PROVIDENCE – Federal tax payments are unlikely to equal federal spending in Rhode Island in the near future, according to a report released last week by the R.I. Public Expenditure Council.
In fiscal year 1994, the federal government spent $1.11 in Rhode Island for every $1 Rhode Islanders sent to Washington, according to the Tax Foundation; in fiscal 2004, the latest national data available, federal spending had dropped to $1.02.
Beyond Cash Donations: How New Forms of Giving Are Transforming Not-for-Profit Accounting
Evolving Funding Landscape for Not-for-Profits Not-for-profit organizations are being asked to do more with less,…
Learn More
In fiscal 1994, Rhode Island ranked 21st in the nation in federal spending per dollar of federal taxes paid by its citizens, in 2004 Rhode Island’s position dropped 10 places, the report said.
In fiscal 2004, Rhode Island’s per capita federal tax burden of $6,557 was the 15th highest in the country.
Also in fiscal 2004, federal per capita expenditures in Rhode Island of $7,675 ranked 20th highest in the nation – 5 percent above the national average of $7,311.
Federal aid represents the largest source of Rhode Island’s revenue, the report said.
Mass. home sales slide in Feb.; condo sales up
WALTHAM, Mass. – Sales of detached single-family homes declined for a fifth consecutive month in Massachusetts in February as rising mortgage rates and higher energy prices limited buyers’ purchasing power, the Massachusetts Association of Realtors said late last month.
Across the state, 2,254 homes were sold in February, down 1.7 percent from the same month last year. The more moderate sales mirror the 2,255 homes sold in February 2003, further indicating the housing market is returning to normal after two years of record growth, the association said.
Condominium sales remain strong, however, setting a February sales record, increasing 3.1 percent from 1,133 units sold in February 2005 to 1,168 this past February. It’s the 25th consecutive month condo sales have risen over the comparable month a year earlier.
R.I. unemployment rate edges up, but jobs added
CRANSTON – Rhode Island’s seasonally adjusted unemployment rate for February was 5.1 percent, up from January’s 4.7 percent, the R.I. Department of Labor and Training announced late last month. The number of unemployed Rhode Island residents increased by 1,800 over the month to 29,000 in February.
A year ago, the state’s jobless level was 28,300 and unemployment was at 5 percent.
The state’s job count was up 2,100 this February, the largest over-the-month increase since May 2004, the Labor Department said. The February job total was 492,900, and the largest employment gain was in educational and health services with 1,100 jobs added.
Nationally, the unemployment rate for February was 4.8 percent.
Sovereign to add ATMs in regional CVS stores
PHILADELPHIA – Sovereign Bank announced an agreement last week that will enable the company to brand nearly 900 ATMs in CVS/pharmacy stores across the Northeast, including Rhode Island, Massachusetts, northern Connecticut, New Hampshire, eastern Pennsylvania and southern New Jersey.
Sovereign entered into the agreement with Cardtronics Inc., a Houston-based owner and operator of ATMs with a nationwide network of more than 26,000 locations.
The Sovereign installations will be completed over the next few months. The bank will also have the chance to brand ATMs at any new CVS stores in the same footprint. All the ATMs in CVS stores will be surcharge-free to Sovereign customers.
The Washington Trust Co. has a similar arrangement with Brooks Pharmacy, with ATMs in 48 Brooks stores in Rhode Island and several in Massachusetts since 2004.
Warwick Mall owner acquires Macy’s store
WARWICK – Warwick Mall LLC, owner of the Warwick Mall, has acquired the Macy’s store at the shopping center from Federated Department Stores Inc., company officials announced last week.
The 309,000-square-foot Macy’s at Warwick Mall, opened in 1970, is considered a duplicate location that Federated previously announced for divestiture as a result of its acquisition of The May Department Stores Co. The current Filene’s store in Warwick Mall will convert to Macy’s this spring, following completion of a clearance sale. Warwick Mall LLC said it’s working on redevelopment plans for the Macy’s building, and it will make an announcement once those plans are finalized.
The sale transaction is expected to be completed in the second quarter. Terms of the sale were not disclosed.
State kicks off summer jobs program for teens
WARWICK – At a kick-off event last month for the Yes-2-Work Summer Jobs Program, Gov. Donald L. Carcieri spoke about the importance of private-sector support in training the state’s future work force. Carcieri and the Governor’s Workforce Board of Rhode Island hosted a breakfast for more than 30 of the state’s top employers as well as members of local Chambers of commerce.
This is the first year of the summer jobs program, which is modeled after programs in Boston, New York City and at Lifespan. The goal of the program is to recruit young people ages 16 to 19 to work with employers, who provide them with training and mentoring opportunities.
Employers who are interested in participating in the summer jobs program can e-mail dmiller@dlt.state.ri.us. or call 462-8727.
Textron rating reduced by Credit Suisse analyst
PROVIDENCE – Textron Inc., the world’s biggest maker of business jets through its Cessna unit, was downgraded by Credit Suisse First Boston as the stock has more than doubled since analyst Nicole Parent recommended investors buy shares.
Parent cut her rating on Providence-based Textron to “neutral” from “outperform” and raised her 12-month price target to $98 a share from $94.
“With the stock up 23 percent year-to-date and up more than 100 percent since we first recommended the shares in 2003, we cannot advise investors to put new money into the stock,” Parent wrote in a report last week. (Bloomberg News)
