Every area bank lost in 2009

Recession took its toll on local institutions in 2009

Year-end financial reports available Monday show that every bank based in Sarasota, Manatee or Charlotte counties posted a loss last year.

Another bank closes in Bradenton

Bad loans topple another local bank

Federal regulators on Friday closed Flagship National Bank of Bradenton, the region's fifth bank to fail in the Great Recession. more...

Orange County lacks money to buy, maintain sensitive land

Orange County may not be able to purchase more environmentally sensitive land — property now used to preserve wildlife corridors and watersheds for future generations — for years because of the county's budget crisis. more

PALM BEACH COUNTY - Even as the economic sky was falling,Palm Beach County commissioners last month approved a double-digit tax rate boost to avoid budget shortfalls. more...

The cork in the bottle

Foreclosures leap in Sarasota County

Foreclosure filings in Sarasota County spiked by 50 percent in September, even as an end-of-summer lull continued in Manatee and Charlotte counties.

...

During August, filings dropped by double digits in Sarasota and Manatee counties. The drop in Sarasota was nearly 34 percent from the previous month and 17 percent from the year before.

In Manatee, the monthly drop was 19 percent and up 3 percent from a year ago.

But some think the 50 percent spike in Sarasota County last month foreshadows another wave of filings.

The cork in the bottle is the different ways banks are processing their distressed properties, with some giving borrowers a three-month reprieve to stay in their homes while others are simply ignoring whole sectors where they have foreclosures to keep the toxic assets off their balance sheets. More...

In a good year, insurers still fail

Insurers on shaky ground

102 of the 210 property insurers operating in Florida have reported underwriting losses, according to Insurance Commissioner Kevin McCarty.

The fact that these insolvencies and underwriting losses occurred in a year in which a hurricane has not struck Florida seriously undermines confidence in the ability of private insurers operating in this state to financially weather a stormy future.

Sarasotan Bill Griffin, his family and businesses have been involved in one failed company...

Citizens and a state-run reinsurance fund remain undercapitalized. The exodus from Florida of brand-name national firms and the underwriting losses of nearly half the property insurers in the state suggest the private sector isn't going to provide adequate coverage unless conditions change.

Insurance is complex and, in Florida, there is no simple way to meet the challenges of making coverage affordable while keeping companies solvent.

more...

Free Enterprise?

Banks set to become region's largest landholders

All in all, banks are set to become some of Southwest Florida's largest landholders.

So far in 2009, they have begun foreclosing on at least 5,500 acres in Manatee and Sarasota counties that were bought for $420 million during the boom. more...

How do banks think? See here.

Fla. faces $2.6 billion shortfall

Just months after patching together a budget by cutting spending, raising fees and gobbling up federal money, Florida lawmakers are bracing for more tough times next year.

Florida could face a budget shortfall of as much as $2.6 billion for the 2010-11 fiscal year that starts in July, as state tax collections continue sagging and costs increase for programs such as Medicaid.

Polk County Budget Blues

Trying To Manage County Like Business, Not Bureaucracy

“More entrepreneurial than bureaucratic” was the mantra County Manager Mike Herr stressed while discussing the county’s $1.6 billion budget with the Polk County Tiger Bay Club on Monday.

While the county hs been affected by growth and the economic recession, it also managed to keep the millage rate the same, at 7.4993 mills. The overall budget is $111 million less than the budget for last fiscal year, Herr said.

One of the ways the county has managed to cut costs was by eliminating 80 positions. “I hate to do that,” Herr said, “because that means less jobs for people who need them, but there was no other way.” More...

See also:

In Palm Beach County, some governments hold the line on pay raises Sun-Sentinel.com Meanwhile, workers for Palm Beach County governments are paying attention to what's happening in some cities in Broward County. While budget strains have ... Nearly a quarter of Florida residents have no health insurance Tampabay.com Every surveyed city and county in the Tampa Bay area had a lower rate of insured residents than the national average, with the worst rates occurring in ...

Salaries Incommensurate with Economic Crater

Ernst: Salary reviews should be routine

A police captain in Venice makes $103,750 a year. The deputy finance director makes $96,096. A parks foreman makes $60,623.

Last week, as the Venice City Council prepared for a final vote on next year's budget, a list of 56 nonunion salaries made the rounds among the citizenry. People always love to know what others earn, but Mike Rafferty had another reason for circulating the salary chart obtained by the Venice Taxpayers League.

He did not want the council to raise his property tax rate. He pointed to the salaries as an example of spending that is out of whack with what the public can afford. And he suggested that the council cut salaries before it raises taxes. More...

Regional GDP Plummets and more hot topics

Region's GDP drops severely

Staff Report

Published: Friday, September 25, 2009 at 1:00 a.m.
Last Modified: Thursday, September 24, 2009 at 5:52 p.m.

The Great Recession and housing downturn took a considerable bite out of gross domestic product in Southwest Florida, reversing a course of large growth starting in 2006.

The data released Thursday from the federal Bureau of Labor Statistics might be the broadest measure to date of the pain. GDP is the total market values of goods and services produced by workers and capital within a area's borders within a year.

From 2005 to 2006, the Bradenton-Sarasota-Venice area's GDP rose 7.4 percent, or about $1.7 billion, to $24.66 billion.

But things started sliding in 2007 and by 2008, GDP had slipped $836 million, or about 3.4 percent, to $23.83 billion from its peak.

County passes $400.8M budget Tampa Tribune To save more money, commissioners had already approved reductions in the mosquito control budgetand voted to cancel membership in the Florida Association ...

Orange OKs $3.1 Billion Budget, Jail Critics Sound Off
Orlando Sentinel
No residents complained tonight when Orange County leade

Brantley hires Florida man to be new manager Florida Times-Union Barwick, 45, will face a daunting list of problems that plague the rural county, from a $3 million budget deficit to washboard dirt roads to overflowing ... Miami-Dade County cultural groups await details of budget cuts MiamiHerald.com BY HOWARD COHEN, ALEXANDRA MARTINEZ AND LOLA DUFFORT Hundreds of cultural and arts groups were spared from being axed out of the county's budget. ... South Miami sets lower tax rate MiamiHerald.com According to the county property appraiser's office, taxable values in the city have dropped 9.3 percent. A budget of about $19.2 million -- $433000 less ... No tax break for some despite declining property values Crestview News Bulletin (blog) At issue is the “recapture rule,” a little-known regulation adopted by the Florida Department of Revenue in 1995 that only applies to homesteaded properties ...

From boom to reality?

Unfinished projects part of real estate collapse

Unfinished buildings, dead dogs, foreclosures, code violations, skeletons of commercial dreams, condos becoming homeless camps. More...

A new normal for home sales

By ADRIAN SAINZ AP
Real Estate Writer

Published: Wednesday, September 9, 2009 at 1:00 a.m.
Last Modified: Tuesday, September 8, 2009 at 7:54 p.m.

The American dream of home ownership is still attainable. Buyers just have to deal with a new set of realities. More...

Tepid article describes stalemate

Business stimulus stalled in state

TALLAHASSEE - Eight months after vowing to spend $10 million in state money to "plant the seeds" to create new jobs, an economic stimulus program initiated by Gov. Charlie Crist has yet to hand out a dime.

As Florida goes, so goes the Nation

States across the nation pinch their pennies to save athletics USA Today Nearby Loudoun County, with 10 high schools, instituted a $100 fee to play sports. Money is for general budget shortfall not specific to athletic budget. ... Behind Florida's Exodus: Rising Taxes, Political Ineptitude TIME One thing, for instance, would be to give a dozen top aides hefty raises while urging a rise in property taxes, as the Mayor of Miami-Dade County recently ... Schools look to teacher furloughs to trim budgets The Associated Press But furloughs are happening in individual districts in states such as New Mexico,Florida and California, said Ed Muir, deputy director of research and ... License and registration, PLEASE! Ocala Higher tag fees, raised by the Florida Legislature to address a budget deficit, take effect today. The Associated Press TALLAHASSEE - Driver license, ...

Music Programs Cut

The three-week June music festival will be on hiatus in 2010 "as we re-evaluate its mission, format and structure in light of the current economy," Orchestra Board Chairman Virginia Toulmin said in a statement.

The 45-year-old Sarasota Music Festival has temporarily fallen victim to the economy as its parent organization, the Sarasota Orchestra, looks for ways to cut costs while protecting its core programming and local educational outreach.

The suspension of the festival is one of several cost-cutting measures announced Monday by the orchestra. More...

Sarasota Orchestra cuts popular programs, salaries to stay afloat

With the economy squeezing grants, government funding and corporate and individual gifts, the orchestra had to rely on almost half of its emergency reserves — a total of $515,000 — just to get through last season, McKenna said. This has been the first time during his nearly nine years with the organization that he’s had to tap into reserves.

Downsizing the Sunshine State

...the Sunshine State is shrinking.

Choked by a record level of foreclosures and unemployment, along with a helping of disillusionment, the state's population declined by 58,000 people from April 2008 to April 2009, according to the University of Florida's Bureau of Economic and Business Research. Except for the years around World Wars I and II, it was the state's first population loss since at least 1900.

"It's dramatic," said Stanley K. Smith, an economics professor at the University of Florida who compiled the report. "You have a state that was booming and has been a leader in population growth for the last 100 years that suddenly has seen a substantial shift."

The loss is more than a data point. Growth gave Florida its notorious flip-flop and flower-print swagger. Life could be carefree under the sun because, as a famous state tourism advertisement put it in 1986, "The rules are different here."

But what if they are not?

more.