Monday - Nov. 24, 2008

WORKERS’ COMP RATES TO DROP 18.6 PERCENT – Rates for workers' compensation insurance in Florida will drop for a sixth year in a row in 2009. The new rates, which take effect Jan. 1, are expected to save Florida companies more than $610 million. The 18.6-percent reduction also is the largest one-year rate decrease on record in the Sunshine State. Workers' compensation insurance rates have declined by more than half in Florida since 2003.

NEW DELAND INDUSTRIAL PARK – The City of DeLand has broken ground on construction of 6,000 feet of new roads which will open up to 100 acres of new industrial acreage in the northwest corner of the DeLand Municipal Airport property. The project will provide shovel-ready lots for future employers. The Florida Department of Transportation and Volusia County Department of Economic Development are providing $800,000 in grants to assist the city in completing the construction. For information about leasing industrial acreage at the airport, contact Nick Landgraff at (386) 740-6955.

SOCIAL SECURITY BENEFITS HAVE MAJOR ECONOMIC IMPACT – Did you know? The amount of payments made by the U.S. Social Security Administration for retirement and/or disability to individuals in Volusia County totaled $1.5 billion in 2007.

HOUSING HELP – A new web site offers resources for homeowners, veterans, local governments and taxpayers that potentially could benefit from the recently passed Housing and Economic Recovery Act of 2008 (HERA). The web site is tool for consumers to better understand the legislation and easily access information. See the site at http://www.myfloridacfo.com/FloridaHousingHelp/.

COULD VIRTUAL SCHOOL MAKE CLASSROOMS OBSOLETE? – Thousands of Florida students may ditch public elementary and middle schools next year in favor of online classes at home – an option that could change the face of public education. A new law that takes effect in fall 2009 requires every district in the state to set up an online school for kindergarten through eighth grade. A handful of elementary- and middle-school students already are experimenting with virtual classes, withdrawing from regular schools and enrolling for online instruction instead. Online students take a full range of courses, including reading, writing, math, science, history, art, music and even physical education. For more information, go to http://www.orlandosentinel.com/news/local/state/orl-virtual1008nov10,0,978666.story. 

EVERYTHING IS COMING UP GREEN (ALGAE) – Investment in algae-based biofuels reached a record $95 million in the third quarter of 2008, topping off a record $84 million investment in the second quarter of 2008, according to the Cleantech Group™. This is a sharp reversal in previous investment patterns for venture capitalists who, two years ago, put $495 million in grain ethanol production – and no money this year. The sharp shift comes from the realizations that using corn for biofuel raises food costs. This shift, combined with recent advances in next-generation technologies, is bringing the production of algae-based biofuels closer to reality.

R&D TAX CREDIT EXTENDED – The Federal R&D Tax Credit has been extended through Dec. 31, 2009. Companies can claim an income tax credit for activities centered on the development or improvement of products, processes, software, techniques or formulas. Check with your accountant to take advantage of this credit if you are in manufacturing, technology, software, engineering, or aerospace/defense industries.

THE FOUR “M’s” – There are four M’s of a profitable budget: management, money, marketing, and merchandise. Business owners should revisit and critically examine their company’s business plan and make appropriate adjustments to continue being productive and remain profitable despite slowdown. Owners should be focused on sales, while cutting expenses at the same time.

NEWS ITEMS WANTED! – Please send your business news items to Dave Byron, Volusia County Community Information Director, 123 W. Indiana Ave., DeLand, 32720-4612, by fax at 386/822-5072 or by e-mail at dbyron@co.volusia.fl.us.