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SACRAMENTO – State Controller John Chiang on Wednesday released his monthly report covering California’s cash balance, receipts and disbursements in February.
Total receipts for the month were $139.4 million lower (-2.4 percent) than estimates found in the Governor’s proposed 2011-12 state budget.
“After the first eight months into the fiscal year, we are $1.3 billion ahead of projections,” said Chiang. “But with 40 percent of all revenues expected in the final quarter, our cash outlook can shift quickly.”
Sales taxes were down $247.2 million (-7.1 percent) in February, and corporate taxes were down $134 million (-49.6 percent). Personal income taxes came in $250 million above (14.4 percent) estimates.
The state faced a $19.2 billion cash deficit on February 28. That deficit was covered by $9.2 billion of internal borrowing – short term loans from special funds – and $10 billion of external borrowing.
February 2011’s financial statement and the summary analysis, can be found on the controller's Web site at www.sco.ca.gov.
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NORTHERN CALIFORNIA – Skyrocketing price jumps at the pump mean consumers are dealing with gas prices they haven’t seen since 2008, according to the latest report from AAA Northern California, which tracks gas prices as a service to consumers.
California now has the highest state average gas price among all 50 states.
According to AAA’s report, every Northern California metro area tracked by AAA saw a major, double digit increase at the pump over the past month.
The Golden State’s average for a gallon of regular, unleaded gasoline is $3.91, up 50 cents since last month’s report on February 8. For perspective, that’s 84 cents higher than California’s average price on this date last year.
Northern California gas prices are now averaging $3.90, up 48 cents from last month.
In the San Francisco Bay Area, motorists can expect to pay an average price of $3.96, which is a 48-cent increase.
The national average price of $3.52 is up by 40 cents, which is 77 cents more than the national price on this date last year, when it was $2.75.
“Largely due to unrest in the Middle East, investors have been willing to speculate that prices will increase further and that they will be able to make a profit on the product they are purchasing today. As a result, oil and gasoline prices have moved significantly higher,” explained AAA Northern California spokesperson Matt Skryja. “Until this uncertainty is removed from the market we can expect both crude oil and gasoline prices to continue to rise in the coming days and weeks.”
There have been recent calls for President Obama to combat high fuel prices by tapping the Strategic Petroleum Reserve (SPR).
The SPR is an emergency stockpile of 726.6 million barrels of crude oil that the United States has on hand to protect the country from petroleum supply interruptions.
This has been used twice for emergency situations. The first time was in 1991 at the beginning of Desert Storm and the second time was in 2005, following Hurricane Katrina.
While there have been increasing calls for the president to tap the SPR, with the intent to lower the high fuel prices, analysts differ on the impact of such an action.
The SPR is a tool designed and suited to address an energy supply interruption. However, the current situation leaves no supply domestic shortage for a SPR drawdown to fill.
Recent prices increases have been driven by investor demands, not traditional supply and demand factors.
The least expensive average price in Northern California can be found in Modesto, where regular is $3.84.
Of all the metro areas in Northern California where gas prices are tracked by AAA, Eureka’s average price of $4.06 is the highest. It’s also the highest price reported by AAA in the lower 48 states.
The least expensive gasoline in the country is found in Casper, Wyoming, where for the second consecutive month the average price of gas is $3.02. Wailuku, Hawaii, holds the dubious crown for the highest average price in the nation, at $4.13 per gallon.
One way consumers can reduce the amount of money they spend on fuel is to shop aggressively for the lowest price. AAA now offers text alerts via mobile phone for low gas prices in your area. Sign up today at www.aaa.com/gas.
AAA’s Fuel Gauge Report is the most comprehensive retail gasoline survey available, with over 100,000 self-serve stations surveyed everyday, nationwide. Data is provided in cooperation with OPIS Energy Group and Wright Express, LLC.
AAA Northern California offers a wide array of automotive, travel, insurance, DMV, financial services and consumer discounts to nearly 4 million members. AAA has been a leader and advocate for the safety and security of all travelers since it was founded more than 100 years ago.
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LAKE COUNTY, Calif. – The Lake County Winery Association (LCWA) nonprofit vintner organization representing over 30 wineries welcomes its 2011 slate of directors.
Clay Shannon of Shannon Ridge Vineyards & Winery and his newly opened Vigilance Winery & Vineyard has been elected to lead this organization as the Chair for 2011.
“I’m invested in my vineyard and winery projects, I’m invested in Lake County, and I’m invested in LCWA,” said Shannon. “This association has made great progress since its start in 2007, but we can do better and the time is now. I’m looking forward to an exciting and progressive year.”
Other board officers elected include Gregory Graham of Gregory Graham Wines, re-elected as LCWA Vice-chair; Bonnie Sears of Snows Lake Vineyard as treasurer; and Eric Stine of Langtry Estate & Vineyards as secretary.
The 2011 LCWA board of directors includes a total of nine volunteers.
In addition to Clay Shannon, Gregory Graham, Bonnie Sears and Eric Stine, the following individuals have been elected by the membership to serve on the 2011 board: Kaj Ahlmann of Six Sigma Ranch, Vineyards & Winery; Nick Buttitta of Rosa d’Oro Vineyards; Valerie Ramirez of Wildhurst Vineyards; Adawn Wood of Shed Horn Cellars; and Steve Tylicki of Steele Wines.
The Lake County Winery Association is a nonprofit organization founded in 2007 by a dozen wineries.
Today, LCWA serves more than 40 vintners and associate members who share a mission to promote awareness of Lake County’s excellent wine industry, high elevation wines and tourism opportunities.
Through partnerships with the County of Lake, Lake County Chamber of Commerce, Clear Lake Chamber of Commerce, Lake County Winegrape Commission, Lake County Farm Bureau and other associations, LCWA strives to promote the County’s unique and distinct rural attributes – our lake, our mountain, our air and our land.
LCWA is committed to sustainable farming and winery operation practices and LCWA is committed to our community and its members.
To learn more about LCWA, visit www.lakecountywineries.org or call 707-355-2762.
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HOPLAND, Calif. – Vina Concha y Toro S.A. and Brown-Forman Corp. announced Tuesday the acquisition by Vina Concha y Toro of Fetzer Vineyards and related assets from Brown-Forman in California.
The purchase price for the transaction is $238 million.
The transaction is expected to close in April.
The acquisition includes a portfolio of brands with attractive positioning in the American wine market: Fetzer, Bonterra, Five Rivers, Jekel, Sanctuary and Little Black Dress.
For fiscal year 2010, the acquired brands represented volumes of 3.1 million cases and net sales of $156 million; Concha y Toro will also acquire assets including vineyards, cellars and a bottling plant.
Fetzer is one of the top 10 brands by volume in the U.S. market with sales of 2.2 million cases annually.
Fetzer is also a pioneer in the development of sustainable practices and recognized as an environmental leader, a commitment that has been a hallmark of the brand for the last 20 years.
Bonterra is the undisputed leader in the premium organic category and pioneered the development of vineyards in this category since 1987, with sales of 300,000 cases annually.
“The Fetzer acquisition is the largest transaction of this type in the company's history,” said Vina Concha y Toro Chief Executive Officer Eduardo Guilisasti.
He added, “It represents a continuation of our business strategy, which has been carried out successfully over time and enabled us to enjoy steady growth. We believe that this transaction opens additional growth opportunities globally, as well as in the American market, with its main brands Fetzer and Bonterra. We further intend to incorporate the culture of excellence and commitment of the great team at Fetzer who have created exceptionally strong consumer brands.”
Paul Varga, chief executive officer of Brown-Forman said, “Fetzer and Bonterra have been wonderful brands for Brown-Forman over the years, but as our company has grown globally and our portfolio strategy has evolved, we believe refocusing our resources on what we deem to be our best opportunities for strong growth will provide superior shareholder returns over the long term. And we are particularly pleased that such a prestigious wine company as Vina Concha y Toro will continue the legacy of success these brands have enjoyed over the last several decades.”
Deutsche Bank acted as financial advisor in this transaction and Baker & McKenzie provided legal counsel to Concha y Toro.