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TheLevisaLazer.com - Business News

Local people helping local businesses is a theme resonating in the hills of eastern Ky

 

Mick Fosson, Director of the Kentucky Innovation Network Office located at Ashland Community and Technical College (ACTC), was recognized by the Appalachian Regional Commission (ARC) at a March 26 dinner meeting in Washington, D.C., for his role in organizing an angel investment group in northeastern Kentucky.  
 

Angel investors are affluent individuals who provide capital for start-ups or growing businesses, usually in exchange for company equity- that is, partial ownership in the venture. 

The term "angel" originally comes from Broadway, where it was used to describe wealthy individuals who provided money for theatrical productions.

Shown in the photo from left are Earl Gohl, Federal Co-Chair of the Appalachian Regional Commission and Mick Fosson, Director of the Kentucky Innovation network office at ACTShown in the photo from left are Earl Gohl, Federal Co-Chair of the Appalachian Regional Commission and Mick Fosson, Director of the Kentucky Innovation network office at ACTToday, angel investors often organize themselves into angel groups or angel networks to share research and pool their investment capital, as well as to provide advice to their portfolio companies.  Fosson hopes to replicate that process in the Ashland area.

Dr. Kay Adkins, President of ACTC, said Fosson's work can help change the local economy.  "A regional angel network can play a key role in the development of an entrepreneurial economy,” she said. “Entrepreneurship should be a vital strategy in diversifying our region's economy, as we learned from the Shaping Our Appalachian Region (SOAR) Summit in December."  

Fosson stressed that local ownership and buy-in is critical. "Local people helping local businesses is a theme resonating in the hills of eastern Kentucky and the bordering regions of Ohio and West Virginia,” he said.  

“ It's hard to raise money to support an innovative business and most traditional venture capital funds aren't interested in early stage companies. Angel capital fills the gap in financing between 'friends and family', who provide seed funding, and formal venture capital," Fosson added.

The angel group being organized in Ashland will work to recruit investors from the entire tri-state community. It will offer local entrepreneurs and businesses a new way to finance entrepreneurial growth, and investors a new opportunity to invest their wealth locally.

For more information on the Kentucky Innovation Network and the Tri State Angel Investment Group, contact: Mick Fosson, 606.585.3852 or email: mick.fosson@kctcs.edu.
 
 

For most Kentuckians, higher education begins at the Kentucky Community and Technical College System (KCTCS).  Ashland Community and Technical College is one of 16 KCTCS colleges on 68 campuses and more than 100,000 students. KCTCS is a critical component to transforming the state’s economy by providing citizens with the education and training needed for high growth, high wage careers. For more information, visit ashland.kctcs.edu, Facebook.com/AshlandCTC or Twitter.com/ACTC.

Date: 04-01-2014

Legislature OKs state budget with raises for state workers, teachers; cuts for many agencies...


FRANKFORT — The General Assembly on Monday approved and sent to Gov. Steve Beshear a $20.3 billion, two-year spending plan that includes long-awaited pay raises for state employees and schoolteachers, but continues to cut funding for public universities and many state agencies.

Gov. BeshearGov. BeshearThe legislature adjourned late Monday for a two-week break. It's scheduled to return April 14 and 15 to consider any vetoes by Beshear, pass a handful of last-minute bills and then end its annual session no later than midnight April 15.

The budget will issue far less debt than Beshear proposed with his budget plan in January. It has $743 million in general-fund bonds, compared to $1.07 billion in Beshear's plan, and $721 million in agency-supported bonds, compared to $974 million in Beshear's plan.

The budget's "structural imbalance" — how much its spending exceeds its dependable, recurring revenue — is $207 million, compared to $231 million in the governor's proposal. That hole is filled through a number of budgetary maneuvers, such as sweeping tens of millions of dollars from the bank accounts of state agencies into the state's general fund.

By reaching a compromise on the state budget with two legislative work days remaining, the Democratic-led House and Republican-led Senate avoided the partisan breakdown seen in some years that forced special sessions costing $60,000 a day.

During a brief floor speech, House Speaker Greg Stumbo, D-Prestonsburg, thanked Senate Republican leaders for helping his chamber to avoid "Washington gridlock" during a grueling, 18-hour negotiating session over the weekend.

"It may have looked like big-time wrestling, where we're trying to grab each other's throats and smack each other," Stumbo said. "And I'm going to be honest, the thought may have crossed our minds a time or two. But what really happened was, it worked. The gridlock and stalemate that has engulfed, I think, both political parties in Washington didn't make its way to Kentucky. You can go home during your veto break and tell people, 'It worked. We did what you paid us to do.'"

The House vote on the executive branch budget, which holds most of the money, was 91-9. The Senate vote was 37-1. The judicial and legislative branch budgets also were approved by overwhelming majorities.

Some of the largest items in the budget changed little from the time Beshear proposed them to lawmakers in January until final passage Monday. For example, the state's main school funding formula, known as SEEK, will go up by $189 million over the next two years, the bulk of which will be spent on raises for teachers and other school employees of 1 percent in 2015 and 2 percent in 2016.

Also, the budget will fully fund the Kentucky Retirement Systems, or KRS, pension contributions for employees of state government and nearly all "quasi-public agencies" enrolled in the system, costing $207 million extra over two years. Beshear and the legislature committed to that last year as part of "pension reform." The key KRS fund that covers about 90,600 people has $2.6 billion in assets and $11.3 billion in assumed liabilities, making it only 23 percent funded.

"The legislature and Governor Beshear have followed through on a commitment made last year to stabilize the financially fragile pension fund covering most state employees," said Jim Carroll, a former state parks worker and spokesman for a Facebook community of state retirees. "In future sessions, we hope Frankfort will secure a dedicated funding source for pensions."

Much of state government will see budget cuts of 2.5 percent to 5 percent, with several protected exceptions, such as state prisons and the Medicaid program. Some agencies will have lost 41 percent of their funding since the economic recession of 2008, making it possible they'll have to lose more employees, close offices, steeply increase the fees they charge the public and take other severe steps.

Although Beshear proposed a 2.5 percent operational budget cut to the state's universities and community colleges, the legislature reduced it to 1.5 percent.

For the University of Kentucky, that will mean a loss of $4 million in state funds, UK President Eli Capilouto told students and employees in an email late Sunday. The state has cut $55 million in recurring funds from UK since 2008, Capilouto wrote.

On the bright side, Capilouto noted, the budget gives UK support to go ahead with several projects,

"We received authority to move forward — using our own dollars and private fund-raising efforts — with agency bonds for $160 million to renovate and expand the student center and $150 million to continue the fit-out of Chandler Hospital. And we received a $35 million investment in bonds from the state — to be matched by $30 million in private fundraising efforts — for the College of Law," he wrote.

Senate Republicans insisted the budget include language prohibiting any state funds from going to implement the federal Affordable Care Act in Kentucky. Stumbo shrugged that off Monday as political rhetoric because the Beshear administration says federal funds will pay for expanded Medicaid enrollment and the state's health exchanges during the two years covered by the budget.

Senate President Robert Stivers, R-Manchester, warned that if Beshear vetoes the Affordable Care Act language, his chamber will vote to override it.

"If the governor strikes the language and the House won't override the veto, I think that's the worst political vote the House could take at this point in time," Stivers said.

Budget documents Monday show that Kentucky expects to spend $7.9 billion in fiscal 2015 and $8.2 billion in fiscal 2016 to provide Medicaid coverage to more than 1.1 million people, or about one-fourth of the state's population, due largely to their low incomes. Most of that money is federal.

The state's two-year road plan remains in negotiation between the House and Senate. A proposed 1.5-cent-a-gallon increase in the gas tax, backed by the House but opposed by the Senate, appears dead. On Monday, Stumbo said the road plan would be based on revenue projections from the existing gas tax, as the Senate wanted. The Senate plan called for spending $3.67 billion on transportation projects over the next two years, while the House version of the bill would spend $3.92 billion.


By John Cheves
Lexington Herald-Leader

 

Popular food store opened in Louisa in 2000;

Louisa Food City hosts Grand Re-Opening showcasing store remodel... 

 

Back row L to R: Adam Baldridge, Store Manager, John David Young, Designated Assistant, Joe Cantrell, Designated Assistant Manager, Mike York, Meat Manager, Kevin Garnett, Assisant Store Manager, LeQuitte Perry, Produce Manager, Debbie Burke, Floral Manager, Katrina Ratcliffe, Bakery-Deli Manager, Amie Jewell, Head CashierBack row L to R: Adam Baldridge, Store Manager, John David Young, Designated Assistant, Joe Cantrell, Designated Assistant Manager, Mike York, Meat Manager, Kevin Garnett, Assisant Store Manager, LeQuitte Perry, Produce Manager, Debbie Burke, Floral Manager, Katrina Ratcliffe, Bakery-Deli Manager, Amie Jewell, Head Cashier

By Catrina Vargo
 

Louisa, KY -- If you have been Food City of Louisa lately, you have seen changes being made during the last few months. Well, the remodeling project is complete, and to celebrate, the store held a Grand Re-Opening, Sat. March 22, from 4-7 pm.

 There were several things going on at the event, including face painting, prize give-aways, and food samplings throughout the store.

The chocolate fondue fountain was a big hitThe chocolate fondue fountain was a big hit 

 

  The food tastings were a big hit with customers.  Sampling stations included a tantalizing chocolate fondue fountain with fresh fruit and marshmallows for dipping. A huge strawberry glazed cake delectably welcomed folks as they entered into the fresh fruit section.

 Serving up shrimp cocktail were Debbie Chapman and James AdamsServing up shrimp cocktail were Debbie Chapman and James AdamsBack in the meat department, a shrimp station was set up, where meat Supervisor James Adams, and Pikeville Store Manager, Debbie Chapman served customers shrimp cocktail with a special sauce made in house.

Strolling on over to the deli, customers were delighted to find samples of chicken strips and egg rolls, served up by Whitesburg Food City staffers, Shaun Marcum and Sherry Johnson.

Louisa Food City Manager, Adam Baldridge welcomed everyone an

and check out all the new changes within the store. d invited the public to stop in and say hello, 


"We are happy to host this open house event and show our customers that we appreciate their business" said Baldridge.

The Louisa Food City opened in 2000, and this is their first big remodel.  

Changes include fresh fruit showcases, a new and improved, more appealing produce section and a new meat section.  

Serving up shrimp cocktail were Debbie Chapman and James AdamsServing up shrimp cocktail were Debbie Chapman and James AdamsFace painting was done by Christal Mullins (l), District Front End Supervisor and Aime Jewell (r), Head CashierFace painting was done by Christal Mullins (l), District Front End Supervisor and Aime Jewell (r), Head Cashier

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A popular new item is one dish meals such as chicken and vegetables with a seasoning pack, all in a disposable baking pan, ready to bake. Meat Supervisor, James Adams said "It's a real time saver."

 

Baldridge thanks everyone who came out to visit and shop Food City on Saturday, and looks forward to continued service to the community.

Face painting was done by Christal Mullins (l), District Front End Supervisor and Aime Jewell (r), Head Cashier

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