The Peru Gazette

Source: New SUNY Plattsburgh program to encourage area youth | Sun Community News PLATTSBURGH | The “I’ve Been Admitted to College” program will return March 31 and April 1, bringing more of the region’s eighth graders to the SUNY Plattsburgh campus as a way to in

Source: Hamilton County judge reprimanded by state judicial conduct commission | NCPR News

Dear Peru Central School Community,

The Peru Central School Board of Education announces the appointment of Mr. Scott Storms as the Peru Central School Superintendent.  Mr. Storms was appointed to the position at the April 12, 2022, regularly scheduled Board of Education Meeting at 7 PM. The Board would like to thank all members of the Peru Community that participated on the search committee and provided input during the search process.

Source: Backcountry skiers, hikers warned of avalanche risk in Adirondack High Peaks

Source: This Week on Mountain Lake Journal March 25, 2022 – Mountain Lake PBS

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Source: New York’s top court rules in favor of fantasy sports bets – syracuse.com

Source: As mobile sports wagering explodes in NY, bet on this: a spike in problem gambling – syracuse.com

Source: Local business relocates | Sun Community News PLATTSBURGH | Maui North Ski, Bike & Board first opened in 1984 and is currently owned by Corinna Maggy and her husband.

Source: Hiker was found dead in the Trap Dike, Adirondack search required dozens of rangers | NCPR News

Source: As more New Yorkers wait for trial at home, few communities are paying for services to support them

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$257,500 Average Bonus in NYC Securities Industry

The average bonus paid to employees in New York City’s securities industry for 2021 grew to $257,500, a 20% jump over the previous year’s record high, according to annual estimates released today by New York State Comptroller Thomas P. DiNapoli. The estimated bonuses paid out on Wall Street are higher than the city’s most recent 15.7% growth projection, and should help the city exceed its expected revenue from income taxes.

“Wall Street’s soaring profits continued to beat expectations in 2021 and drove record bonuses,” DiNapoli said. “But recent events are likely to drive near-term profitability and bonuses lower. Markets are turbulent as other sectors’ recovery remains sluggish and uneven, and Russia wages an inexcusable war on Ukraine’s freedom. In New York, we won’t get back to our pre-Covid economic strength until more New Yorkers and more sectors — retail, tourism, construction, the arts and others ­­— enjoy similar success.”

While the average bonus rose 20%, the total 2021 bonus pool for New York City securities industry workers increased by 21% to $45 billion during the traditional December through March bonus season, up from $37.1 billion in 2020. The 2020 bonus pool itself reflected 25% growth over the previous year, an increase that was historically unique in the wake of a pandemic-induced recession.

The securities industry continues to make up one-fifth of private sector wages in New York City, despite comprising only 5% of private sector employment. DiNapoli estimates that 1 in 9 jobs in the city are either directly or indirectly associated with the securities industry.

As a major source of revenue, DiNapoli estimates that the securities industry accounted for 18% ($14.9 billion) of state tax collections in state fiscal year (SFY) 2021 and 7% ($4.7 billion) of city tax collections in city fiscal year (CFY) 2021.

Pretax profits through the first three quarters of 2021 for the broker/dealer operations of New York Stock Exchange member firms, the traditional measure of securities industry profits, increased by 19.6% to $44.9 billion. While fourth quarter results have not yet been released, they are expected to show continued profitability, which would represent the sixth consecutive year of growth in profits since 2015. The analysis suggests profits are likely to at least reach the second-highest level on record after 2009 (which saw $61.4 billion). In 2021, the increase in profits were driven by low interest rates and a record IPO market, fueling lower interest expenses and record fees (underwriting, account supervision and investment advisory).

In 2021, employment the city’s securities industry was 180,000, 5% smaller than 2007 and 10% below its peak in 2000, and largely unchanged from the year before. While New York remains the center of the nation’s securities industry, the total share of jobs has declined from 33% in 1990 to 18% in 2021.

DiNapoli’s office releases an annual estimate of bonuses paid during the traditional December through March bonus season to securities industry employees who work in New York City. Bonuses paid by firms to their employees located outside of New York City, whether in domestic or international locations, are not included. The Comptroller’s 2021 estimate is based on personal income tax withholding trends and includes cash bonuses paid for work performed in 2021 and bonuses deferred from prior years that have been cashed in. The estimate does not include stock options or other forms of deferred compensation for which taxes have not been withheld.

DiNapoli also reported:

• The Governor’s January projection assumes bonuses in the broader finance and insurance sector will increase by 16.2% in SFY 2022, ending March 31. Because the city’s securities industry makes up three-quarters of the statewide bonus pool, Wall Street record bonuses will likely increase state tax collections to higher than anticipated levels in the current fiscal year.
• New York City’s Feb. 2022 financial plan assumes that the 2021 bonus pool for securities industry employees will increase by 15.7%. Based on DiNapoli’s estimate, tax revenue from the securities industry bonuses should continue to support income tax revenues coming in at, or better than, expectations. The city’s financial plan assumes securities industry bonuses for work performed in 2022 will decrease by 16.8%.

The average salary (including bonuses) in the city’s securities industry increased by 7.7% to $438,370 in 2020 (the latest annual data available), nearly five times higher than the average in the rest of the private sector ($92,315). By contrast, the average wage in the city’s securities industry was about two times the rest of the private sector in 1981.

Charts

Bonus Pool Chart from 1992 to 2021

Annual Profits and Employment Chart

“The University of Vermont Health Network, the largest and most influential system in the state, asked regulators Friday for a 10% increase for two of its hospitals — UVM Medical Center in Burlington and Central Vermont Medical Center in Berlin, which together expect a $44 million deficit this year. “

Source: Vermont hospitals, struggling to make ends meet, want to raise their service charges – VTDigger

Source: Burlington City Council approves pod homeless shelter

Source: Bail looms large in state budget discussions | News | pressrepublican.com

Source: New York Bail Reform Hasn’t Led to More Rearrests, NYC Comptroller Says

Source: Moderna is planning to get COVID-19 vaccine authorized for children under 6 : NPR

The Autism Alliance of Northeastern NY is holding its annual walk virtually on Saturday, May 7. Donations will help provide support to individuals with autism and their families in the North Country.

Click here for more information 

“Other upcoming Turning Stone Event Center shows include Brett Young (April 9), Alabama (May 13), Lee Brice (May 27), Rick Springfield (June 24), Jeff Dunham (July 8) and The Killers (Sept. 26). The casino’s Showroom also has booked concerts by Great White & Slaughter (April 9), Blue Oyster Cult (May 6), Rodney Carrington (June 24) and Candlebox (Sept. 8).”

“All Turning Stone guests are welcome to attend shows in the Event Center and Showroom regardless of vaccination status.”

Source: Amy Schumer to perform standup comedy show at Turning Stone – syracuse.com

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“The protesters gathered at the Capitol, chanting “Hell no to Cuomo 2.0”. Some speakers compared the plan to other civil rights setbacks, including the creation of Jim Crow laws in the late 19th and early 20th centuries”

Source: Advocates protest Hochul’s “betrayal” on proposed bail reform changes | NCPR News

Source: N.Y. warns of consumer scams amid Russian invasion | Sun Community News ALBANY | Gov. Kathy Hochul is advising New Yorkers about charity scams and increased cybersecurity threats related to Vladimir Putin’s invasion of Ukraine. 

“The venture is a partnership between Essex Industries and master boat builder Chad Smith of the Adirondack Canoe Company, a composite technician with over 20 years of design-build experience…”

Source: Essex Industries launches manufacturing venture with Adk Canoe Co. | Sun Community News MINEVILLE | Integrated workforce to build composite canoes.