CERTIFIED FINANCIAL PLANNER JOINS HOOVER FINANCIAL ADVISORS

Edward (Ted) Braun, CFP®

Edward (Ted) Braun, CFP®

Malvern, PA –Hoover Financial Advisors, P.C. (HFA) recently added Edward (Ted) Braun, CFP® to its growing staff. Braun is a financial planner with outstanding credentials. His appointment was announced by Pete Hoover, CFP®, founder of the firm.

Prior to joining HFA, Braun was a project manager in Financial Advisor Services at The Vanguard Group. He began his career at Vanguard and held various leadership positions during his tenure. In 2014, Vanguard awarded him a Financial Advisor Services Divisional Star. Prior to that he earned a Participant Experience Divisional Spirit Award from the company.

Braun, who holds a BBA degree from Strayer University, completed his financial planning education at Kaplan University. He is a resident of Kennett Square.

“Hoover Financial Advisors offers exactly what I was looking for,” says Braun. “It is a place where I can build my career and make a difference in people’s lives.”

HFA, which is headquartered on Moores Road in Malvern, was launched in 2005 by Pete Hoover, who has been an independent financial advisor for more than 30 years. Since its inception, HFA has quadrupled in size. Staff members include certified financial planners, financial advisors, investment analysts, insurance and tax specialists, attorneys, a certified portfolio manager, and an information services manager. In 2012, HFA was selected as Small Business of the Year by Chester County Chamber of Business & Industry. For more information, visit its website at http://www.petehoover.com or call 610.651.2777.

MCCC Accounting Students Prepare Tax Returns Through VITA Program

ACCOUNTING GROUP: Montgomery County Community College students volunteer their time to prepare taxes at the Montgomery County Community Action Development Commission (CADCOM) VITA site in Norristown. Pictured (from left) are students Chenyang “Julia” Zhang, Yi “Joy” Zhao, Accounting Instructor Rita Meyhew, students Jinman “Jean” Li, Jingxu Zhu and Amanda Zhou. Photo by Sandi Yanisko

Norristown, PA — A group of Montgomery County Community College (MCCC) accounting students are gaining real-world experience preparing federal and state income tax returns for lower income households.

Through the Volunteer Income Tax Assistance (VITA) program, eight MCCC students, along with Rita Mayhew, an Accounting instructor and the faculty advisor to the student Accounting Club, have been volunteering their time at the Montgomery County Community Action Development Commission (CADCOM) office in Norristown. Since February, five students join Mayhew every Saturday for three hours. Their services will continue through April 15.

“I’m extremely proud of the effort that they’ve put into this,” Mayhew said. “They learned the software. They’re talking to the clients. They have gained a lot of confidence.”

MCCC’s accounting faculty added a curriculum requirement that five percent of a student’s grade is based on successful VITA certification. Faculty do not mandate that students volunteer. However, doing so provides students with real-world learning to reinforce and build upon what’s taught in the classroom.

“Besides learning, they’ve had tax courses, but until you actually do the work and put it into practice, maybe it doesn’t all gel,” Mayhew said. “This group in particular, they’re just very focused on learning.”

For some MCCC student volunteers, including Jinman “Jean” Li, English is their second language. For Li, a Business Administration student who plans to major in Accounting, the tax return process was unfamiliar. In her native China, tax returns are not filed.

Li said she is excited about the opportunity to gain more accounting knowledge.

“I can help people and I also can get some experience,” she said. “I just feel so happy.”

Ken Haubert, CADCOM’s director of asset development, echoed those sentiments.

“They are the best there is,” Haubert said of MCCC student volunteers and their dedication. “This is our best year by far, in our partnership with the community college, thanks to Rita.”

In all, Mayhew estimates that students will have completed 200 tax returns – or possibly more – through tax season.

Last year, 1,565 total tax returns were filed through CADCOM’s VITA program, according to Haubert. This year, with more volunteers, particularly from MCCC, Haubert anticipates even more returns being completed.

In order to qualify for VITA tax preparation services, households cannot make more than $54,000. Last year’s average income for those served at CADCOM VITA sites was $19,600, according to Haubert. The free service saved clients $352,000 in tax preparation fees last year.  This, when added to refunds of $2,626,325, generated a total community economic impact of $4,175,855 at CADCOM VITA sites alone, he said. 

Haubert said student volunteers not only benefit his program, but the community and the students as well.

“They are dealing with personalities of clients,” Haubert said. “You have to use your tact and your interpersonal skills to make them feel comfortable.

In the end, he said, students gain “real life experiences.”

VITA services are available at multiple locations throughout Montgomery County. To find the location closest to you, dial 2-1-1 from your telephone and follow the prompts. To schedule an appointment at CADCOM’s Norristown location, clients may also call 610-277-6363 ext. 115.

HOOVER FINANCIAL ADVISORS EXPANDS OFFICE SPACE

PHOTO CAPTION: Hoover Financial Advisors, P.C. offices on Moores Road, Malvern.

PHOTO CAPTION: Hoover Financial Advisors, P.C. offices on Moores Road, Malvern.

Malvern, PA – Hoover Financial Advisors, P.C. opened 2016 with larger quarters to accommodate its growing staff. “We were beginning to get a bit too comfortably close,” says HFA founder and CEO Pete Hoover with a laugh. “We love the Moores Road architecture and relocation was not an option we wished to consider. When space became available in our building, we jumped at the chance to expand.”

The expansion gives HFA an additional 2,080 square feet for a total of 5,368. First and second floor conference rooms are now each a sweeping 375 square feet with ample room for large meetings, work sessions and small special events. The lower level conference area is enhanced with a 65-inch flat screen television set.

HFA, which is headquartered on Moores Road in Malvern, was launched in 2005 by Pete Hoover, who has been an independent financial advisor for more than 30 years. Since its inception, HFA has quadrupled in size. Staff members include certified financial planners, financial advisors, investment analysts, insurance and tax specialists, attorneys, a certified portfolio manager, and an information services manager. In 2012, HFA was selected as Small Business of the Year by Chester County Chamber of Business & Industry. For more information, visit its website at http://www.petehoover.com or call 610.651.2777.

HOOVER FINANCIAL ADVISORS MEETS FALL FUNDS FOR FOOD GOAL

Malvern, PA – Each year, Hoover Financial Advisors, PC, conducts a Fall Funds for Food campaign to benefit Chester County Food Bank. Last year, HFA set a goal to raise $10,000 and actually brought in $12, 500. This year, the financial planning firm presented $15,000 to the local food bank. “With generous help from our clients, staff, vendors and colleagues, we reached our 2015 goal,” says Pete Hoover, CFP®, HFA president. “With each dollar contributed, the food bank can provide four meals or five pounds of non-perishable food.”

Chester County Food Bank stores and distributes food to more than 30 area food cupboards and 60 other meal sites and agencies at no charge. Since its inception in 2009, it has provided the equivalent of 1.7 million meals. In addition to raising money for the food bank, HFA provides sweat equity. Earlier this year, staff members worked in the kitchen at its Exton headquarters and at Charlestown Farm in Phoenixville. Last year HFA packed produce boxes and in past years, it pulled weeds and filled backpacks.

“It has been an interesting year,” notes Hoover. “Employment is up, always a good sign. Yet, there are over 70,000 households in Chester County Food Bank’s reach that do not have enough to feed their families. We are committed to helping these people, particularly as the holiday season approaches. It felt good to make our fundraising goal.”

HFA, which is headquartered on Moores Road in Malvern, was launched in 2005 by Hoover, who has been an independent financial advisor for more than 30 years. Since its inception, HFA has quadrupled in size. Employees include client relationship managers, financial planners, insurance and tax specialists, investment analyst and an information services manager. HFA selected as 2012 Small Business of the Year by Chester County Chamber of Business & Industry. For more information, visit its website at petehoover.com or call 610.651.2777. To learn about Chester County Food Bank, call 610.873.6000 or go to http://www.chestercountyfoodbank.org.

HOOVER FINANCIAL ADVISORS ADDS INVESTMENT ANALYST

TomBalisHeadshots-0365-1

Thomas Balis

Malvern, PA – Thomas Balis, a highly experienced financial services professional, recently joined Hoover Financial Advisors, PC (HFA), as an investment analyst. His appointment was announced by Pete Hoover, president and CEO of the firm.

Prior to HFA, Balis managed 21 H&R Block retail tax offices in Orlando, Florida. Before that, he was first vice president, district manager for 16 JP Morgan Chase Bank branches in Tampa. He and his family relocated to King of Prussia earlier this year and he worked as a part-time consultant for HFA. His background, investment expertise and keen analytical skills prompted Hoover to create a permanent position for the value-driven analyst. He holds a bachelor’s of science degree in Business Administration from Ohio State University.

Balis’ responsibilities include reviewing assets of HFA clients and recommending how to best allocate their money. “We are pleased to have Thomas on the team,” remarks Hoover. “His skills and knowledge of finance and banking promise to be rewarding for HFA clients.”

“I’m thrilled with this opportunity,” says Balis. “Working with a team of high caliber experts is invigorating. The diversity of talent is top notch. In many financial planning firms, clients don’t have such a range of services. Only one slice of the business is available. At HFA, everything from tax advice to insurance counsel and more is under one roof.”

HFA, which is headquartered on Moores Road in Malvern, was launched in 2005 by Pete Hoover, who has been an independent financial advisor for more than 30 years. Since its inception, HFA has quadrupled in size. In addition to the new investment analyst, employees include certified financial planners, financial advisors, insurance and tax specialists, attorneys, a certified portfolio manager, and an information services manager. In 2012, HFA was selected as Small Business of the Year by Chester County Chamber of Business & Industry. For more information, visit its website at http://www.petehoover.com or call 610.651.2777.

Rock Band ‘GOODING’ Brings Message Of Financial Responsibility To MCCC

Blue Bell, Pa.—Given the growing amount of student debt accumulated by college graduates nationally, financial literacy education has become a crucial part of the college experience.

To make the concepts of financial literacy more accessible and meaningful to students, Montgomery County Community College is hosting a multimedia “Funding the Future” concert by the rock band GOODING on Monday, Oct. 5 at 12:30 p.m. in the Science Center Theater at the Central Campus, 340 DeKalb Pike, Blue Bell, with simulcast to the College’s West Campus, 101 College Drive, Pottstown.

The concert is presented by The Page Group of Raymond James®. Admission is free, and the show is open to the public.

A bonafide rock band whose music has been featured on such shows as “CSI,” “Criminal Minds,” and “The Daily Show,” GOODING launched its “Funding the Future” financial literacy tour as a way to give back to the communities through which it travels.

Using the power of a live rock performance and the band’s personal story, GOODING addresses issues like predatory lending, credit card debt, saving early and looking to students’ own communities for support and mentorship. The band also exposes the myth of rock stars, athletes and actors who sell the false image of overnight success.

To learn more, visit http://www.goodingmusic.com/for-good/financial-literacy-tour.

GOODING’s presentation builds on MCCC’s own financial literacy curriculum, “Montco Money Matters,” developed through the College’s participation in EDUCAUSE’s inaugural Next Generation Learning Challenges (NGLC) Breakthrough Models Incubator (BMI) cohort.

Developed in 2013, “Montco Money Matters” is a multi-channel module that includes video, social media and face-to-face engagement, along with an online course-like experience. The 30-minute, self-guided program introduces students to concepts of financial aid, loans and grants; highlights the long-term implications of loans and future debt; and makes them aware of other resources, like scholarships, to help pay for college.

“Montco Money Matters” incorporates open-source and original content, including a computer-generated tour guide, short video clips featuring actual MCCC students, and links to off-campus resources that allow students to delve further into topics of interest.

UK Watchdog Fines BNY Mellon $185 Million

Bank of New York Mellon will pay a $185 million penalty to British regulators for failing to keep customer money safe during the financial crisis.

The fine brought by the U.K. Financial Conduct Authority settles an investigation into the bank’s practices between November 2007 and August 2013.

The British watchdog said the bank’s failure to “record, reconcile and protect safe custody assets” during that period “was particularly serious given the systemically important nature of the firms.”

The world’s largest custody bank, BNY Mellon safeguards financial assets for clients, including large institutions.

Read more: http://triblive.com/business/headlines/8177054-74/bank-mellon-bny#ixzz3XOT7DbxX
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Gallup: Scranton/Wilkes-Barre Well-Being Could Be Worse, But Not Much

Scranton/Wilkes-Barre/Hazleton area’s overall well-being could be worse, but not much.

The metropolitan area ranked 94th overall out of 100 communities in the U.S. in Gallup opinion poll “State of American Well-Being: 2014 Community Well-Being Rankings.”

The survey issued Tuesday compares how people feel about and experience their daily lives in five areas:

■ Purpose: Liking what you do each day and being motivated to achieve your goal.

■ Social: Having supportive relationships and love in your life.

Read more:

http://thetimes-tribune.com/news/gallup-scranton-wb-well-being-could-be-worse-but-not-much-1.1860711

Paychecks Shrinking In Delaware

Unhappy about the size of your paycheck?

A lot of folks in Delaware probably are.

Its nickname may be “the Diamond State,” but it’s the only state in the U.S. where nominal wages dropped between 2009 and 2014,according to The Economist.

That means people are earning less money even before inflation is taken into account. Wages are down 2 to 3 percent, according to the chart accompanying the British newsmagazine’s article.

Read more:

http://lancasteronline.com/news/local/paychecks-shrinking-in-delaware/article_e2c366cc-da1a-11e4-abb5-9b3cbecec6a2.html

Social Still In Bethlehem Set To Open As The Lehigh Valley’s First Distillery Next Month

Map of Pennsylvania highlighting Northampton C...

Map of Pennsylvania highlighting Northampton County (Photo credit: Wikipedia)

Adam Flatt’s mother, Elaine Pivinski, opened the Lehigh Valley’s first winery in 1981.

Flatt is now on target to open the region’s first distillery next month.

Flatt, who co-owns Franklin Hill Vineyards in Lower Mount Bethel Township with his mother, is just weeks away from opening Social Still distillery in Bethlehem.

“It’s cool we have that pioneering tradition continuing,” he said.

Social Still is on target to have a soft opening the first week of December, Flatt said last week during a tour of the new operation. Work on the building is about 80 percent complete and the company is planning its first batch of vodka and gin later this week, Flatt said.

Read more: http://www.lehighvalleylive.com/bethlehem/index.ssf/2014/11/social_still_in_bethlehem_set.html

DANIELLE MARINELLI JOINS HOOVER FINANCIAL ADVISORS

DanielleheadshotsHooverFinancial-0009-1Malvern, PA – Hoover Financial Advisors recently added Danielle Marinelli to its growing staff as a client service manager. Her appointment was announced by Peter K. Hoover, president and founder of HFA.

In her new position, Marinelli’s responsibilities include handling and processing client service issues, Schwab banking-related functions and client fund transfers. Prior to joining HFA, she was a business manager with Creative Financial Group in Newtown Square. Before that, she worked for Meridian Bank in the Financial Services division. Marinelli holds a degree in business and finance from West Chester University where she was a member of the Finance/Economics Society. She is a resident of Wayne.

HFA, which is headquartered on Moores Road in Malvern, was launched in 2005 by Hoover, who has been an independent financial advisor for more than 30 years. Since its inception, HFA has quadrupled in size. In addition to the client services manager, employees include financial planners, insurance and tax specialists, an investment analyst and information services manager. Two years ago, HFA was selected as 2012 Small Business of the Year by Chester County Chamber of Business & Industry. For more information, visit its website at petehoover.com or call 610.651.2777.

5 Important Questions About BB&T’s Purchase Of Susquehanna Bancshares

Map of Pennsylvania highlighting Lancaster County

Map of Pennsylvania highlighting Lancaster County (Photo credit: Wikipedia)

As LancasterOnline reported Wednesday, Lititz-based Susquehanna Bancshares is being bought by North Carolina banking company BB&T.

So what does that mean if you’re a Susquehanna customer?

Here are five important questions and answers about the $2.5 billion deal.

Q: What happens to Susquehanna’s 245 banking offices in Pennsylvania, Maryland, New Jersey and West Virginia, including the 30 offices in Lancaster County?

A: All Susquehanna branches will be retained, although they will be renamed BB&T. No branches are being closed because the Susquehanna and BB&T branch networks do not overlap.

Read more: http://lancasteronline.com/news/local/important-questions-about-bb-t-s-purchase-of-susquehanna-bancshares/article_cb08e0b2-6b3d-11e4-9d29-bff9821ae372.html

Fiscal Board Approves Philadelphia’s 5-Year Plan

English: This is my own work, Public Domain Ph...

English: This is my own work, Public Domain Photograph, not copyrighted Ed Yakovich http://www.flickr.com/photos/10396190@N04 (Photo credit: Wikipedia)

Philadelphia’s finances are improving and are likely to continue doing so through 2019.

The Pennsylvania Intergovernmental Cooperation Authority (PICA) board made that optimistic determination Monday when it unanimously approved the city’s five-year plan.

The city’s fiscal overseers cautioned, however, that various risks were still associated with the Nutter administration’s long-term budget, including unresolved labor contracts, the School District’s fiscal crisis, and the pension fund.

Despite its concerns, PICA staff found enough good news in the five-year plan and in its most recent revenue reports to endorse that administration’s fiscal road map to 2019. So did the City Controller’s Office. Both the staff and the controller had recommended the opposite last year, for the first time in PICA’s history.

Read more at http://www.philly.com/philly/news/20140722_PICA_likes_Phila__s_5-year_plan.html#qRukpGb4zKGUI7xu.99

PROTECTING HEIRS REQUIRES PRUDENT PLANNING

petehoovernewheadshotMalvern, PA – Recently, a profusion of Internet and print articles proclaimed problems with the will of Philip Seymour Hoffman, who died in February. The late actor’s estimated net worth at the time of his death was $35 million. A tax exemption on the first $5.34 million is provided by federal law. However, a tax of up to 40 percent can be levied against the excess.

One of many other glitches involves Hoffman’s three children. When the will was signed in 2004, he had one son. Thus, his daughters are not mentioned in the will, which leaves everything to his companion Marianne O’Donnell, the children’s mother. A Trust is provided for their son, but nothing is allocated to the girls. The family resided in New York and the state allows only a $1 million exemption. Thus, New York can tax O’Donnell up to 16 percent on assets left to non-spouses. A total of more than $15.1 million in combined state taxes was reported in an article in Forbes. Without a marital deduction, O’Donnell’s assets could be taxed again upon her death.

Last year, news sources stated that $30 million of actor James Gandolfini’s $70 million estate would be eaten up in state and federal taxes. Subsequent reports clarifying the earlier claim indicated this was unlikely to happen.

Peter K. Hoover, CFP, is intrigued with all these reports and sees essential value in alerting people to potential disaster if proper measures aren’t in place concerning estates and beneficiaries. “If ownership, beneficiaries and implementation of assets are not worded correctly, the Trust outcome will not work as intended by the testator. One way Hoffman (or anyone) could have prevented financial crises for his heirs was by adding one or two sentences to the will to provide for future children,” he notes.

“I believe that Gandolfini had an irrevocable Trust, which is tax free,” continues Hoover. “However, there are many misconceptions that can cause estate problems for heirs. To simplify, think of an estate as moving parts that must work together.

“For example, if a married couple prepare their wills when they are relatively young and name children beneficiaries of a sizable estate, it would seem there would be no issues. But say both parents die unexpectedly a few years later and the kids are under the age of majority. A court guardian may have to be appointed and fights over the estate could ensue, disrupting the family and perhaps denying one or more children the inheritance wished for them. To prevent this, children’s estate assets can be directed toward a Trust until they reach specified ages; a Trustee could be named to administer this Trust.”

Hoover suggests another possible inheritance problem prevalent in divorce situations. “If someone re-marries and immediately revises his will naming his new wife beneficiary, one would assume she would receive the estate. Not so, if all insurance and retirement beneficiaries are not updated, as well. Because a beneficiary supersedes the will, the former spouse could get nearly everything. This is because insurance policies, 401Ks and IRAs were not changed when the will was drawn up. These are only two of many situations that could be prevented with proper planning.”

Hoover notes that other stumbling blocks to a smooth estate execution include tax law changes, improper signatory or power of attorney, even lifestyle modifications. “An individual’s estate should be carefully structured and then reviewed on a regular basis. In short, planning today provides peace of mind for heirs tomorrow.”

HFA, which is headquartered on Moores Road in Malvern, was launched in 2005 by Hoover, who has been an independent financial advisor for more than 30 years. Since its inception, HFA has more than tripled in size. Employees include client relationship managers, financial planners, insurance and tax specialists, investment analyst and an information services manager. HFA selected as 2012 Small Business of the Year by Chester County Chamber of Business & Industry. For more information, visit its website at http://www.petehoover.com or call 610.651.2777.

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Broke Shamokin, Pa., Seeks State Crutch That Few Cast Off

Map of Pennsylvania highlighting Northumberlan...

Map of Pennsylvania highlighting Northumberland County (Photo credit: Wikipedia)

(Reuters) – Shamokin, Pennsylvania, tucked away in the coal country about 120 miles northwest of Philadelphia, has $800,000 of unpaid bills and can’t get a loan from a bank. It’s so broke, the gas service to city hall was temporarily cut off last month.

So the council for the city of 7,000 residents has agreed to seek entry to a state financial oversight program dating from 1987 that facilitates access to credit and permits the levying of certain taxes. Now, though, some lawmakers say the program is more like a trap than a benefit: municipalities get into it, and few get out.

Just seven of the 27 local governments to enter state oversight under the program, known as Act 47, have ever been released from it. As a result, legislators want to cap how long cities can stay under state oversight and, in the hardest cases, impose a municipal death penalty that amounts to disincorporation and a state takeover. The law was passed in a bid to help Pennsylvania cities battered by the decline of the American steel industry in the 1970s and ’80s.

Read more at http://www.philly.com/philly/news/Broke_Shamokin_Pa_seeks_state_crutch_that_few_cast_off.html#CTx13mYx3Q210qd0.99

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Fulton Bank Starting Temporary Fill-In Of East King Expansion Site

Map of Pennsylvania highlighting Lancaster County

Map of Pennsylvania highlighting Lancaster County (Photo credit: Wikipedia)

Fulton Bank is facing another delay to its East King Street expansion project and temporary fill-in of the site.

This time, Mother Nature is the culprit.

“We’re behind due to the extreme weather” this winter, said bank spokesman Laura Wakeley on Tuesday.

In its previous timetable, Fulton planned to start filling in the 23 E. King St. site in January.

Read more: http://lancasteronline.com/business/local_business/fulton-bank-starting-temporary-fill-in-of-east-king-expansion/article_ca61c3f4-b9db-11e3-80de-0017a43b2370.html

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New Castle County Minimum Wage Workers To See Boost

English: Delaware Counties map

English: Delaware Counties map (Photo credit: Wikipedia)

New Castle County employees who earn minimum wage will soon receive a pay increase to $10.10 an hour under a new plan approved by County Executive Tom Gordon.

Gordon is expected to sign an executive order Tuesday that increases the hourly wage from the current $7.25. Gordon’s move follows President Barack Obama’s executive order last month that increased the minimum wage to $10.10 for thousands of employees who work under federal contracts. Obama is urging Congress to increase the national hourly minimum wage for all Americans to the same level.

Gordon’s executive order will cost the county about $100,000 a year, Chief Administrative Officer David Grimaldi said Monday. At any given time, between 20 and 50 employees in the county’s 1,950-person workforce earn the minimum wage. Many of them are part-time or seasonal workers.

“It’s hard to do anything while earning the minimum wage, let alone raise and feed a family,” Gordon said. “It’s just the least we can do.”

Read more: http://www.delawareonline.com/story/news/politics/2014/03/03/ncco-minimum-wage-workers-to-see-boost/5997653/

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Stability Spurs More Growth In Pittsburgh

A map of Pittsburgh, Pennsylvania with its nei...

A map of Pittsburgh, Pennsylvania with its neighborhoods labeled. For use primarily in the list of Pittsburgh neighborhoods. (Photo credit: Wikipedia)

Slow and steady wins the race: It works for the tortoise, and it seems to be working for Pittsburgh.

The latest annual “Pittsburgh Today and Tomorrow” report by PittsburghTODAY found that Pittsburgh continues to make modest economic progress after years of decline.

PittsburghTODAY is a nonprofit part of the University of Pittsburgh’s University Center for Social & Urban Research that tracks the region’s progress compared with 15 other areas of similar size, geographic and demographic makeups.

Doug Hueck, program director for PittsburghTODAY, highlighted data regarding population growth, unemployment levels and housing appreciation rates as examples of the city’s revival.

Read more: http://www.post-gazette.com/business/2014/02/22/Stability-spurs-more-growth-here/stories/201402220041#ixzz2u57osImH

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Allegheny County Receives Upgraded Credit Rating

Map of Pennsylvania highlighting Allegheny County

Map of Pennsylvania highlighting Allegheny County (Photo credit: Wikipedia)

Allegheny County’s credit score has gotten another boost.

Financial rating agency Standard & Poor’s issued a news release Monday saying that it was upgrading the county’s long-term rating by one step, from an A+ to AA-.

The upgrade gives Allegheny County its highest rating in nearly 12 years, the county announced today in a news release.

“This is great news for Allegheny County and really reflects that we are heading in the right direction and making headway in improving our financial outlook,” County Executive Rich Fitzgerald said in a statement. “I am really proud of the job we have done in improving the fund balance, having an end-of-year cash balance, reducing reliance on one-time revenues for our budget and working cooperatively to address the issues that have impacted our bottom line.”

Read more: http://www.post-gazette.com/business/2014/01/28/Allegheny-County-receives-upgraded-credit-rating/stories/201401280148#ixzz2rjtZjmzr

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