Month: January 2022

Economic Outlook 2022: Janet Besheer

January 17, 2022

Janet Besheer, licensed real estate broker/owner, Equitas Realty.
Courtesy Equitas Realty

By Janet Besheer

The year 2021 was a roller coaster in area real estate year with the best annual existing home sales numbers since 2006.

Low inventory and high demand, along with very low interest rates, had properties flying off the page all year long. Median prices were at all time highs.

Experts see the sellers’ market continuing into 2022 and with a less wild seller’s market than during 2021. Home sales prices will not advance at the same pace we saw in 2021, however, the lack of supply will mean prices will continue to grow.

It is predicted that mortgage interest rates will rise at least three times during 2022. The 30-year fixed rate, currently averaging 3.3 percent, will hit closer to 3.7 percent by the end of this year. This will affect the buying power of certain buyers.

In November, the median sales price in the Capital Region jumped to $397,700 which was an increase of more than 12 percent over the median price of $330,000 in 2020. Sales prices rose for 19 months in a row across New York state.

Home prices are predicted to continue to rise in 2022, up to 5-12 percent in most markets. Affordability will be a challenge in 2022 with home buyers grappling with higher monthly costs due to rising prices and mortgage rates.

Inventory woes will continue in 2022. In 2021 inventory was down 23 percent compared to 2020. Typical “days on market” was only 23 days and homes sold at 99.2 percent of the original list prices. Months’ supply of inventory fell to 2.8 months in November 2021—a 34.9 percent drop from 4.3 months of supply in November 2020. (A balanced market is considered to have 6-6.5 month supply). As a result, buyers in every price range were frustrated by not finding a home or by being outbid in multiple offer scenarios.

Economic Outlook 2022: Kevin M. Hedley

January 17, 2022January 17, 2022

Kevin M. Hedley, MS, CPA, PFS, partner, Hedley & Co., PLLC.
Courtesy Hedley & Co. PPLC

By Kevin M. Hedley

An outlook for the coming year comes from two perspectives, one as a CPA firm practicing in the tax arena and the other as a wealth manager.

In both cases, our work is assisting clients to navigate the turbulent world in which we live. One thing has always been clear over the last 30 years being in business. There is always some sort of turbulence. Navigating the turbulence is aided by preparation.

As we look to the 2022, it is obvious that COVID is still with us and is not going away anytime soon. Accountants and finance professionals demonstrated their role as most trusted advisers in many circumstances. We had to pivot to meet the needs of our clients in many facets, the least of which was ever-changing tax law, programs to help our clients like PPP and ERTC, and a myriad of other financial opportunities.

We foresee there will be continuing needs due to tax law changes and other programs designed to aid small businesses. Clients look to us to assist them. We answered that call this past year and will continue to do so in 2022 and beyond. We continue to make necessary technology updates and personnel additions to meet these needs.

We continue to grow as a brick-and-mortar business with our offices here in Saratoga County as well as allow the flexibility for employees to work seamlessly from home. We are proud of the measures we put into place even before the pandemic and are thankful for the ability of our staff to adapt as quickly as they did when it became a necessity.

We, as well as others in the CPA profession, continue to find innovative ways to hire, train, and retain qualified staff during these ever-changing times.

Economic Outlook 2022: Darryl Leggieri

January 17, 2022

Darryl Leggieri is the president of Discover Saratoga.
Courtesy Discover Saratoga

BY Darryl Leggieri

What an eventful year it has been. As we moved through spring and summer, and vaccines became more accessible, we began to reconnect in person. With most everything open, our destination experienced strong leisure travel demand, and we needed it.

Visitors came for the thrill of Saratoga Race Course, the excitement of Saratoga Performing Arts Center and Live Nation shows, and the natural beauty of our parks, cultural arts, museums, and thriving downtown.

Our lodging partners had a strong season with some even setting revenue records. The same can be said for our restaurants and retailers. Visitors came primarily from a three-hour radius, mostly driving to experience our charming destination. Many of whom discovered us for the first-time, electing to stay within New York state.

Meetings and events resumed in 2021 and attendees felt comfortable to travel and meet face-to-face once again. Corporate groups, associations, weddings, and the sports market were happening. Many of these events had been postponed from 2020 and were now meeting safely. These events were vital to our local economy. Not only do these event attendees occupy hotel rooms, but they also shop and dine at our local businesses, creating revenue and jobs for our community.

The Saratoga Springs Heritage Area Visitor Center reopened in July after being shut down for over a year. Once it was safe to reopen and visitors resumed travel, we knew it was time to open. We feel it is critical to have a place in our community where locals and visitors alike can go to gain important information about our city’s history, and all the amazing attributes that it has to offer.

Economic Outlook 2022: Tara Anne Pleat

January 17, 2022

Tara Anne Pleat is 2022 chair of the Saratoga County Chamber of Commerce board.
Courtesy Wilcenski & Pleat PLLC

By Tara Anne Pleat

After two years of shifting pandemic protocols and restrictions on business operations, hope abounds that 2022 is the year when the business community can focus on recovery and growth instead of survival.

We are fortunate to live in a resilient community with elected leadership who understand the needs and value of the county’s local businesses. We are fortunate to live in a community that has loyal customers who helped keep many small businesses afloat.

We are fortunate to have the Saratoga County Chamber of Commerce, which under the leadership of Kevin Hedley and Skip Carlson together with President Todd Shimkus was relentless in communications, promotions, outreach, and advocacy.

We now look to 2022 in Saratoga County with optimism. The Town of Malta is home to the headquarters of GlobalFoundries and the world’s most advanced semiconductor manufacturing facility. The construction of Fab 8 started in 2009 and propelled our area out of recession. With plans for more investments and talk of a second plant, GlobalFoundries may just lead our recovery again.

The Town of Halfmoon is now home to the Impact Athletic Center. This facility has the potential to significantly expand Saratoga’s youth sports tourism industry. With each new tournament our area will see teams, players, parents, coaches, and others stay in local hotels and dine in local restaurants. Finding ways to continue to market the county’s existing sports venues and invest in new ventures will help our hospitality sector to recover.

The U.S. Navy is nearing completion of the modernization of its facilities at the Knolls Atomic Power Laboratory in Ballston Spa. When this is done, Saratoga County will see an influx of Navy shipmen into our local economy as they train here to operate nuclear power plants onboard our Navy’s aircraft carriers and submarines. While stationed here, these shipmen rent local apartments, purchase local goods and services, and often volunteer to support local projects.

Commission On Collegiate Nursing Gives SUNY Empire Program Accreditation

January 17, 2022January 17, 2022

The Commission on Collegiate Nursing Education (CCNE) has granted 10-year accreditation to SUNY Empire State College’s master’s program in nursing, a recognition that reinforces the program’s quality and integrity.

CCNE accreditation is a nongovernmental peer review process that helps ensure a nursing program meets nationally recognized standards of excellence. It signals that a nursing program optimally prepares its graduates for the workforce.

SUNY Empire’s graduate nursing program offers two specialty tracks, nursing education and nursing administration. SUNY Empire’s BSN program, which received CCNE accreditation in 2015, is due for its next accreditation visit in 2025.

The accreditation comes amid a growing demand for nurses across the nation and in New York state. The U.S. Bureau of Labor Statistics projects that 11 million additional nurses are needed to avoid further shortages in the healthcare industry. Employment opportunities for nurses are projected to grow at a rate of 15 percent—faster than all other occupations—through 2026. According to the American Journal of Medical Quality, there will be a shortage of more than 39,000 registered nurses in New York by 2030.

The accreditation further enhances opportunities recently created by the State University of New York establishing a $3 million SUNY Nursing Emergency Training Fund, which will help SUNY campuses expand program capacity so more students can enroll.

Wesley Health Care Center’s Jenna Lord Is Named Group’s ‘Professional Of The Year’

January 17, 2022

Jenna Lord is the director of nursing at Wesley Health Care Center, Saratoga Springs.

Jenna Lord, director of nursing at Wesley Health Care Center, has received the 2021 Professional of the Year Award from LeadingAge New York.

The Professional of the Year Award recognizes contributions of a professional working in the aging healthcare field toward the well-being of the elderly or chronically ill in his or her community. The award nomination is open to any long-term care, housing and services professional who demonstrates civic involvement as well as professional dedication, accomplishment and field expertise.

“The Wesley Community congratulates Jenna on this outstanding recognition as the 2021 LeadingAge New York Professional of the Year,” said The Wesley Community CEO J. Brian Nealon. “Jenna consistently exhibits outstanding leadership and helps us provide compassionate senior care to our residents and their families. We are grateful to have her on our team.”

Lord is responsible for leading and supervising the nursing staff and overseeing the care provided to residents at the Wesley Health Care Center. She has extensive health care experience and has been an active member of the Wesley Health Care Center team since 2008.

“I am honored and humbled to receive this award and to be recognized by my peers, administrators and LeadingAge New York as ‘professional of the year.’ I would not be able to achieve anything without the amazing team at Wesley,” said Lord. “Working alongside so many talented nurses, and caring for the aging, is something I consider a privilege.”

Lord’s dedication to the profession led to her recognition as Registered Nurse of the Year at Wesley Health Care Center in 2018. She received the honor following numerous peer nominations and an extensive review by a panel of administrators at The Wesley Community.

Company’s Donation Helps Saratoga Hospital Get Cardiac Equipment For Newborns

January 17, 2022

Babies born at Saratoga Hospital can now benefit from advanced cardiac monitoring equipment made possible by a gift from the Nemer family and Nemer Chrysler Jeep Dodge Ram of Saratoga.

Hospital officials said about 10 percent of newborns need help breathing at birth. Getting an accurate measurement of their heart rate is critical but often challenging. The Nemers’ pledge of $26,000 will enable Saratoga Hospital to buy four neonatal cardiac monitors to enhance care for these babies.

“With this new equipment, we can begin evaluating and monitoring neonates during their first few minutes of life,” said Dr. Jennifer Lefner, chief of newborn medicine at Saratoga Hospital. “We will have critical, immediate information on how strong their heart rate is and how well they are responding to resuscitation measures.”

Two young members of the Nemer family were born with heart conditions, so the family knows firsthand how important early monitoring can be.

“Once again the Nemers are drawing on their own experience to improve—and, in some cases, even save—the lives of their neighbors in Saratoga County,” said Mary Solomons, executive director of Saratoga Hospital Foundation, the philanthropic arm of Saratoga Hospital. “Their gift is an extraordinary example of empathy and generosity, and we are most grateful.”

Albany Med Financial Aid Program Applies To Saratoga And Glens Falls Hospitals

January 17, 2022

The Albany Med Health System has developed a financial assistance program (FAP) that it says will benefit patients receiving care at any hospital within the system or from any provider employed by any of its facilities, including Albany Medical Center Hospital, Albany Medical College, Columbia Memorial Health, Saratoga Hospital and Glens Falls Hospital.

“The Albany Med Heath System is committed to minimizing the financial barriers to health care that exist for some members of our community and to ensuring that patients do not forgo necessary care due to worry about cost,” said Dr. Dennis McKenna, president and chief executive officer of the Albany Med Health System. “This program is another example of how the hospitals within our system are working together to make access to high-quality care easier for everyone in our communities.”

FAP helps uninsured and underinsured patients with a gross household income up to 400 percent of the federal income poverty guidelines, which is calculated based on annual income and number of persons in household. Eligibility is based on the federal income poverty guidelines in effect at the time of application.

Patients seeking access to the FAP will be required to complete a signed application and provide documentation to verify income. Financial assistance will only be applied after all insurance coverage has been exhausted or for uninsured self-pay patients. Once approved, assistance will be available for all services provided at any facility within the system or from any of its providers.

The Financial Assistance Program is one step in the Albany Med Health System’s ongoing efforts to make access to health care easier for patients. In the future, the system will offer coordinated or fully integrated care in a wide variety of specialties.

National Health Care Groups Ask That COVID Emergency Period Be Extended

January 17, 2022

With the public health emergency (PHE) set to expire on Jan. 16, the American Health Care Association and National Center for Assisted Living (AHCA/NCAL) are asking for an extension of the emergency period.

The groups sent a letter to U.S. Health and Human Services Secretary Xavier Becerra to request an extension of the PHE declaration as long term care providers continue to fight COVID-19.

The highly contagious Omicron variant is projected to spread at a high rate for weeks to come and continues to cause a surge in cases across the country, leaving vulnerable populations, such as those in long term care facilities, at serious risk, the organizations said.

AHCA/NCAL President and CEO Mark Parkinson writes said in the letter, “Due to the ongoing and unpredictable battle long term and post-acute care providers must continue to wage against COVID-19, we strongly encourage you to continue to extend the PHE declaration and maintain the related Section 1135 and Section 1812(f) waivers, enhanced Medicaid FMAP to states, and state Medicaid policy flexibilities, such as the waiver for Medicaid redeterminations.”

The letter further explains the unprecedented challenges the long term care sector is facing, including a historic labor crisis that has resulted in a 15 percent decline in its workforce since the beginning of the pandemic.

This has caused nursing homes to limit admissions, putting more strain on overwhelmed hospitals that rely on nursing homes to free up beds. Parkinson wrote that extending the PHE would help health care providers respond to this challenge:

Business Report: Does Your Business Have An Exit Strategy

January 17, 2022

Robert Snell, financial adviser with Edward Jones Financial in Saratoga Springs.

By Rob Snell

If you’re a business owner, you’ve got so much to think about, and you work so hard, that it might be difficult to envision the day when you’re in a different place in life.

However, that day will likely arrive, so you’ll want to be prepared for it, which means you’ll need an exit strategy. But how do you create one?

Here are some steps that can prove helpful:

• Start planning early. Making a quick exit is probably not a viable strategy for most business owners. Instead, you’ll want to plan far ahead for when you want to leave your business behind.

This will require some thinking about the big picture: What will the company look like when you’re gone? Are you essential to its survival? If not, do you want to sell it to a key employee or an outsider? Or would you prefer to keep it in the family?

After you’ve answered these types of questions, you can then move on to consider specific solutions, such as creating a buy-sell agreement with an employee or gradually transferring the business to family members.

• Determine how to fill a retirement income gap. You could spend two, or even three, decades in retirement – so you’ll want to be sure you’ll have an adequate income stream to cover all those years.