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Volusia County Dept of Economic Development

On The Economic Scene

November 30, 2009

November 30, 2009

FIVE THINGS TO TELL YOUR ACCOUNTANT – Here are five things every business owner should share with his or her accountant before tax season rolls around. First, report any significant changes in income expected for the year. Second, notify him of any life-changing events – professional and private – that can alter the way you do business. Also, reveal any business transactions not routine for the nature of your business. Talk about retirement planning. And, let your accountant know what your plans are for the coming year. Trying to control accounting expenses is a valid concern for business owners, but sharing this kind of information with your accountant could be equally important.

SPARTON TURNS A PROFIT – Sparton Electronics recently announced it earned $1.4 million in the first quarter of its fiscal year, which ended Sept. 30, putting a halt on three years of losses. The company also reported it generated $5.1 million in cash flow from operations, paid down revolving credit facility and term-debt (totaling $18.9 million with existing cash), and had a cash balance of $20.7 million. Sparton’s Defense and Security Systems segments experienced 63-percent increases in sales in the first quarter of the fiscal year, too. And, the company reported it’s on target with its employment goals at the DeLeon Springs facility. Volusia County Government, with the partnership of Enterprise Florida and Hernando County, successfully retained Sparton in Florida after the Michigan offered significant financial incentives for the company to relocate all of its operations there. Sparton employs approximately 280 in DeLeon Springs and anticipates expanding its workforce to approximately 312.

R&D FUNDING ON THE INCREASE – Funding for innovation – critical in preparing for the economic upturn – was increased in 2008 by the top 1,000 public corporate research and development spenders. A survey by global management consulting firm Booz & Company has shown research and development (R&D) expenditures rose 5.7 percent to $532 billion in 2008. It seems leading companies recognize the importance of focusing on R&D to put them in a position to take advantage of competitors in the anticipated economic upturn.

UNITED CEREBRAL PALSY OPEN HOUSE – United Cerebral Palsy of Central Florida is welcoming the public to an open house from 5 - 8 p.m. Friday, Dec. 4, at its facility at 1100 Jimmy Ann Drive, Daytona Beach. Food and refreshments will be served courtesy of the Daytona Ale House and poinsettias and holiday ornaments will be available for sale. For more information, go to www.ucpecf.org.

ENERGY STAR APPLIANCE REBATE PROGRAM – Pending final approval from the U.S. Department of Energy, there will be six residential appliances that qualify for Florida’s 20-percent ENERGY STAR appliance rebate program – refrigerators, freezers, washing machines, dishwashers, room air conditioners, and gas tankless water heaters. The rebate, which is anticipated to last for only 10 days in April 2010 (April 16 - 25), will be 20 percent of the purchase price before taxes. The program will pay you an additional $75 on top of your rebate if you recycle the appliance properly. For details see http://tinyurl.com/ylsgs2s.

CHANGING OUR HABITS – The impact of technology on our everyday lives has been well reported and new data released by the U.S. Census Bureau supports it further. The number of households with cell phones increased from 36 percent to 71 percent between 1998 and 2005. During this same period of time, landline phone ownership fell from 96 percent to 91 percent.

VMA PLANT TOUR – The Volusia Manufacturers Association is planning a tour of Stewart-Marchman-Act Behavioral Healthcare at 9 a.m. Friday, Dec. 11, at 200 Fentress Blvd., Suite C, Daytona Beach. Participants will have the opportunity to learn how to become ISO compliant. To register go to www.vmaonline.com/events.asp.

NEWS ITEMS WANTED! – Please send your business news items to Dave Byron, Volusia County Community Information Director, 123 W. Indiana Ave., DeLand, 32720-4612, by fax at (386) 822-5072 or by e-mail at dbyron@co.volusia.fl.us.

Department of Economic Development
700 Catalina Drive, Suite 200, Daytona Beach, FL 32114
Telephone: 386-248-8048   FAX: 386 238-4761   Toll Free: 800-554-3801

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