Logan-based Cache Valley Bank will acquire eight AmericanWest Bank branches in central and southern Utah, with the transaction expected to be completed in the third fiscal quarter of this year.
The banks have entered into a definitive agreement, and the acquisition is subject to regulatory approval and all other customary conditions of closing. The branches included are Price, Fairview, Mt. Pleasant, Nephi, Loa, St. George and two in Ephraim.
The sale will also allow AmericanWest Bank to reshape its service area in Utah, focusing on serving the communities along the Interstate 15 corridor from North Salt Lake to Utah County, according to a joint news release. Herald Journal
Showing posts with label Finance. Show all posts
Showing posts with label Finance. Show all posts
Monday, June 17, 2013
Thursday, January 31, 2013
Olene Walker Housing Loan Fund Board Approves Funding for 497 Affordable Housing Units in Utah
The Olene Walker Housing Loan Fund Board approved $6,933,092 in low interest loans for housing projects throughout the state of Utah during a funding meeting held here on January 24.
Salt Lake County will be home to many of the approved projects, other projects will be constructed in Grand and Weber Counties. Department of Workforce Services
Salt Lake County will be home to many of the approved projects, other projects will be constructed in Grand and Weber Counties. Department of Workforce Services
Thursday, December 6, 2012
County Proposes Hold-the-line Budget for 2013
The Grand County Council has approved a tentative 2013 budget that does not increase property taxes or add new employees.
The council voted 4-0 on Monday, Nov. 26, for a tentative $20 million operating budget – roughly the same amount as the current year, said Grand County Clerk and Auditor Diana Carroll.
The only growth in next year’s proposed budget is an additional $760,384 anticipated from the Transient Room Tax, which is scheduled to increase from 3 percent to 4.25 percent starting Jan. 1, 2013.
Council members decided Monday to add $55,274 to the Moab Area Travel Council budget and $50,000 to trail maintenance from that TRT revenue. To make up for those additions, they reduced the amount that law enforcement will receive by $905,332.
Besides holding the line against a property tax increase next year, the proposed budget does not call for a cost-of-living increase for county employees. Carroll said some workers who had been receiving lower salaries than their counterparts elsewhere in the state will receive a small boost in salary – an action the council previously approved.
The new budget would also not contain funding for a Grand County Sheriff’s Office communications director. The office sought that position, saying a reduction in overtime would pay for the position.
One noteworthy item in the proposed budget involves funding for the Grand County Road Department, Carroll said. About $126,000 was taken from the general fund this year to pay for a road grader, and that cost will be made up through a reduced roads budget next year, under the 2013 budget plan. Moab Times-Independent
The council voted 4-0 on Monday, Nov. 26, for a tentative $20 million operating budget – roughly the same amount as the current year, said Grand County Clerk and Auditor Diana Carroll.
The only growth in next year’s proposed budget is an additional $760,384 anticipated from the Transient Room Tax, which is scheduled to increase from 3 percent to 4.25 percent starting Jan. 1, 2013.
Council members decided Monday to add $55,274 to the Moab Area Travel Council budget and $50,000 to trail maintenance from that TRT revenue. To make up for those additions, they reduced the amount that law enforcement will receive by $905,332.
Besides holding the line against a property tax increase next year, the proposed budget does not call for a cost-of-living increase for county employees. Carroll said some workers who had been receiving lower salaries than their counterparts elsewhere in the state will receive a small boost in salary – an action the council previously approved.
The new budget would also not contain funding for a Grand County Sheriff’s Office communications director. The office sought that position, saying a reduction in overtime would pay for the position.
One noteworthy item in the proposed budget involves funding for the Grand County Road Department, Carroll said. About $126,000 was taken from the general fund this year to pay for a road grader, and that cost will be made up through a reduced roads budget next year, under the 2013 budget plan. Moab Times-Independent
Friday, October 5, 2012
Hospital officials ask county for $277,000 in Medicaid ‘seed’ money
Moab Regional Hospital officials have formally asked the Grand County Council to assist them with the hospital’s financial woes by providing “seed money” to help MRH receive at least $840,000 in supplemental Medicaid payments for the current year.
When Moab Valley Healthcare, Inc., a non-profit organization, took over ownership of Allen Memorial in 1995, the hospital was grandfathered into the DSH fund, even though it was no longer district owned, because it was still located in the same building. Because Moab Regional Hospital is in a new location and not owned by or affiliated with any governmental entity, state Medicaid officials determined that the facility was no longer eligible for participation in the supplemental DSH program.
The hospital subsequently challenged the disqualification, and officials were able to work out a compromise that would allow them to continue to participate, on the condition that a governmental entity agrees to sponsor or support the hospital by paying approximately 30 percent of the total DSH payments being applied for as up-front “seed” money. For 2012, the amount of seed money needed is approximately $277,000.
When Moab Valley Healthcare, Inc., a non-profit organization, took over ownership of Allen Memorial in 1995, the hospital was grandfathered into the DSH fund, even though it was no longer district owned, because it was still located in the same building. Because Moab Regional Hospital is in a new location and not owned by or affiliated with any governmental entity, state Medicaid officials determined that the facility was no longer eligible for participation in the supplemental DSH program.
The hospital subsequently challenged the disqualification, and officials were able to work out a compromise that would allow them to continue to participate, on the condition that a governmental entity agrees to sponsor or support the hospital by paying approximately 30 percent of the total DSH payments being applied for as up-front “seed” money. For 2012, the amount of seed money needed is approximately $277,000.
In May, the new hospital discovered that some $1 million in cash reserves were depleted to the point that officials were forced to choose between paying employees or paying the facility’s mortgage. The choice to pay employees meant that the mortgage payment was late, prompting the U.S. Department of Housing and Urban Development (HUD) to get involved. HUD provides the insurance on the hospital’s mortgage loan with U.S. Bank, Barraclough told The Times-Independent last month.
The sales tax issue could be placed on the June 2013 ballot if the Grand County Council approves the measure. MoabTimes-Independent
Tuesday, August 28, 2012
Energy Fuels buys out uranium mine partner in Utah
It’s been a busy summer for Energy Fuels, the company that hopes to build a new uranium mill in the Paradox Valley.
The Toronto-based company this summer became the nation’s largest uranium producer through the acquisition of all of Denison Mines’ U.S. operations, which included a handful of uranium mines as well the White Mesa Mill in Blanding, Utah. Now, the company has a letter of agreement to buy out its partner — Australian-based Aldershot — from the Sage Plain properties, 15 miles northeast of Monticello, Utah. The move would make Energy Fuels the sole owner of Sage Plain properties. Telluride Daily Planet
The Toronto-based company this summer became the nation’s largest uranium producer through the acquisition of all of Denison Mines’ U.S. operations, which included a handful of uranium mines as well the White Mesa Mill in Blanding, Utah. Now, the company has a letter of agreement to buy out its partner — Australian-based Aldershot — from the Sage Plain properties, 15 miles northeast of Monticello, Utah. The move would make Energy Fuels the sole owner of Sage Plain properties. Telluride Daily Planet
Wednesday, July 11, 2012
Health Care Board sets tax, reviews year-to-date report
The San Juan Health District Board welcomed a new member, Guy Denton, to represent the Blanding area, at their June 28 board meeting. Denton said, “Health care has been an important part of my life the last 15 years and I am glad to be able to be involved. “
The Board unanimously voted to continue the county trend of “revenue neutral” by adopting a tax rate lower than the certified tax rate. The previous year’s rate for the health district was .000972 and the new approved rate is .000946.
Chief Financial Officer Lyman Duncan reported that overall patient days at San Juan Hospital dropped to 94 in May, which is the lowest for the year. He also reported that for the year, 2012 has 207 more bed days as compared to last year. San Juan Record
The Board unanimously voted to continue the county trend of “revenue neutral” by adopting a tax rate lower than the certified tax rate. The previous year’s rate for the health district was .000972 and the new approved rate is .000946.
Chief Financial Officer Lyman Duncan reported that overall patient days at San Juan Hospital dropped to 94 in May, which is the lowest for the year. He also reported that for the year, 2012 has 207 more bed days as compared to last year. San Juan Record
Monday, July 2, 2012
Incentives provide boost to Utah's film industry
"As the economy goes, so goes the film industry," said Utah Film Commission Director Marshall Moore. The state's "sweet spot" is typically independent films, cable and network television, with the occasional blockbuster like the "Lone Ranger" shooting here.
The film is just the latest to take advantage of a decision to provide monetary incentives to those who choose to do business in Utah. "It's where we've been making our living for the last few years," Moore said.
The film commission offers up to 25 percent in post-performance incentives — essentially a rebate — to production companies for shooting in the Beehive State. And it seems to be working. Deseret News
Tuesday, May 8, 2012
Study: States rely on river visits for revenue
Businesses that earn money from recreation and tourism along the Colorado River support nearly a quarter of a million jobs in six Western states and produce $26 billion in value to the regional economy, a new study concluded.
The loss of those businesses to dwindling river flows could cost the states billions of dollars in tax revenue and throw thousands of people out of work, according to the study, released Friday by Protect the Flows, a coalition of small businesses along the 1,450-mile river.
The study's goal is to highlight the importance of preserving steady flows in the Colorado and its tributaries, even as demand in the West diverts an increasing amount of water out of the rivers and into reservoirs and pipelines.
Protect the Flows hired Southwick Associates, an economic-research firm, to try to determine the value of recreation and tourism on the river. Southwick surveyed hundreds of people in six states where the river produced direct business value: Arizona, Nevada, Utah, Wyoming, Colorado and New Mexico. Although California uses water from the Colorado, it generates little revenue directly along the river.
Those surveys revealed that nearly four in 10 of those questioned had participated in a recreational activity on the Colorado or one of its tributary rivers. With that information, Southwick used economic models to estimate the effect on businesses that provide direct services, such as river-rafting outfitters or boat-rental companies, and those that benefit in other ways, such as hotels and restaurants. 12 News (AZ)
The loss of those businesses to dwindling river flows could cost the states billions of dollars in tax revenue and throw thousands of people out of work, according to the study, released Friday by Protect the Flows, a coalition of small businesses along the 1,450-mile river.
The study's goal is to highlight the importance of preserving steady flows in the Colorado and its tributaries, even as demand in the West diverts an increasing amount of water out of the rivers and into reservoirs and pipelines.
Protect the Flows hired Southwick Associates, an economic-research firm, to try to determine the value of recreation and tourism on the river. Southwick surveyed hundreds of people in six states where the river produced direct business value: Arizona, Nevada, Utah, Wyoming, Colorado and New Mexico. Although California uses water from the Colorado, it generates little revenue directly along the river.
Those surveys revealed that nearly four in 10 of those questioned had participated in a recreational activity on the Colorado or one of its tributary rivers. With that information, Southwick used economic models to estimate the effect on businesses that provide direct services, such as river-rafting outfitters or boat-rental companies, and those that benefit in other ways, such as hotels and restaurants. 12 News (AZ)
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