Managers say Florida Retirement System doing well
Despite forecasts of looming trouble in government-employee pensions, and a sluggish national economy, managers of the state's investments got an encouraging report Thursday on the Florida Retirement System's investments. Ash Williams, director of the State Board of Administration, said the fund's assets have a net value of $126.7 billion. That's up by about $17 billion for the fiscal year and about $1 billion ahead of SBA benchmark earnings projections. Gov. Rick Scott, Attorney General Pam Bondi and Chief Financial Officer Jeff Atwater, the SBA governing board, heard presentations from several consultants and outside advisers on the state's investments. They recommended a stay-the-course posture on investment strategies and diversification of investments. [Source: Florida Today]
Combining travel with charity can earn you a big tax break
Want to take a meaningful summer vacation and save money at the same time? Consider a trip to help a favorite cause. Doing so can also net you a federal tax deduction to save hundreds, if not thousands, of dollars.
That's what Lacy Betton and Jephte "Jeff" Garcia are doing. The South Floridians are taking a 12,000-mile motorcycle trip this month from Key West to Alaska to raise money for the Armed Forces Relief Trust, AGAPE, Miami Rescue Mission, South Florida SPCA and United Breast Cancer Foundation. They will earn thousands of dollars in tax deductions — cutting the cost of their trip by about a quarter.
"We are two crazy, bald-headed guys going on an expedition to the Arctic for a good cause,'' said Betton, 64, a retired Navy officer who is military analyst at Southcom in Doral.
[Source: South Florida Sun-Sentinel]
Two Florida non-profits make housing for poor and disabled
After 25 years with Regions Bank, most recently as Panama City bank president, Rick Dye took a buyout in 2009 and has transitioned from bank president to social entrepreneur. With the help of volunteers and two non-profits he established — Faithworks Interfaith Ministries Network and Restore North Florida — he's turning the 19 stone cottages of Pensacola's 70-year-old Town & Country Motel into affordable housing for the poor and disabled. "We're looking for other motels to convert," he says. Continue reading Faithworks business profile.
Judge dismisses batch of oil spill court claims
A federal judge on Thursday dismissed a batch of court claims that accused BP and other companies sued over the massive Gulf oil spill of violating the Clean Water Act and other environmental laws.
 Florida Trend spotlights research and innovation in Florida, including: » The Numbers a by-the-numbers look at venture capital, grants and patents Also, read Virtual Reality Check, about the University of Central Florida's leading-edge experiments in simulation and training. |
Medicaid-to-managed-care proposals get hearing
Dozens of advocates for the elderly, people with long-term illnesses and small businesses weighed in Thursday on plans to put most of the state's Medicaid recipients into managed care programs.
"I see it as an issue with jobs," said Dan Fucarino, owner of the Carrollwood Pharmacy at a public hearing at the Florida Department of Transportation office in Tampa.
Now, he said, most prescriptions for Medicaid patients in Florida are filled by independent pharmacies like his. He cautioned against a managed care program that would require mail-order prescriptions or purchases at major-chain pharmacies, which would hurt small businesses.
"It's wrong for the state of Florida," Fucarino said.
[Source: Times/Herald]
ALSO AROUND FLORIDA:
› German energy group sees potential in Pinellas
A German-based renewable energy group is looking to build the first major solar electricity farm in Pinellas County and bring as many as 160 solar manufacturing jobs to St. Petersburg.
The group of about 10 German business people have scheduled a three-day visit June 27-29 to Pinellas County to meet with Progress Energy, business leaders and city and Pinellas County officials.
"This is a real, financially backed manufacturer that has the ability to open up a factory here," said St. Petersburg City Council member Karl Nurse.
› Gulfstream Park has fifth CEO leave in six years
Gulfstream president and general manager Steve Calabro has resigned, continuing the high turnover rate for top management of the Hallandale Beach horse track and casino.
Calabro is the fifth president/GM to leave Gulfstream Park Racing & Casino in the past six years.
Frank Stronach bought Gulfstream in 1999, hiring Scott Savin, who ran Gulfstream until May 2006. (Savin, who grew up a horse guy, is now at Magic City Casino. Looking back, Savin's six years under Stronach seems pretty remarkable.)
Then came Paul Micucci, then Bill Murphy took over in January 2007, only to leave in October 2009. Ken Dunn took over Nov. 1, then left May 28, 2010.
› Adapt of perish in Palm Beach County
Tony Libertson opened Abe's Frozen Yogurt in Royal Palm Beach last month. He thinks the timing is right for the trendy self-serve product that's 46 cents an ounce.
"It's an inexpensive treat," Libertson said of his independent shop. New businesses are doing what other businesses are doing to survive: adapting to the tough economy. Each aspect, from marketing to location to pricing, is more crucial than ever. Customers are looking for that good deal.
Yet, the National Federation of Independent Business said this week that for the third consecutive month, small business optimism dipped a little lower, based on 733 randomly sampled small businesses in its membership. One in four businesses reported weak sales as the top business problem.
› Taco Bus building on success
Too often, the meal options at music venues and festivals lack substance. You know the stuff — bad combinations of fried dough and single-serving condiments, all for ridiculously inflated prices.
Last weekend at the Bonnaroo Music & Arts Festival, however, a Tampa Bay restaurateur took a big leap to change the mind-set.
And it came as owner Rene Valenzuela prepares to expand the hours of his wildly popular St. Petersburg location. Beginning next month, Valenzuela will operate the St. Pete Taco Bus, 2324 Central Ave., into the wee hours Thursday through Sunday. Currently, the location is open from 11 a.m. to 9 p.m.
Valenzuela said the new hours haven't been set but will more closely resemble those of the Tampa location, which is open 24 hours.
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› New owner, big plans for historic Merrill Stevens
Merrill Stevens Dry Dock has a new owner with ambitious plans to renovate the facility that has been a mainstay on the Miami River since the 1920s.
David Marlow, Chairman of Marlow Yachts of Palmetto, Florida, paid $6.6 million to acquire the real estate, the equipment and the name from Coconut Grove Bank, which took title to the property in a foreclosure action completed in early 2011, said Horacio Stuart Aguirre, the broker with Dixon Commercial Real Estate, who handled the sale.
The landmark boatyard, which serviced the mega-yachts of the likes of Malcolm Forbes and Ivana Trump, struggled during the recession as even the wealthy put their luxury lifestyle on hold.
› UF receives $1.25 million to advance clinical research and personalized medicine
The University of Florida Clinical and Translational Science Institute has received three grants totaling $1.25 million from the National Institutes of Health to support research that will expand opportunities to conduct community-based clinical research in Florida, offer personalized medicine to patients and improve clinical trial design. The three projects involve teams of researchers from multiple colleges at UF as well as other universities, including Florida State University.
"Our efforts during the CTSI's first two years to transform the university's ability to conduct translational research have created fertile ground for new opportunities and partnerships," said Dr. David Nelson, director of the UF CTSI. "These funds allow us to bring new resources and collaborators to our goal of translating research into improved health for patients in Florida and beyond."
› Raytheon settlement far from original total sought
Three years after filing a lawsuit against the Raytheon Co. for polluting a St. Petersburg neighborhood, attorneys have agreed to a settlement in which most homeowners will get $2,500 each.
If all those entitled to the settlement collect their money, the cost would amount to about $900,000 — far short of the hundreds of millions that the homeowners' attorneys originally estimated.
U.S. District Judge Virginia Hernandez Covington agreed to accept the agreement during a hearing today.
Hundreds of homeowners said they didn't know pollution was spreading under their properties before it was revealed in an April 2008 report by News Channel 8.
› Nonprofit Hands On Miami to suspend operations
The nonprofit group Hands On Miami announced that it will suspend operations at the end of the month.
According to an email addressed to volunteers, the reason is declining financial support from agencies on which it had relied.
United Way discontinued its support in March 2010, the email said. Local governments, foundations and corporate partners, all grappling with budget woes, also reduced or eliminated contributions, the message said.
The announcement came two years after two former employees pleaded guilty to embezzling about $18,000 from the agency.
› Petite Boutiques fulfills small business dreams
For many years, Angie Robbins' dream has been to open her own clothing store. But for Robbins, a server at Bob Evans in Viera, raising the capital necessary to launch her own business has made it impossible.
"I looked into the overhead, and I just couldn't afford it," Robbins said.
A new plan for a longtime retail presence on the edge of downtown Melbourne is making Robbins dream come true.
Called Petite Boutiques, the operation will be based at the former Christmas Cottage on East New Haven Avenue and allow would-be business owners like Robbins' the chance to set up shop at a lower cost than renting a storefront.
› Miami Dolphins Dan Thomas' name used to promote porn star party
Miami Dolphins rookie running back Daniel Thomas expressed disappointment on Wednesday after he claimed his name was used without his permission to promote a Miami Beach club party that featured porn stars.
Thomas' name, along with eight other NFL players, appeared on a flier promoting a May 20 party at Club Play in Miami Beach. The flier dubbed the event a "porn star exxxtravaganza [sic]" and pictured five scantily clad women presumed to be adult-film actresses. The flier claimed the event was to be "hosted by NFL stars [and] 2011 draftees," including Thomas.
News reports of the alleged party — and the NFL's investigation into it — surfaced on Wednesday. Thomas released a statement later on Wednesday afternoon saying his name had been used without his permission.
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