your margins. Leveraging the competitive marketplace to find better terms for the products and services your business requires is simply good business.

3. Be data driven — Using data to help make decisions rather than the emotion of the moment is always a safer long-term approach to business decision-making. The temptation exists to consume news reports that portray the near future as Armageddon-like. It takes time to be an informed decision-maker. Develop a regular routine of consuming information relevant to your business and industry from multiple sources. In addition to gathering information that may affect your business, implement a frequent and consistent internal data-gathering system to monitor activity within your business. Business owners who understand how minute changes to key performance indicators (KPIs) affect business outcomes are well-positioned to make informed decisions.

4. Be proactive — The coming months are guaranteed to be riddled with challenges. It’s recommended to get the data-monitoring systems in place, from cash flow to frequent KPI reports to industry and economic-news reports. A proactive approach to preparation will give business owners the best opportunity for a calm, measured approach to effective decision-making in the months to come.

The last recommendation I would like to make is to communicate with your circle of advisors. Consult with your accountants, attorneys, trusted industry partners, or mentors, and discuss your environment and your options. Our advisors are also here to help. We can gather research, assist with developing cash-flow projections, and even help complete a full financial health analysis of your business. Our team can facilitate the process through which entrepreneurs can make informed decisions and take informed action, because information is the greatest tool to navigating uncertainty.

Learn more at www.onondagaSBDC.org

Robert Griffin is the regional director of the Small Business Development Center (SBDC) at Onondaga Community College.

Ask Rusty: Should I Apply for SS if I’m 78 & Still Working?

Business Mentors, Employee Benefits & Human Resources, Health Care, Insurance & Financial Services, Subscriber Only

Dear Rusty: I am 78, still working, have a good health-care plan, and I make a nice salary. Can I still get my Social Security (SS) check since I paid into it all these years? Signed: Still Working in my late 70s Dear Still Working: Not only can you get your Social Security check now,

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Dear Rusty: I am 78, still working, have a good health-care plan, and I make a nice salary. Can I still get my Social Security (SS) check since I paid into it all these years?

Signed: Still Working in my late 70s

Dear Still Working: Not only can you get your Social Security check now, but I recommend you apply for it as soon as possible. Regardless of your current earnings, you’ll not suffer any penalty because you are still working. That’s because you stopped being subject to the SS “earnings test” when you reached your full retirement age (FRA) of 66 a dozen years ago. Indeed, your Social Security benefit continued to grow until you reached 70 years of age, at which point it reached your maximum benefit, which is 32 percent more than your benefit would have been at age 66.

Since your benefit reached its maximum some years ago at age 70, and since working now won’t hurt your payment amount, you should claim your benefits immediately. You should also ask for six months of retroactive benefits. Although your benefit stopped growing at age 70 and you’re now 78, Social Security will only pay up to six months of retroactive benefits; thus you have lost some of your benefits by waiting until age 78 to claim.

You can apply for your benefits either by calling SS at your local office or the national Social Security service center at (800) 772-1213 to make an appointment to apply, or you can apply online at www.ssa.gov/retire. Applying online is by far the most-efficient method, but you’ll need to first create your personal “my Social Security” online account to do so (simply go to www.ssa.gov/myaccount and follow the instructions).

Since you’re still working, and assuming you have “creditable” health-care coverage from your employer, you can delay enrolling in Medicare until you stop working (“creditable” coverage is a group plan with at least 20 participants). If you haven’t yet enrolled in Medicare and you’ve had creditable health-care coverage since you were 65, you will not incur a late-enrollment penalty for enrolling in Medicare now, but you can also continue to defer enrolling in Medicare without penalty if your employer coverage is “creditable.”

I strongly encourage you to apply for your Social Security benefits as quickly as possible, because you will continue to lose money by delaying further. You will still get credit for your current earnings even after you start your Social Security benefits and, if appropriate because of your recent earnings, your benefit amount will be automatically increased. So, there is no reason to delay claiming Social Security any longer. You earned your SS benefits, you aren’t subject to a penalty because you’re still working, and you’ll continue to get credit for your current earnings while still working, so you should apply for SS right away.

Russell Gloor is a national Social Security advisor at the AMAC Foundation, the nonprofit arm of the Association of Mature American Citizens (AMAC). The 2.4 million member AMAC says it is a senior advocacy organization. Send your questions to: ssadvisor@amacfoundation.org.

Author’s note: This article is intended for information purposes only and does not represent legal or financial guidance. It presents the opinions and interpretations of the AMAC Foundation’s staff, trained and accredited by the National Social Security Association (NSSA). The NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity.

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