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- Written by: Elizabeth Larson
The rate is an increase from the previous assessment of 25 cents per square yard, set in January 2017.
The assessment is collected by the retailer from the consumer, and is then remitted to CARE by way of the carpet manufacturers.
The increase will be confirmed if the Program's 2018-2022 Plan is approved by CalRecycle, which administers the California Carpet Stewardship Program, at their Oct. 16, 2018, public meeting.
"This is the only planned increase in the assessment included in our recently-submitted 5 Year Plan," noted CARE Executive Director Robert Peoples. "Should further adjustments be necessary during this time period, CARE will notify retailers as early as possible, with at least 90 days' notice. CARE is working diligently to increase carpet collection and recycling opportunities, while supporting the recycling infrastructure in the state. We are confident that the Plan will allow us to meet or exceed the required 24% statutory recycling rate as of Jan. 1, 2020."
CARE is continuing to operate under the CARE 2011-2016 Plan and CalRecycle has approved CARE's request to move forward with notification regarding an assessment increase that will be effective Jan. 1, 2019.
The assessment funds support the following efforts:
– Ongoing subsidies to carpet recyclers and processors, in support of the carpet recycling industry and manufacturing of products made from recycled carpet. The subsidies help support capital investments in recycling equipment, materials testing and product development – especially in light of the impacts from China's National Sword on recycling markets overall.
– $2.3 million in grant funding for capital investment, product testing and market development, and collections projects to establish and expand recycling of California post-consumer carpet. Approximately 90% of those funds were awarded to California-based projects. CARE has approved an additional $5 million in capital investment, new product testing, and collections projects for 2018-19.
– Developing new California-generated post-consumer carpet (PCC) content products, expanding California processing and manufacturing capacity, and encouraging procurement of California PCC-content products by private and government entities.
– Expansion of the carpet public drop-off site program, with a goal of establishing at least one site in every county in California.
– Continuing education/outreach efforts to carpet retailers, installers, manufacturers and consumers to encourage carpet recycling.
Since July 1, 2011, all California carpet manufacturers and retailers have been required under carpet stewardship law AB 2398 to add an assessment fee onto all carpet sold in the state.
The law is designed to increase landfill diversion and recycling of post-consumer carpet generated in California. CARE administers the California Carpet Stewardship Program, which is charged with meeting the requirements for carpet recycling set by AB 2398 and new requirements under AB 1158 that went into effect January 2018.
In 2017 alone, 98 million pounds of carpet was diverted from the California waste stream through the efforts of retailers, installers, manufacturers, recyclers and the California Carpet Stewardship Program.
Since the program started in July 2011, CARE recyclers have kept more than 285 million pounds of old carpet out of California landfills.
The CARE Web site offers support and resources for retailers, including email notifications and a 30-minute informational webinar on the assessment on Thursday, Nov. 8, at 1 p.m. PST. Register here.
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- Written by: California Treasurer’s Office
Since the last Debt Affordability Report, California has sold $6.8 billion in general obligation bonds, in four offerings.
The report also highlights the state’s high-grade ratings from all three of the major credit-rating agencies: Aa3 from Moody’s, AA- from Fitch, and AA- from S&P.
“The Golden State’s high ratings give us the confidence to explore and tap into the potential of green bonds for financing the fight to counter global warming,” said Treasurer Chiang. “Additionally, we are moving forward on the creation of a dynamic, practical, and profitable market for green bonds, to pay for billions of dollars of climate-friendly infrastructure. We already know the future is green, but the essential question of how we finance the conversion from a fossil fuel-based economy and infrastructure to cleaner, greener, and more sustainable alternatives remains.”
In late August, Treasurer Chiang signed the Green Bond Pledge on behalf of California, making the state the first in the nation to pledge to use green financing to combat climate change. This pledge commits the world’s fifth largest economy to using green bonds to efficiently raise billions of dollars in new and affordable capital to build climate-friendly infrastructure.
As noted in the report, at the end of the current fiscal year, California will have accumulated nearly $14 billion in rainy day reserves – a distinctly different picture from the one following the financial crisis and the subsequent Great Recession. The Legislature has passed eight on-time budgets in a row.
And the state’s long-term liabilities – post-employment benefits and pension obligations being the most crucial – are in a much stronger position today to weather an economic downturn. As a result of all these efforts, investors have responded affirmatively and offered the state more favorable rates than have been seen in the last 10 years.
Read the full 2018 Debt Affordability Report here.
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- Written by: California Department of Insurance
The notice issued Thursday, acknowledges that the department is aware of and applauds the efforts of certain insurers that have already gone above and beyond the Voluntary Expedited Claims Handling Procedures and have made significant efforts to assist and accommodate survivors by offering, in some cases, up to 100 percent contents limits payment without a personal property inventory.
However, due to the massive scale of these wildfires Jones is requesting all other property insurers follow suit by providing similar accommodations and is asking insurers to notify the department by Oct. 31, 2018, whether they will comply and what percentage they will provide.
Those insurers offering an amount less than 100 percent should allow policyholders the ability to recover additional benefits, if the policyholder subsequently completes a full inventory.
"The Carr and Mendocino Complex fires rank among the most destructive wildfires in California's history," said Insurance Commissioner Dave Jones. "Entire communities were decimated with residents suffering staggering losses of not only property, but tragically loss of life and injuries. I'm asking property insurers to ease the burden on traumatized survivors by voluntarily providing at least 75 percent of contents coverage without the onerous requirement of a detailed home inventory, so survivors may get on with patching their lives back together."
The commissioner's request applies to all insured homes that suffered a total loss, unless the insurer has reason to believe the home was not furnished.
The department advises policyholders already working with a claims adjuster to develop a settlement plan that best serves their needs, which may include taking the time to complete a personal property home inventory.
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- Written by: Elizabeth Larson
Online sales will increase 15.5 percent from the estimated $103.88 billion holiday shoppers spent online during the same period in 2017.
Total retail sales, excluding items not normally purchased online like fuel and automobiles, will jump 5.5 percent to $719.09 billion, up from $681.61 billion in November and December 2017, Internet Retailer projects.
That suggests e-commerce will represent 16.7 percent of all holiday retail spending, compared with 15.2 percent in 2017.
“The growth in U.S. e-commerce has been consistent since 2010, averaging 15 percent each year and showing no signs of slowing down. Add to that high consumer confidence, a healthy economy and strong 2018 online growth from retail giants like Amazon and Walmart, and we’re on track for a big holiday shopping season,” said Fareeha Ali, director of research strategy at Internet Retailer.
“Additionally, our research shows that more shoppers are turning to the web to purchase gifts during peak seasons. For instance, we estimate 24 percent of all Valentine’s Day purchases this year were online – far more than the overall 13 percent e-commerce penetration in 2017,” Ali said.
Several factors contribute to what Internet Retailer anticipates will be a record-high e-commerce holiday period.
For one, U.S. consumer confidence is at the highest level it has been in 18 years. The Conference Board’s Consumer Confidence Index, which is based on a survey that measures consumer sentiment on current economic conditions and prospects for the next six months, hit 133.4 in August.
This is the highest level since October 2000 and 11 percent higher than the August 2017 reading.
Further, more consumers are buying gifts online each year. Seventy six percent of U.S. shoppers said they purchased at least 25 percent of their gifts online during the 2017 holiday shopping season, according to a March 2018 Internet Retailer and Bizrate Insights survey, a 3-percentage point increase from shoppers who said the same after the 2016 holiday season.
For its holiday projections, Internet Retailer’s research team analyzed sales and growth in U.S. e-commerce and total retail over the last several years, identifying trends in consumer spending habits during peak shopping periods.
It also examined large online retailers’ growth patterns leading up to the holidays, historical e-commerce penetration of the overall retail industry and its trajectory, as well as economic indicators, such as U.S. consumer sentiment.
Internet Retailer Research provides data and information about e-commerce that helps retailers, investors and technology companies prosper. The team tracks hundreds of metrics on roughly 6,000 online retail companies around the world.