Business News

SACRAMENTO – State Controller Betty T. Yee on Tuesday announced an agreement with brokerage and banking corporation Charles Schwab & Co. Inc. to return certain accounts to California residents through the Controller’s Unclaimed Property Program.

Charles Schwab & Co. is one of the largest wealth management businesses in the world, with nearly $2.5 trillion in client assets.

Under the agreement, Charles Schwab & Co. will give the state controller access to its account information to identify lost or abandoned customer and brokerage accounts belonging to Californians.

Using information from the United States Postal Service and Social Security Administration, Charles Schwab & Co. will attempt to return the funds to its account holders.

If account holders cannot be located, those accounts will be sent to the State Controller’s Unclaimed Property Division where the rightful owner or heirs can claim the funds at any time in the future.

“I commend Charles Schwab & Co. for its willingness to identify California account holders on its books, and for agreeing to work with my office to return lost or forgotten money as unclaimed property,” said Controller Yee, the state’s chief fiscal officer. “Charles Schwab & Co. is working in its customers’ best interests, joining with me to ensure that every lost dollar is paid to the rightful owner.”

Under California’s Unclaimed Property Law, holders such as financial institutions, corporations, business associations and insurance companies report and submit unclaimed property (e.g., bank accounts, stocks, bonds, uncashed checks, safe deposit box contents) to the State Controller’s Office when there has been no activity on an account for three years.

Property can be claimed directly by the owner or heir without any service charge or filing fee.

The unclaimed property database and claim form are at www.claimit.ca.gov .

Details

Written by: Editor

Published: 12 February 2015

SACRAMENTO – State Controller Betty T. Yee on Tuesday released her monthly report covering California’s cash balance, receipts and disbursements in January 2015.

Revenues for the month totaled $12.6 billion, underperforming estimates in the governor’s proposed 2015-16 budget by $138.1 million, or 1.1 percent.

Year-to-date revenues are $15.5 million behind estimates adjusted upward a month ago, when the governor released his budget proposal.

Year-to-date income tax receipts have exceeded the governor’s expectations by $9.3 million.

Corporate tax receipts are currently $144.3 million ahead of fiscal year estimates, or 3.7 percent.

Sales and use taxes total $129.1 million, or 1.1 percent below expectations for the fiscal year.

The state ended the month with a general fund cash deficit of $10.7 billion, which was covered by $7.9 billion of internal borrowing and $2.8 billion of external borrowing.

That cash deficit was slightly below the projection of $10.9 billion in the governor’s budget proposal, and is significantly lower than last year, when the state faced a cash deficit of $12.6 billion at the end of January 2014.

The controller pursues external borrowing when cash available from special funds is not enough to meet general fund obligations.

The controller may ask the treasurer to sell short-term revenue anticipation notes that are repaid by the end of the fiscal year.

Details

Written by: Editor

Published: 11 February 2015

SAN FRANCISCO — On Saturday, Feb. 7, the U.S. Postal Service welcomed the Year of the Ram by issuing the eighth of 12 stamps in its Celebrating Lunar New Year series.

The first-day-of-issue dedication ceremony for the Forever stamp took place today at the Chinese Culture Center in San Francisco.

The series will continue through 2019 with Forever stamps for the Year of the Monkey, Rooster, Dog and Boar. Year of the Ram is being issued as a souvenir sheet of 12 self-adhesive stamps.

“The Lunar New Year is an inspirational time to highlight our shared prosperity and reaffirm our city’s commitment to ensuring that everyone can share in the success of San Francisco,” said Mayor Ed Lee. “I would like to thank the U.S. Postal Service for choosing our diverse and world class city to dedicate the Year of the Ram Forever stamp.”

Joining Lee in dedicating the stamp were San Francisco Postmaster Raj Sanghera; Organization of Chinese-Americans Past National President Claudine Cheng; Chinese Chamber of Commerce Supervisory Board President Eddir Au; Chinese Consolidated Benevolent Association President Song Ning Ma; Organization of Chinese-Americans Acting Chief Executive Officer Ken Lee and stamp artist Kam Mak.

“For millions of people around the world, Lunar New Year is one of the most important holidays of the year,” said Postmaster Sanghera. “In my opinion, the Year of the Ram Commemorative Forever stamp is one of the most beautifully designed, colorful, festive and majestic stamps ever issued by the Postal Service.  Starting today, this lovely illustration will be carried on letters and packages to millions of households and businesses throughout America. As you use them, we hope that the ‘Year of the Ram’ brings each of you good health, great joy and boundless prosperity.”

“One of my favorite Lunar New Year pastimes was to raid my grandmother’s tray of togetherness with all of the wonderful treats inside,” said Mak. “She would remind my sisters and I to save some for the visiting guests. People born under the Year of the Ram are artistically talented and have an appreciation for the fine arts. The artwork depicting the beautifully hand-lacquered tray of togetherness with the intricate inlay of flowers and bird, express these traits vividly.”

Art director Ethel Kessler of Bethesda, MD, worked on the series with illustrator Kam Mak, an artist who grew up in New York City’s Chinatown and now lives in Brooklyn.

The artwork focuses on some of the common ways the Lunar New Year holiday is celebrated. For the Year of the Ram, (Feb. 19, 2015 – Feb. 7, 2016), the illustration — originally created using oil paints on panel — depicts a wooden candy tray known as a chuen-hop or Tray of Togetherness. The tray is filled with dried fruits, candies, and other treats to provide a sweet beginning to the New Year.

The ram, alternately referred to as a sheep or a goat, is one of 12 animals associated with the Chinese lunar calendar.

According to an old legend, the animals raced across a river to determine their order in the cycle. The rat crossed by riding on the back of the ox, jumping ahead at the last minute to win the race. Next came the ox, then the tiger, rabbit, dragon, snake and horse, followed by the ram in eighth place.

People born in the year of a particular animal are said to share characteristics with that animal. Individuals born during the Year of the Ram are said to be shy, creative and wise.

As the most important holiday of the year for many Asian communities around the world, the Lunar New Year is celebrated primarily by people of Chinese, Korean, Vietnamese, Tibetan and Mongolian heritage. Images associated with some of these widespread customs are depicted in the Celebrating Lunar New Year series.

In the United States and elsewhere, the occasion is marked in various ways across many cultures; parades featuring enormous and vibrantly painted papier-mâché dragons, parties, and other special events are common.

Many families set out a candy tray known as the chuen-hop or Tray of Togetherness like the one depicted in the stamp art to provide guests with an assortment of dried fruits and candies for a sweet beginning to the new year.

Drums are played to celebrate this time of renewed hope for the future, with drumsticks sometimes painted red for luck. Firecrackers are set off to ward off evil spirits. Red envelopes (hong bao) containing money are given as gifts to children and loved ones.

The U.S. Postal Service introduced its Celebrating Lunar New Year series in 2008 with the Year of the Rat stamp. The Year of the Ram is being issued as a Forever stamp. This Forever stamp will always be equal in value to the current First-Class Mail 1-ounce price.

Customers may purchase the stamps at www.usps.com/stamps , the Postal Store, at 800-STAMP24 (800-782-6724) and at Post Offices nationwide or visit www.ebay.com/stamps to shop for a wide variety of postage stamps and collectibles.

Ordering first-day-of-issue postmarks

Customers have 60 days to obtain the first-day-of-issue postmark by mail. They may purchase new stamps at their local Post Office, at The Postal Store website at www.usps.com/shop , or by calling 800-STAMP-24.

They should affix the stamps to envelopes of their choice, address the envelopes to themselves or others, and place them in a larger envelope addressed to:

Lunar New Year: Year of the Ram Stamp
Attention: Station Manager
Chinatown Station
867 Stockton St.
San Francisco, CA 94108-9998

After applying the first-day-of-issue postmark, the Postal Service will return the envelopes through the mail. There is no charge for the postmark up to a quantity of 50. For more than 50, customers are charged 5 cents each. All orders must be postmarked by March 31, 2015.

Ordering first-day covers

The Postal Service also offers first-day covers for new stamp issues and Postal Service stationery items postmarked with the official first-day-of-issue cancellation.

Each item has an individual catalog number and is offered in the quarterly USA Philatelic catalog, online at www.usps.com/shop or by calling 800-782-6724.

Customers may request a free catalog by calling 800-782-6724 or writing to U.S. Postal Service, Catalog Request, PO Box 219014, Kansas City, MO  64121-9014.

Details

Written by: Editor

Published: 10 February 2015