SARATOGA SPRINGS — Commissioner of Finance, Minita Sanghvi, released the city’s Quarterly Financial Report for the quarter ending March 31, 2022.
The economy continues to be the topic on the minds of everyone, as market volatility continues to try the patience and fortitude of investors across the spectrum. During these times, more than ever, it’s important to remember to take the long-term view.
Death and taxes, as we all know, are the inevitabilities in life. We spend a lot of time and energy avoiding the former and almost as much mental capital trying to prevent the latter. But should we? As unpleasant as they are, taxes are born out of a successful endeavor where we earned or won money in some form. That being said, you should still be “tax-aware” with your finances to minimize the drag that taxes have on your bottom line. After all, we don’t want to line Uncle Sam’s pockets unnecessarily.
In the first two months of 2022, Saratoga County and Saratoga Springs collected a combined $25 million in sales tax revenues, up 22 percent versus the same time in 2021. While its likely that rising prices due to inflation is a key driver, the reality is that since our economy was reopened in June of 2021 that we’ve seen a willingness of residents, businesses, and visitors to spend money in our local economy.
With so much uncertainty in the current geopolitical and economic landscapes, it’s very difficult to write a timely piece without running the somewhat embarrassing risk of there being any major changes between these keystrokes, and the time you read this. That said, perhaps its uncertainty, itself, that we should be discussing.
SARATOGA SPRINGS - City Finance Commissioner Minita Sanghvi introduced a new initiative to Saratoga Springs, which will specifically allow residents to decide how a portion of the city’s annual budget is spent.
SCOTIA - 1st National Bank of Scotia has announced the establishment of an advisory board. This group of local businesses and civic leaders, who represent a cross-section of industries, will advise and provide insight and guidance on issues pertinent to the growth and success of the community bank.
Spring is finally here, which means it is time for those with green thumbs to start preparing their garden for the year. Last year, my wife took up gardening and had some growing pains – no pun intended. There are a lot of parallels that can be drawn between the maintenance of a garden and tending to your investment portfolio. Let’s examine what it takes to make sure you are setting yourself up for success.
SARATOGA SPRINGS — The City Council on March 1 gathered for their first meeting in a long while inside the first-floor chamber room at City Hall, where Mayor Ron Kim began the meeting with the standard Salute To The Flag and requested all in attendance remain standing for a Moment of Silence in observation of the people of Ukraine.
Picture this: you are driving on the highway on a warm spring day (especially nice to imagine during this winter). The windows are down, and your favorite music is playing on the speakers. On the horizon appear some ominous-looking clouds. Your path is headed directly into them, but you need to get where you are going, so you soldier on. It shouldn’t be hard to draw parallels between this fictitious road trip and our current state of affairs in the stock market. With the steady drip of bad news, it is hard to focus on the road ahead, but hopefully, I can provide some clarity.
After practicing law for over twenty-five years, I have unfortunately seen a lot of mistakes made in estate planning. Compiled below is a short list of some of the most common mistakes I have seen.
GLENS FALLS — Arrow Financial Corporation (NasdaqGS®-AROW) has reported that for the year ended December 31, 2022, that net income reached a record $49.9 million, up to 22.1% over net income of $40.8 million for 2020. For 2021, revenue increased by $10.9 million and the provision for credit losses decreased by $9 million, which was partially offset by higher operating expenses and income taxes. For the fourth quarter of 2021, net income was $10.3 million, a decrease of $2.2 million, or 17.5%, from the fourth quarter of 2020/ Diluted EPS was $3.10 for 2021, up 21.2% from $2.56 in 2020, and $0.63 for the fourth quarter of 2021, down 19.2% from $0.78 from the comparable 2020 quarter.