Governor Wolf and Treasurer Reese Announce Cuts in Wall Street Fees by Consolidating Investments (Round-Up)

first_img 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 Assistantcenter_img 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)last_img read more

J-D boys lacrosse tops CBA, wins sectional Class C title

first_imgBut more of it had to do with how last season ended, the Rams stunned by Westhill in the sectional semifinals after it had won nine consecutive sectional titles from 2009 to 2017.Head coach Jamie Archer said his players were supremely motivated to climb back to the top, even going so far as to write papers in their school classes about the pain of that Westhill defeat and bouncing back from it.“This is one we really wanted,” said Archer. Getting it required a combination of the skill and flair J-D is well known for with tough, relentless defense that gradually gained control of the game following a wild first quarter.Fresh off its dramatic overtime win over Westhill in the sectional semifinals, CBA answered everything the Rams threw at them in those first 12 minutes, even taking a 4-3 lead on goals by Josh Hulslander and Sam Bonacci 18 seconds apart.But the Brothers had no answer in the early going for J-D junior Riley Durkin, who netted three goals in that opening period. Durkin said he and his teammates have plenty of freedom on offense to create opportunities, and it paid off here.Yet it wasn’t until the second period that the game shifted permanently in the Rams’ favor, its defense nearly shutting out CBA in that frame until Colin Kelly scored in the waning seconds, cutting J-D’s margin to 8-6 at halftime.Burned plenty in the early going, the Rams’ back line adjusted well as senior Sahil Seth, along with juniors Kenny Hildreth and Josh Duby, rarely gave CBA’s potent group of attackers much room to operate and caused plenty of turnovers.All of this proved more valuable since J-D was unable to put the game away during the second half, and when they were needed, sophomore goalie Jamison MacLachlan made several key stops to thwart any possible CBA comeback.Archer said that MacLachlan’s maturity and calm demeanor makes things easier for all of his teammates.At the start of the season, said Archer, “we didn’t expect him to be this good. But his poise in making big saves, for a kid that young, is amazing.”MacLachlan shut out the Brothers for more than 17 minutes, and though he allowed a pair of late goals, Durkin and Will Davis made up for it, netting fourth-quarter tallies that helped secure J-D’s return to the top.As the Red Rams moved on to the state tournament, CBA, a sectional champion the previous two years in Class D (and a state champion in 2017), should be strong again next spring as most of its top scorers return, along with goalie Z.J. Shahin.Share this:FacebookTwitterLinkedInRedditComment on this Story Some championships are sweeter than others.When the Jamesville-DeWitt boys lacrosse team defeated Christian Brothers Academy 12-9 Friday night in the Section III Class C final at Liverpool High School Stadium, it claimed the program’s 17th sectional title.Yet for many reasons, this one really felt good for the Red Rams and its players. Part of that was the satisfaction of knocking off its next-door neighbors, who just happened to sit at no. 2 in the state rankings, one spot above J-D at no. 3.center_img Tags: boys lacrosseCBAJ-Dlast_img read more