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State surplus: $176.5 million Sunday, Jul 6, 2008 By Roby Brock The state ended its fiscal year with a $176.5 million surplus. Net available general revenues for the full year, which ended June 30, were $4.53 billion. That number eclipses last year's collections by $61.3 million, roughly 1.4 percent. Budget forecasters had predicted a $94 million surplus, but "non-recurring" factors pushed the number $81 million higher. Lawmakers will not decide how to spend the surplus until the 2009 legislative session. For the full fiscal year, all categories of collections with the exception of corporate income taxes were higher than predicted. Tyson foods launches joint venture in India Tyson Foods disclosed that it has purchased 51 percent ownership of Godrej Foods, Ltd., a leading Indian poultry firm. The joint venture between Godrej and Tyson will be called Godrej Tyson Foods. Annual sales for the venture are initially expected to be in the range of $50 million and are anticipated to grow as operations are expanded. The venture includes one chicken processing facility in Mumbai, in western India, and another in Bangalore, in the southern part of the country. Tyson and Godrej plan to immediately initiate efforts to expand the capacity of the poultry plants already in operation. Efforts to build new processing plants in other parts of the country will likely begin within the next several years. Class-action lawsuit filed against Riceland Foods A 2006 controversy over genetically modified rice has spawned a class-action lawsuit against Stuttgart-based Riceland Foods. A Lonoke County couple filed the suit on Wednesday. The lawsuit alleges that more than 4,000 Arkansas rice farmers were subjected to an "ultrahazardous risk" when Riceland experimented with genetically modified rice that contaminated the commercial supply. After a crop variety known as Liberty Link was identified in the state's rice supply, the European Union began refusing Arkansas rice imports. Arkansas is the largest rice producing state in the U.S. and it is a top export commodity. Riceland officials declined to comment on the lawsuit. Wal-mart intensifies local purchasing efforts Wal-Mart Stores announced a new initiative aimed at bringing more American farmers into its supply chain. The goal is to keep food prices down by buying local produce in an effort to counterbalance rising fuel costs. The retail giant says that partnerships with domestic farmers have increased 50 percent in the past two years. This year, Wal-Mart expects to buy about $400 million in locally grown produce from American farmers. Wal-Mart to change logo The Wall Street Journal reports that Wal-Mart is about to change its familiar logo. Citing permit plans filed in Memphis, Tenn., the story notes that a new logo with white letters on a burnt-orange background followed by a white sunburst could replace the bold "Wal-Mart" signs that include a star for a hyphen in the name. The name will also apparently appear as one word: Walmart. The new white-and-orange logo came to light when it was used for a new store prototype proposed last week for a Wal-Mart Supercenter in Shelby County outside Memphis. Arkansas Western Gas customers to see refund SourceGas LLC announced the completion of its first strategic acquisition, Arkansas Western Gas. The Arkansas Public Service Commission issued an order on Monday approving the purchase of AWG from Southwestern Energy Co. In an agreement reached by the businesses involved, the PSC and the Attorney General's office, Southwestern will pay $9.8 million to AWG at the closing of the deal. AWG, in turn, is refunding the entire $9.8 million to its customers by providing a credit to an upcoming gas bill. The amount of credit customers receive is based upon the amount of gas used during the refund month. Refunds are expected to average about $46. SourceGas is a natural gas local distribution utility headquartered in Lakewood, Colorado. AWG is a natural gas company serving 152,000 customers in northern Arkansas. Bank of Ozarks announce dividend Bank of the Ozarks announced that its board of directors has approved a quarterly cash dividend of 13 cents per common share. The dividend is payable Aug. 1 to shareholders of record as of July 25. Tax rate for maufacturers falls On July 1, state manufacturers received an additional reduction in the sales tax paid on utilities. Lawmakers had dropped the sales tax rate from 6 percent to 4.5 percent one year ago. As of July 1, that tax rate declined by another half percent to 4 percent. ------- Roby Brock, a freelance journalist based in Little Rock, writes weekly for the Arkansas News Bureau. His weekly television program airs at 10 p.m. Sundays in Central and Northwest Arkansas. His e-mail address is roby@talkbusiness.net; his Web site address is www.talkbusiness.net. |
