SHARE Email Facebook Twitter January 13, 2017 Efficiency, Government That Works, Round-Up, The Blog Yesterday, Governor Wolf and State Treasurer Reese announced the consolidation and transfer of three investment funds that will help cut millions in tax dollars spent yearly. By eliminating private Wall Street managers and consolidating the investments, the Department of Treasury will save $5.6 million annually.“With the commonwealth facing a serious budget deficit, we cannot afford to hand money from any fund to Wall Street when we could better manage the money ourselves and save millions of dollars,” Governor Wolf said. “This effort further reflects my focus on cutting costs and creating efficiencies in state government to avoid disastrous cuts and preserve our investment in education, middle-class job creation and vital services like drug treatment. I want to applaud Treasurer Reese for his collaborative work on this project and hope this is the beginning of a larger effort to cut fees to Wall Street.”Take a look at the coverage: Like Governor Tom Wolf on Facebook: Facebook.com/GovernorWolf By: Eryn Spangler, Press Assistant SHARE TWEET Philly.com: Pa. fires money managers, seeks savings“We cannot afford to hand money from any fund to Wall Street when we could better manage the money ourselves and save millions of dollars,” Governor Wolf said, in making the announcement. According to the governor and the treasurer, Pennsylvania should save more than $6 million a year from these investment changes.TribDem: Wolf moving 3 funds to seek investment fee savingsPennsylvania’s governor is moving three state-run funds to the Treasury Department in a move expected to save more than $5 million in investment fees. Democratic Gov. Tom Wolf on Thursday said the department is taking over a $1.4 billion state workers’ insurance fund , a $700 million worker’s compensation fund and a $200 million underground storage tank indemnification fund.Central Penn Business Journal: Wolf administration cuts Wall Street money managersThe commonwealth will cut out dozens of Wall Street investment managers for three state investment funds, a move expected to save Pennsylvania about $5.6 million per year, according to the Wolf administration. Gov. Tom Wolf and Treasurer Timothy Reese today announced that the Department of Treasury will manage the State Workers’ Insurance Fund, the Workers’ Compensation Security Fund and the Underground Storage Tank Indemnification Fund. The three funds have combined assets worth about $2.3 billion.WITF: In cost-cutting effort, Treasury to absorb three state funds[Governor Wolf] said eliminating those private managers makes good financial sense. “The Treasury of Pennsylvania does this for billions of dollars on a routine basis,” he said. “Why not just hand this over to the Treasury of Pennsylvania, consolidate the management–it’ll save about $5.6 million. Governor Wolf and Treasurer Reese Announce Cuts in Wall Street Fees by Consolidating Investments (Round-Up)
… Defending champions retake number one spot ahead of Round 4By Clifton RossDEFENDING Regional 4-Day champions Guyana Jaguars seemed to have their mojo back following their return to winning ways, also to the top-of-the-table, compliments of their bowlers co-starring in the their 3rd round, huge win.After suffering a horrific loss to Barbados in Round 2, the champions switched to ruthless mode as they laid waste to the-then number one-ranked team on the table, Trinidad Red Force; mauling them by 219 runs at the Guyana National Stadium, Providence to reclaim their spot as table-leaders.It would seem that the impact made in the last round by the bowlers have somewhat raised the bar for the champs, who up until Round 3 were leaning towards being a more batting-heavy side.The Jags, despite not having a centurion in their mix so far, managed to show their mighty batting prowess as a number of their marquee batsmen have come to the party, including Chandrapaul Hemraj, Tagenarine Chanderpaul, Chris Barnwell, Anthony Bramble, Vishaul Singh and Leon Johnson who have all registered one half-century or more in their nameto date.Guyana’s reality check came after they lost Round 2 in a basically one-sided affair to Barbados Pride. Their bowlers in the first two rounds were a bit tame but Round 3’s spark lit a fire under the bowlers as they were crucial in Guyana’s thrashing of Red Force.For the most part Guyana have been ticking all the right boxes as their fielding has been good while their batting errors revolved around the lack of conversion after a number of players made significant half-century scores but failed to carry on to three-digits.Additionally, with fast-bowling all-rounders Romario Shepherd and Keemo Paul on international duty, Ronsford Beaton banned from bowling and Raymon Reifer being under watch, following his injury from Round 2; a void was evident in the Jaguars’ bowling department.But Niall Smith’s hostility which saw him run amok on the Trinidadians with 5-12 in one of his better spells, coupled with senior pacer Keon Joseph’s knack of breaking opening partnerships and spinners Veerasammy Permaul and Devendra Bishoo’s cunning approach, impelled Guyana to regain their winning ways.With Smith, Permaul, Bishoo, Joseph and Reifer who are expected to return for Round 4 all playing at optimum levels, Jaguars could easily use this new foursome to wreak havoc on the other teams for the remainder of the competition.Smith and Permaul were the tormentors-in-chief against Red Force as the spinner passed the 500-wicket mark in first class cricket and they both will have huge roles to play, especially the scorching Smith who continues to mature with each game.And should they regain the services of any or all of Sherfane Rutherford, Paul and Shepherd during the course of the Regional 4-Day tourney, Guyana could maintain their poise and go on to win their 6th title.Meanwhile, Guyana have a current aggregate of 44.6 points with 2 wins and a loss from 3 matches played.They trail the Pride by .2 as the Bajan franchise come in at second place with 44.4 points, making the 4th round an exciting one.Guyana shift back to their home ground at Providence to tackle bottom-placed Jamaica Scorpions from Thursday, February 6.