Directors of Green Mountain Power Corporation(NYSE:GMP) announced a quarterly cash dividend of $0.19 per share onthe utility’s Common Stock, payable December 31, 2002, to holders ofrecord at the close of business on December 14, 2002. The new indicatedannual dividend rate is $0.76, an increase over the previous indicatedannual rate of $0.55. The increased dividend payment is contingent on thesuccessful issuance of long-term debt, which is expected to be completedon or about December 16, 2002.The Company has arranged to issue $42 million in first mortgagebonds, with an average life of 12 years. This transaction, which willreplace substantially all of the Company’s short-term and intermediateterm debt, will satisfy the conditions set by the Vermont Public ServiceBoard for the Company to increase its dividend.In 1997 and 1998, faced with difficult financial results, theCompany reduced its dividend. “We have maintained an indicated annualdividend of 55 cents per share as we worked to restore the Company tofinancial health,” said Christopher L. Dutton, President and ChiefExecutive Officer. “With solid financial results achieved in 2001 and2002 following the Vermont Public Service Board’s January 2001 orderapproving a rate settlement that provided for full power supply costrecovery in rates, with the successful repurchase of common stock in thelast month, and with our scheduled issuance of long-term debt later thismonth, we now conclude that we are on solid ground to increase thedividend. The Company believes that, in light of the general practice inthe utility industry, it should pay out 50 percent to 60 percent ofanticipated earnings in dividends. Over the course of the next severalyears, we intend to increase our dividend in a measured, consistent mannerto this payout range, which we will sustain so long as our financialhealth seems assured. As earnings grow, of course, the opportunity forhigher dividend increases is presented.”Regular quarterly dividends of $1.1875 per share were also declaredpayableMarch 1, 2003, to holders of record at the close of business February 13,2003, of the Company’s 4.75% Class B Preferred Stock.Green Mountain Power Corporation (greenmountainpower.biz) is aVermont-based energy services company serving 87,000 electric customers.
Rental stress is on the rise, according to new research. Picture: AAP/Mick TsikasFORGET mortgage stress, rental stress is now the biggest concern in Queensland, with nearly 13 per cent of households spending 30 per cent or more of their income on rent.Low income earners in the city are the hardest hit, with new data showing there is only one suburb in southeast Queensland where a single person earning the minimum wage could afford to rent a unit without going into rental stress.An analysis of median rent prices for units across Australia by realestate.com.au shows that most lower-income earners are experiencing rent stress, with prices far higher than the minimum wage.Rental stress is defined as when someone spends more than 30 per cent of their income on rent.This analysis compares the minimum wage with median rent prices from realestate.com.au/rent for the 12 months to May 31, 2017.Only four suburbs in all of greater Brisbane, Melbourne, Sydney, Canberra, Perth, Adelaide and Hobart had median rental prices for units that equalled less than 30 per cent of the minimum wage after tax.In Kooralbyn, 70km from Brisbane, the weekly median rental price for a unit is $180 a week, which means a low-income earner would spend 28.6 per cent of their income on rent.This unit in Kooralbyn is available for rent. Picture: realestate.com.auThe next most affordable place to rent in southeast Queensland for one person on the minimum wage is Laidley, 83km west of Brisbane, according to realestate.com.au, with the median weekly rent coming in at $215.Even then, 34 per cent of income is required to be paid to the landlord.Bayside babe blasts to $1m saleBeachside pad sells for top dollarWould you pay $1m for this?This unit at 3/387 Webster Rd, Stafford Heights, is available for rent. Picture: realestate.com.auIn the north Brisbane suburb of Stafford Heights, renters are paying $228 a week in rent on average, which means a low-income earner would spend 36 per cent of their income on rent.This unit at 36/5 Judith St, Flinders View, is available for rent for $240/week. Picture: realestate.com.auFlinders View in Ipswich and Park Ridge in Logan are the next most affordable, with low-income earner’s spending 38 per cent of their income on rent in these areas.Andrew Rechtman, executive general manager residential at realestate.com.au, said he expected Sydney and Melbourne to be largely unaffordable for low-income renters, but didn’t expect rental rates in other capital cities to be as prohibitive.“That’s what shocked us I think,” Mr Rechtman said.More from newsMould, age, not enough to stop 17 bidders fighting for this home3 hours agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investor3 hours ago“Clearly, affordability is beyond reach for lots of people renting even in the outer suburbs of Brisbane.”This unit at 6/77 Pine Mountain Rd, North Ipswich, is available for rent. Picture: realestate.com.auDouble minimum wage households fare better, according to realestate.com.au, with dual minimum wage earners in Brisbane able to afford the weekly median rent price for a unit in 142 suburbs.“If you put two minimum wage earners together, you get more bang for your buck,” Mr Rechtman said.“It doesn’t hurt to live with someone to share expenses.”This month, the minimum wage in Australia rose to $18.29 an hour, which equates to $694.90 a week, but welfare groups say that increase won’t make up for the rent rises seen in most cities over the past five years.According to Anglicare, just 12 per cent of properties in Brisbane are affordable for a couple both on the minimum wage with two children under 10.That’s a low number compared to Adelaide, where 41 per cent of properties are affordable.GET THE LATEST REAL ESTATE NEWS DIRECT TO YOUR INBOX HEREThe 2016 Census found Queensland had seen a significant shift towards renting, with 34.2 per cent of us now paying a landlord, up from 33.2 per cent in 2011, and higher than the national average of nearly 31 per cent.The median weekly rent in Queensland has risen to $330 from $300 five years ago.As a result, more Queenslanders are under rental stress, with 12.8 per cent of households requiring 30 per cent or more of their income to pay the rent.That’s up from 11.9 per cent in 2011 and greater than the national average of 11.5 per cent.This apartment at 611/6 Land St, Toowong, is available for lease for $425/week. Picture: Space Property Agents.Space Property Agents executive leasing new business manager Jennifer Grainger agrees renting in Brisbane is expensive.“Rents are lower in Brisbane than in Sydney and Melbourne but our cost of living is still very high and wages aren’t as high so a lot of rental prices are still very high in Brisbane,” she said.Ms Grainger said tenants were increasingly looking around for a better deal, but she warned of the hidden costs that can be involved in moving.This apartment at 611/6 Land St, Toowong, is available for lease for $425/week. Picture: Space Property Agents.She said landlords were going to great lengths to attract and retain tenants, such as making improvements to their properties, getting professional photographs taken and offering incentives.Space Property Agents is currently advertising an apartment for rent in the Landmark building in Toowong for $425 a week, with the landlord offering one week rent-free and 30 days free internet.Follow Liz Tilley on Twitter @liztilley84Rental affordability in southeast Queensland on one minimum wage. Source: realestate.com.au
DES MOINES — The state of Iowa collected over half-a-billion dollars more in taxes during the last 12 months than during the previous fiscal year.Fiscal Year 2019 for the State of Iowa ended Sunday. Preliminary figures indicate tax revenue growth was ahead of expectations by nearly $100 million. In total, the State of Iowa took in more than $9.3 billion in taxes and fees during the past 12 months.Officials say it’s hard to estimate how much of the tax windfall is due to higher wages in Iowa and how much is due to a change in a state income tax deduction. Iowans get a deduction on their state income taxes for federal taxes paid. That deduction has declined because of the tax cuts enacted at the federal level.The phased-in state income tax cuts Republican lawmakers approved in 2018 started to take effect in January of this year — halfway through the state’s just-concluded fiscal year.