Shenandoah Valley Business Journal

A Byrd Newspapers Publication

Volume 19, No. 4, February 27, 2018

Keeping An Eye On Investments Spotlight

on:

Wealth ent m e g a n Ma Page 8

2

SHENANDOAH VALLEY BUSINESS JOURNAL

Tuesday, February 27, 2018

Inside This Issue Focus Section: Wealth Management The Shenandoah Valley Business Journal is a monthly publication of Rockingham Publishing Company, Inc., 231 S. Liberty St., Harrisonburg, VA 22801.

■ Investing In A Changing Climate...........................Page 8

Other Business News ■ Old Hill Cider Plans To Improve Facilities.............Page 7

Editorial Staff

■ Local Ledger..................................................Page 14

Editor and General Manager: Peter S. Yates

■ Woodstock Drafting Investment Policy.............Page 15

Contact us By mail: Shenandoah Valley Business Journal P.O. Box 193 Harrisonburg, VA 22803 By email: svbjnews@dnronline.com By fax: 433-9112 By phone: 574-6267 (news) 574-6229 (ads)

Columns

Managing Editor: Jerry Blair

Harrisonburg, Va.

■ Financial Focus with Kathy Armentrout..........Page 3

On The Cover:

Staff / Contributing Writers: Vic Bradshaw, Ryan Cornell, Kelly Clark

Photo illustration by Nikki Fox / DN-R

Contributing Photographers: Nikki Fox

Arehart New Mortgage Lender At Park View Federal Credit Union HARRISONBURG — Brad Arehart has joined Park View Federal Credit Union as a senior mortgage loan adviser.

A Dayton resident, Arehart earned a bachelor’s degree in business administration from James Madison University and a master of divinity degree from Ashland University in Ohio.

He has more than Arehart 17 years of mortgage lending experience and will work primarily at Park View’s Harmony Square branch.

Park View Federal Credit Union is a local financial institution with branch-

es in Broadway and Dayton and Harrisonburg locations at Harmony Square and on the Virginia Mennonite Retirement Community campus.

— Vic Bradshaw

McClung Cos. Recognizes Smith As Employee Of The Year WAYNESBORO — McClung Cos. announced that Carl Smith, bindery technician, won the Edmond McCutcheon Award, presented annually to the McClung Employee of the Year.

Established in 1995, the award is based on recommendations from fellow workers, according a press release announcing the award.

Smith has worked seven years at McClung and lives in Waynesboro.

See MOVERS, Page 3

Cadence Inc. Announces $2 Share Special Dividend For Shareholders STAUNTON — Cadence Inc. announced unaudited results for 2017 that included increase in revenue from continuing operations to $96.7 million compared to 2016.

In a Feb. 9 statement from the Stauntonbased manufacture, Cadence reported earnings per share from continuing operations increased 52 percent over prior year results to $6.61 per share. Earnings before interest, taxes, depreciation and amortization from continuing operations was up 13 percent at $20 million, while earnings per share from total operations increased 226 percent over prior year results, according to the statement.

The company said that results were significantly affected by two events in the fourth quarter of 2017: Cadence received a payment from a customer related to the default on a contract

resulting in an additional $2.1 million of net income ($1.25/share); The company, due to the recently enacted tax law changes created by the Tax Cuts and Jobs Act of 2017, recorded a one-time adjustment to its deferred tax assets and liabilities resulting in a net tax benefit in the period of $2.5 million ($1.47/share).

“Excluding these two events, our financial performance was right on plan. Revenue grew 5 percent and earnings declined as a result of several investments for future growth,” Ken Cleveland, Cadence CFO, said in the statement.

Also, during its Jan. 29 meeting, the Cadence board of directors approved a special dividend of $2 per share payable to shareholders of record Jan. 29 on or before Feb. 28.

Chairman Peter Harris, in the statement, said this dividend should not be seen as the See SCENE, Page 3

Harrisonburg, Va.

SHENANDOAH VALLEY BUSINESS JOURNAL

Tuesday, February 27, 2018

3

Women’s Day: How Can Women Make Financial Progress ?

O n March 8, we observe International Women’s Day. This year’s theme is “Press for Progress,” and events around the world will celebrate women’s advancements in the political, social and cultural arenas. But right here in the United States, women still face barriers to their financial progress.

If you’re a woman, you need to recognize these challenges — and respond to them.

So, what are the key obstacles to financial security for a woman? Probably the first thing that comes to mind is the gender wage gap: Women generally earn around 80 cents for every dollar men earn, according to the U.S. Census Bureau.

But women also face other threats to their financial security. For one thing, they are far more likely than men to take time away from the workforce to raise a family — and time away means smaller Social Security payments and significantly lower balances in 401(k) plans and other retirement accounts.

And women’s roles as caretakers don’t end when their children are grown — in fact, women are twice as likely as their male sib-

lings to end up caring for an elderly parent, according to a Princeton University study.

What, then, can you do to help ensure a comfortable retirement and achieve your other financial goals? Here are a few suggestions: Take full advantage of your employer’s retirement plan. If your employer offers a 401(k) or similar retirement plan, take full advantage of it. Invest as much as you can afford each year, and every time you get a raise, increase your contributions. At the very least, put in enough to earn your employer’s matching contribution, if one is offered.

Invest for the long term. Some evidence shows that women may be more conservative investors than men. But if you want to reach your long-term goals, you will need to consider some growth-oriented investments in your portfolio, factoring in your risk tolerance and time horizon. You may want to consult with a financial professional about the best way to invest for the long term.

Maximize your Social Security. If your spouse is the higher earner, you may want to consider how you can use this disparity

McClung Provides Graphic Services Movers

FROM PAGE 2

McClung provides services to the graphic communication industry in Virginia.

— Staff Reports

Immerge Technologies Names Henkel Employee Of The Year WAYNESBORO — Immerge Technologies, the web development division of McClung Cos., named Kari-Lyn Henkel its Employee of the Year. The award is based on recommendations from fellow workers, according to a company press release announcing the award.

Henkel, a senior web developer, has worked two years at Immerge and lives in Verona, the release states.

Immerge Technologies, founded in 2005, is a digital marketing firm offering web design and development and digital marketing with offices on North Liberty Street in Harrisonburg. It has been a part of Waynesboro-based McClung Cos. since 2010.

Financial Focus Kathy Armentrout

to your advantage when you collect Social Security. Specifically, you may be eligible for Social Security benefits based on your spouse’s earnings and Social Security record.

You’ll want to consult your tax adviser before making any moves.

Protect yourself from long-term care costs.

More than two-thirds of nursing home residents are women, according to the National Center for Health Statistics. And the median rate nationwide for a private room in a nursing home is over $97,000 per year, according to the Genworth 2017 Cost of Care Survey.

— Staff Reports

Dylan Ashley Joins HEF In Grants, Communications Role HARRISONBURG — Dylan Ashley has See MOVERS, Page 4

This article was written by Edward Jones for use by Kathy Armentrout, an Edward Jones financial adviser at 560 Neff. Ave., Suite 100, Harrisonburg; 540-574-1013.

Cadence Employs More Than 475 People Scene

Henkel

Medicare generally pays very little for long-term care, so if you ever need these services, you’ll have to find other ways to pay for them. A financial professional can suggest some ideas.

As a woman, you face special financial challenges, and striving to overcome them will be a lifelong activity. But it’s worth the effort.

FROM PAGE 2

beginning of a regular and predictable dividend policy. The board, he said, will continue to monitor performance and take appropriate actions “to maintain an optimal capital structure.”

Cadence supplies products, technologies and services to medical device, life science, automotive and other industrial companies worldwide. The company employs more than 475 people worldwide at locations in Staunton, Cranston, R.I., Pittsburgh and Sturgeon Bay, Wis. — Staff Reports

Shentel Takes On 1.1 Million More Customers In Sprint Deal HARRISONBURG — Shenandoah Tele-

communications Co. (NASDAQ: SHEN) is growing again.

The Edinburg company, best known as Shentel, announced on Feb. 5 that it has reached another expansion agreement with Sprint to grow its affiliate service territory.

Under the deal, Shentel will serve about 1.1 million more people in central and southwestern Virginia, southern West Virginia, eastern Kentucky and Lancaster County, Pa. It also has an option to cover another 200,000 people in eastern Kentucky.

Shentel paid $62 million to serve the expanded territory, acquiring about 105 cell sites and approximately 67,000 Spring postpaid and prepaid subscribers in the process.

The company also agreed to spend about $56 million over the next three years to expand and improve coverage in the acquired territory.

See SCENE, Page 4

4

Tuesday, February 27, 2018

SHENANDOAH VALLEY BUSINESS JOURNAL

Harrisonburg, Va.

Ashley A Senior At James Madison

Plans To Improve Coverage In Territory

Movers

Scene

FROM PAGE 3

joined the Harrisonburg Education Foundation as its grants and communications coordinator.

Ashley is a senior at James Madison University who is majoring in justice studies, with a focus on global justice, and minoring in nonprofit management. He’ll help the foundation develop and implement its innovative educator grants and scholarships process.

Before joining HEF, Ashley interned for the executive director of the Red Ashley Cross Virginia Coastal Region and as an information technology research assistant for Operation Smile, an international medical nonprofit that fixes cleft palates and lips for children in underdeveloped countries.

— Vic Bradshaw

Dayton Entrepreneur Launches Catering, Event Planning Business HARRISONBURG — A local food truck owner who opened a restaurant has begun offering catering and event-planning services.

Diane Roll, owner of Dayton Tavern and the Mama’s Caboose food truck, recently announced that the two businesses have teamed to form Dayton Catering Co. & Event Planning. The enterprise offers services ranging from pickup and drop-off orders to full-service catering.

Using Mama Caboose’s mobile kitchen, the business can provide custom catering services that offer plated dinners at just about any location. Pat Emmons, who has more than 40 years of culinary experience, is the head chef of Dayton Catering Co., with Rachal Paxson-Dellinger its lead catering coordinator.

Roll founded Mama’s Caboose in See MOVERS, Page 5

FROM PAGE 3

The expansion gives Shentel the opportunity to provide service as a Sprint PCS affiliate to more than 7 million people in mid-Atlantic region.

The company provides a wide range of telecommunications services through various subsidiaries.

— Vic Bradshaw

Summit’s Earnings Slump Under One-Time Costs, Tax Adjustment HARRISONBURG — Summit Financial Group Inc. (NASDAQ: SMMF) reported that its fourth-quarter earnings were down compared to 2016 due to an adjustment related to tax cuts approved in December, and other one-time costs reduced its profits for the year.

The bank netted $2.32 million, or 19 cents per diluted share, in the quarter that ended Dec. 31. That was less than half of the $4.71 million, or 44 cents per share, in net income it reported in the final quarter of 2016.

Driven by a $4.25 million increase in loan interest, the Moorefield, W.Va.-based financial holding company’s income before taxes grew to $8.65 million for the quarter from $7.06 million. However, a $3.97 million increase in tax liability wiped out the yearover-year gain. The company took a charge of 28 cents per share to remeasure its net deferred tax assets following the enactment of the Tax Cuts and Jobs Act. Summit’s annual results also were weakened by 52 cents a share resulting from a litigation settlement and by 8 cents a share for costs related to its mergers with First Century Bankshares (completed April 1) and Highland County Bankshares (completed Oct. 1).

Net income for the year was reported at $11.92 million, or $1 per diluted share, versus $17.3 million, or $1.61 per share, the previous year.

Summit operates 30 bank branches in Virginia and West Virginia, including two in Harrisonburg, as well as Summit Insurance Services.

— Vic Bradshaw See SCENE, Page 5

We Love Small Business!

Upcoming Events Bricks & Clicks Workshop Become a dynamic destination business!

Feb. 27: 8:30am-3:30pm, Harrisonburg

Business Smarts— Wellness & Prevention: your daily job duty

Sentara RMH Purchases Land Along Port Republic Road

Mar 9, 8:00-9:30 am

Start Smart Workshops March 8, 9:00-11:00am, Harrisonburg March 26, 9:00-11:00am, Verona

Doing Business with the Commonwealth, 1-on-1 appts March 15: in Harrisonburg May 17: in Luray

JMuse Café: Pitch Perfect— persuading others to invest in you.

Mar 29, 6:30-8:00pm Carrier Library

Trademark Basics April 5, 3:30-5:00pm, Lexington April 6, 8:00-9:30am, Harrisonburg See details of these & more at ValleySBDC.org Small Business Development Center

$4.5 Million For 25 Acres Adjoining Medical Center

By VIC BRADSHAW Daily News-Record

HARRISONBURG — Sentara RMH Medical Center has purchased nearly 25 acres with partial frontage on Port Republic Road.

The hospital closed a deal with Katie Lynn Clatterbuck, also known as Katie Lynn Lee, on Feb. 14 for 24.973 acres that adjoins its campus to the southeast, according to Rockingham County land records. The nonprofit hospital paid $4.5 million for the land, which the deed indicates was assessed for tax purposes at $518,900.

Spokesman Neil Mowbray said Sentara RMH has no immediate plans to use the property.

“The land was purchased for potential future expansion,” he said. “We don’t have a specific identified use for it at this moment.”

The parcel stretches to Boyers Road, though only a narrow portion between two houses on Boyers connects to the road. The land fronts Port Republic Road less than halfway to Boyers Road, with three lots between its border and the intersection.

The purchase, Mowbray said, adds to the 254 acres Sentara RMH owns in that part of Rockingham County. That figure includes property it owns on the opposite side of Stone Spring Road from the campus.

He said hospital officials haven’t decided whether they will lease out the land to be farmed until Sentara has a use for it.

Though the land has been bought by a nonprofit organization, it won’t come off the county tax rolls, at least not right away.

Lowell Barb, Rockingham’s commissioner of the revenue, said the county would continue to tax the land until the hospital puts it to use.

“They’re going to have to basically put something there,” he said, “some building that would be used. The vacant property will be taxed until it’s proven that it’s being used along with the hospital.”

Contact Vic Bradshaw at 574-6279 or vbradshaw@dnronline.com

SHENANDOAH VALLEY BUSINESS JOURNAL

Harrisonburg, Va.

Dayton Tavern Opened In February Movers

FROM PAGE 4

2011 and opened Dayton Tavern in February. Her three businesses employ more than 12 people full and part time.

— Vic Bradshaw

Lenhart Pettit Elects Derdeyn New President Effective Jan. 1 HARRISONBURG — Michael Derdeyn has been elected president of Lenhart Pettit, according to a Feb. 15 announcement from the law firm.

The election became effective Jan. 1.

Derdeyn’s legal practice focuses on the areas of commercial and real estate litigation, employment law, and general business law, according to the firm’s press release.

He serves as general counsel to local businesses and has litigated and resolved matters that include partnership and shareholder disputes, trade secrets violations, fraud, business torts, defamation and trust and estate

matters, the release states.

He obtained his law degree from Washington and Lee University School of Law, graduating magna cum laude in 1996. After practicing in Richmond for a couple of years following graduation, he returned home to Charlottesville in 1998.

Since then, he has been named for inclusion in The Derdeyn Best Lawyers in America and Virginia Business’ “Legal Elite” listings, and has been selected to Virginia Super Lawyers, according to the release.

Lenhart Pettit, which serves clients throughout and beyond Virginia, has offices in Charlottesville and Harrisonburg.

— Staff Reports

Do Your Windows Need Help?

• Control glare with proper treatments • Control light with best blinds and shades • Give your business the privacy you need • 25% discount for DIY measure and install Solar shades priced from $89*

Vertical blinds: We can replace the entire blind or vanes only. * Price based on 30” x 58” window; price varies with material selected.

Call today for an appointment or email windows@houseofoak.com Visit our 37,000 Sq. Ft. Showroom

2265 South Main St. Harrisonburg,VA 22801 (in Duke’s Plaza)

(540) 432-1383 houseofoak.com

Mon - Fri 10AM - 7PM Saturday 10AM - 6PM Sundays 1PM - 5PM

Tuesday, February 27, 2018

5

Vaughan Gets Good Neighbor Of The Year Scene

FROM PAGE 4

Eight City, County Companies Make 2018 Best Workplace List HARRISONBURG — Eight companies with operations in Harrisonburg and Rockingham County have been placed on Forbes magazine’s list of the 100 Best Companies to Work for in 2018.

Financial services and insurance company Edward Jones was the only business with local operations that made the top 10, placing fifth on the list.

Hospitality giants Hilton Worldwide and Marriott International placed 33rd and 35th, respectively, with vehicle retailer CarMax sandwiched in between at 34th.

Nationwide Mutual Insurance Co. was 53rd, convenience chain Sheetz ranked 66th, and telecommunications titans T-Mobile USA and AT&T placed 86th and 100th, respectively.

Forbes has published the list annually since 1998. The list is determined by Great Place to Work, an organization focused on

the development of high-performance workplace cultures.

— Vic Bradshaw

HRAR Joins Build United, Hands Out Awards, Installs Of ficers HARRISONBURG — The Harrisonburg-Rockingham Association of Realtors announced a new partnership, handed out awards and installed new officers at its annual awards dinner, held Feb. 1 at James Madison University Festival Conference and Student Center.

HRAR, American Subcontractors of the Shenandoah Valley, Associated General Contractors of VA, and the Shenandoah Valley Builders Association are teaming with United Way of Harrisonburg and Rockingham County to support Build United, a United Way program that will provide home repairs for low-income homeowners.

Michael Donitzen’s company Aztec Home Services received the association’s Affiliate of See SCENE, Page 6

6

Tuesday, February 27, 2018

SHENANDOAH VALLEY BUSINESS JOURNAL

Bank Of The James Improves Earnings Scene

FROM PAGE 5

the Year award, Ritchie Vaughan collected Good Neighbor of the Year honors for creating Bikes for Refugees to help immigrants coming to the community, and Scott Rogers was presented the Realtor Spirit award for his sustained community service.

Installed as officers for the year were Brant Suter, Harrisonburg Homes Team Kline May Realty, president; Renee Good Whitmore, Old Dominion Realty, president-elect; Jeremy Litwiller, Valley Roots Team Kline May Realty, vice president; Jason Mitchell, Massanutten Realty, treasurer/ secretary; and Bernard Hamann, Rocktown Realty, immediate past president.

Joining them on HRAR’s board of directors are Ryan Roberts of Funkhouser Real Estate Group, Micah Branson of Old Dominion Realty, Debbie Knupp of Kline May Realty, and Cori Wren Collins of Nancy Beahm-Weichert, Realtors. — Vic Bradshaw

Bank Of The James Financial Group Wraps Solid Year HARRISONBURG — Bank of the James

Financial Group (NASDAQ: BOTJ) reported improved year-over-year earnings in its fourth quarter despite a one-time charge that caused its annual results to decline slightly compared to 2016.

The Lynchburg-based company reported that net income for the quarter that ended Dec. 31 was $360,000, or 8 cents per diluted share. That bested the $293,000, or 7 cents per diluted share, the company earned in the last quarter the previous year.

The bank holding company’s quarterly profits were weighed down by a one-time expense of $878,000 linked to corporate income tax rate changes in the Tax Cuts and Jobs Act that Congress approved in December.

That charge prevented the bank from posting a year-over-year net income increase.

Bank of the James reported net earnings of $2.92 million, or 67 cents per diluted share, in 2017, which was a bit below the $3.29 million, or $0.75 per diluted share, it netted in 2016.

The strong financial performance was tied to the company’s net interest income.

It increased $483,000 in the fourth quarter compared to the previous year and $1.45

Harrisonburg, Va.

million year-over-year.

Bank of the James set records for deposits at $567.49 million and total assets at $626.34 million.

The company’s board of directors has approved a dividend of 6 cents per share for shareholders of record on March 9. The dividend is to be paid March 23.

Bank of the James operates 13 retail branches in central and western Virginia, including one in Harrisonburg, as well as mortgage, investment and insurance services through subsidiaries. — Vic Bradshaw

United Tops 2016 Earnings Despite Merger, Tax Costs HARRISONBURG — Despite costs related to two mergers and a charge that lowered fourth-quarter results well below those posted a year earlier, United Bankshares Inc. (NASDAQ: UBSI) reported annual earnings for 2017 that topped last the previous year’s.

The parent company of United Bank finished with fourth quarter with $18 million in net income, or 17 cents per diluted share.

In the same period in 2016, the bank netted $39.1 million, or 51 cents per diluted share.

United Bankshares’ posted an additional tax expense of $37.7 million in the fourth quarter related to the Tax Cuts and Jobs Act

passed by Congress in December.

For the quarter, the bank’s net interest income jumped $41.6 million to $154.9 million year-over-year. That helped boost its income before taxes by $23.3 million to $84.9 million.

The company reported net income of $150.6 million, or $1.54 per diluted share, for the year. That topped 2016’s net of $147.1 million, though its per-share earnings were $1.99 on that amount.

The increase for the year was driven by the bank’s net interest income. That totaled $549 million for the year, an increase of $123.7 million.

Based in Washington, D.C., and Charleston, W.Va., United acquired Cardinal Financial Corp. and Bank of Georgetown during the year.

United operates has 144 branches in Virginia, West Virginia, Washington, Maryland, Pennsylvania and Ohio, including offices in Harrisonburg, Bridgewater, Broadway, Elkton, Weyers Cave, Woodstock and Strasburg. — Vic Bradshaw

First National Corp. Earnings Up Despite Quarterly Dip HARRISONBURG — First National Corp.

See SCENE, Page 14

Shenandoah Valley Meetings % $ ,

# 2 !(#$ #

) # % ! ! &! $ ( ( % !# % # $%

& !! ,

!# # !! # $ ( % !# % (

% +0$ #) !% ( . * ,$ ! , !* $ #) &! $ !# %# %$. !#"!# % & $. #& $ % # $/

745 $% %# % 1 (# ,.

874297628548 ***/ $ , / ! $ $3 $ , / !

Harrisonburg, Va.

SHENANDOAH VALLEY BUSINESS JOURNAL

Tuesday, February 27, 2018

7

Old Hill Cider Plans To Improve Facilities Business To Receive $50,000 In State, Local Grants To Help

By VIC BRADSHAW Daily News-Record

HARRISONBURG — Old Hill Cider plans to improve its facilities outside Timberville, and the business will receive $50,000 in state and local grant money to help with that effort.

Gov. Ralph Northam’s office announced Feb. 21 that the Rockingham County business will receive $25,000 from the Governor’s Agriculture and Forestry Industries Development Fund. Rockingham will match that amount with local money.

The cidery plans to spend $500,000 on the expansion project, and it will add five people to its staff as a result. It’s also pledged to source all the apples used to make its hard cider from Virginia growers for the next three years.

Sarah Showalter, co-owner of the ci-

dery and Showalter’s Orchard and Greenhouse, said the money is needed to expand infrastructure that supports the agritourism hot spot.

While the cider-production facility has capacity to grow, she said the farm’s shortcomings often show on the busiest days.

Among the projects the funds will be used for are expanding the parking lot, adding more restroom facilities, and providing a climate-controlled tasting room for the cidery’s products.

“Adding cider and the growth of our orchard in general made it necessary for us to be able to take care of the extra foot traffic we’ve been getting,” Showalter said. “This will make us able to handle more people and be less seasonal, which is a wonderful thing for our business.”

George Anas, Rockingham County’s economic development director, said the business is a success story in the industry for which the county is known.

“I think this is another example of cel-

ebrating agriculture’s heritage in Rockingham County,” he said. “It’s the idea of finding new ways to create revenue on the farm, and tourism is just an inherent part of that evolution.”

Revenue Generator The farm business has been part of the Showalter family for more than 50 years, and the cidery is its new, fast-growing component.

Old Hill began production in 2011, according to the company’s website, and started selling cider the following May. About four years later, the cidery was accounting for about the same amount of revenue as the 52-year-old orchard and the 40-year-old greenhouse.

Though the business doesn’t keep visitor statistics, Showalter said the parking lot often fills on Saturdays and lines are getting longer at the restrooms.

Anas said Old Hill is a good complement to the wineries located around the county and the craft breweries in Harrisonburg.

“I think having a cidery in Rockingham County,” he said, “adds to the diversity of those spirits and gives people an excuse to explore different parts of the county.

“They are producing just some incredible cider, and as their reputation continues to grow, so too will the foot traffic, which is what we want. We want people to spend tourism money in Rockingham County.”

The benefits from the expansion projects, Showalter said, should spill off the farm, located northwest of Timberville.

The cidery sources apples and produce from neighboring growers, and extra production means more sales for everyone.

“It’s just a wonderful opportunity for us that is greatly appreciated,” she said of the grant. “I know it will help not just us but all of the farmers we work with locally, not just fruit but produce. It will help us grow and bring the others working with us along in that growth, too.”

Contact Vic Bradshaw at 574-6279 or vbradshaw@dnronline.com

HOME FINANCING

Q. How do I know what I can afford?

A.

The loan amount that you may qualify for doesn’t always align with what you can afford. You may have heard of the 28/36 rule, that says no more than 28% of before tax monthly income should go towards housing expenses with no more than 36% going towards total debt payments. While this is sound advice, it also assumes that all households are the same. It’s important to recognize how your lifestyle choices will play into affordability. I suggest tracking spending for a month and drafting a real-life budget. Knowing your budget will help us focus on the right price range.

2018 Safety Conference Julie Yoder MLO | NMLS ID# 653975

205 S. Liberty St. Harrisonburg, VA 22801 | 540.435.6336 cell License #MC-3599, NMLS ID #208516 (www.nmlsconsumeraccess.org)

Keeping Employees Safe in a Changing Landscape: The Opioid Crisis and Safety in Today’s Workplace

MARCH 20TH, 2018 The Blue Ridge Safety Association is pleased to announce the 2018 Annual Blue Ridge Safety Conference, to be held at James Madison University in the Madison Union Ballroom. With the growing opioid crisis across the United States, OSHA legal updates, and the growing awareness of the importance of ergonomics in the workplace, we have carefully chosen some of the most qualified and passionate speakers whose presentations will be of great value to anyone who attends.

The line-up will include: Register at www.blueridgesafety.org.

Limited space availability advanced registration is required.

Parking will be located off I-81 Exit 245 in the James Madison University lot beside Exxon and across from the Days Inn. A shuttle will be provided to and from Madison Union (no additional cost for attendants). Additional parking information will be delivered closer to the event.

$35 for BRSA Members $45 for Non-members $25 for Students blueridgesafety.org

PORCHES, ARBORS & PERGOLAS, HANDICAP RAMPS

8

SHENANDOAH VALLEY BUSINESS JOURNAL

Tuesday, February 27, 2018

Harrisonburg, Va.

Investing In A Changing Climate week’s time and that’s fast,” said Gochenour, executive vice president of the Lantz & Gochenour Investment Group.

“But really, as I always say, these downturns, this correction, it’s part of the

By RYAN CORNELL Daily News-Record process.”

Just how behind schedule was the HARRISONBURG — Near the begin- pullback?

According to Gochenour, the market ning of this month, investors experienced something they haven’t felt in two goes down on average one out of every five years. The S&P 500 hasn’t been years: a market correction.

On Feb. 5, the Dow Jones industri- negative in a calendar year since 2008, al average dropped 1,000 points in less he said, and the market hasn’t dropped than an hour, and ended with its worst by more than four percent in the 16 day in more than six years. Then, on months leading up to this month.

On average each year, he said, the Feb. 8, the Dow, Standard & Poor’s 500 and Nasdaq composite all closed about market experiences three pullbacks of 10 percent below record highs set Jan. seven percent or greater, which hadn’t been seen since Brexit in 2016.

26.

It wasn’t a matter of askIt was the first time since ing if the correction would 2016 stocks had fallen by happen, but a question such heights, and some We advise most clients of when and by how investors may have consistently have that much. feared the pullback cash on hand that we “We haven’t had a signaled the beginning single negative month of a market crash. try to put to work when in 2017,” Gochenour But rather than [the market] drops. said at his Harrisonsell off their holdings burg office on Feb. 13. based on those fears, fi Eric Barkey, financial “I know this sounds cranancial advisers say the adviser zy, but I think ... it’s almost correction offered a great as unhealthy as the markets time to invest more money falling 10 percent in one week.” into the market.

Although it’s anyone’s guess what After all, Eric Barkey of Barkey Financial Services explains, investment was directly responsible for triggering management is all about having the the sell-off, Barkey said one possible right cash at the right place at the right cause was uncertainty from Congress struggling to pass a two-year budget. time.

“You could probably talk to five or six “We advise most clients consistently have that cash on hand that we try to different people and they would have put to work when [the market] drops,” five or six different ideas,” he said.

Other theories for the downturn run he said.

“We look at it as a buying opportuni- the gamut. They include the release ty,” Barkey added. “As long as the fun- of the monthly U.S. jobs report, which damentals haven’t changed on a partic- showed wages surging in January and ular security we are interested in, well representing the sharpest year-overyear gain since the recession, which then it’s just like going shopping.”

The latest downturn may have been stoked concerns about higher inflation.

Some believe automated trading, or long overdue in the market’s extended bull run, but what made it scary, finan- “robo advisers,” played a role as the syscial adviser Michael Gochenour said, is tems that buy and sell stocks may have that it happened so quickly.

See INVESTING, Page 9 “It happened within basically a

Market Volatility Offers Opportunity As Well As Risk

Nikki Fox / DN-R

Michael Gochenour, executive vice president of the Lantz & Gochenour Investment Group in Harrisonburg, keeps tabs on the stock market at his office.

Classified Ads Get Results — Call 574-6210

“

Your Success is Our Focus.

Brown Edwards, recently recognized among the top 100 CPA firms in the nation, has more than 300 associates who are committed to providing clients with professional, personalized services and guidance in their financial and business needs.

124 Newman Ave. Harrisonburg, VA 22801 Blacksburg

◆

Bristol

◆

Lynchburg

◆

Roanoke

540-434-6736 www.BEcpas.com ◆

Wytheville

◆

Kingsport

◆

Bluefield

◆

Charleston

Harrisonburg, Va.

SHENANDOAH VALLEY BUSINESS JOURNAL

Tuesday, February 27, 2018

9

Interest Rate Hikes Raise Concerns Investing

FROM PAGE 8

been triggered.

Other concerns swirled around the Federal Reserve and expectations that it will raise benchmark interest rates this year with the economy growing.

In addition to the recent correction, several factors can make navigating the changing climate of today’s financial markets challenging for novice investors.

Rising Rates When it comes to the markets, Gochenour said, the most powerful person isn’t the leader of the free world.

Instead, he said, it’s the chairman of the Federal Reserve.

That’s because interest rates are one of the most important, if not the most important, influences on the economy, he said. And the Fed’s chairman, whose title belongs to Jerome Powell as of Feb. 5, has the power to change those rates.

“By raising interest rates or lowering interest rates, he can impact money supply, impact bond prices, stock mar-

ket, commodity prices,” Gochenour said.

“It can impact inflation, it can impact a lot of things.”

Powell, who is believed to share his predecessor Janet Yellen’s proclivity to continue raising interest rates after years of historic lows, has said he plans several more rate hikes over the upcoming year.

Interest rates, which have remained near zero since the financial crisis of 2008 to 2009, were increased three times last year to 1.5 percent.

Powell may seek to raise rates by about a quarter of a percentage point each quarter of this year, Gochenour said, which could increase inflation and make long-term holdings such as bonds less appealing.

“As we come back up, this is the first time we’ve seen substantial rate increases going on almost 40 years — at least 30-something years — so the issue is how does that impact bonds, which a lot of people use as safety nets,” he said.

He said it may be wise to invest in short-term duration bonds and use cash more often.

“The old adage is cash is king,” Go-

Nikki Fox / DN-R

Adviser Eric Barkey (right) works with Randall Stover, co-owner of the Mill Cabinet Shop, in Bridgewater.

Barkley says “investment management is all about having the right cash at the right place at the right time.” chenour said. “It gives you safety but it also gives you money to invest if the market goes down. It gives you access or good liquidity to go back to market at a

better price.”

Deciding where to invest money depends See INVESTING, Page 10

Jet Service Begins April 3, 2018

Book today at www.united.com Operated by SkyWest Airlines

10

Tuesday, February 27, 2018

SHENANDOAH VALLEY BUSINESS JOURNAL

Harrisonburg, Va.

2018 Roll of Honor

The Daily News-Record wishes to recognize the many businesses, industries, churches and organizations that have played a vital part in the economic growth and prosperity of our beautiful Shenandoah Valley Area.

★ ★ Support Your Local Businesses ★ ★

116

YEARS

91

YEARS

Blue Stone Inn 9107 N. Valley Pike Harrisonburg, VA 22802

213 Dry River Road, Bridgewater

(540) 828-4663

68

YEARS

540-434-0535

Where you can always eat under a buck! www.bluestoneinnrestaurant.com

56

YEARS

Home-Land

REALTY RESIDENTIAL, COMMERCIAL, FARMS & LAND

Time Horizon, Risk Tolerance Big Factors

540-740-3176 • 1-800-701-3176 edwinnnewland@gmail.com 9560 S. Congress St., New Market

45

YEARS

41

Investing YEARS

2702 Spotswood Trail (33 East) Harrisonburg

(540) 434-2364 www.massvets.com

36

YEARS

35

YEARS

800-476-5058 • 540-569-3050 YEARS

FROM PAGE 9

largely on two variables: an investor’s time horizon — whether they’re looking to tie up their money for six months versus six years — and risk tolerance.

And just because an investor may be older, Gochenour said, doesn’t mean they’re automatically allergic to risk.

“I think that’s one of the fallacies of this business,” he said. “I have clients that are in their nineties that are pretty aggressive and they’ve always been aggressive and that’s their risk tolerance.

On the other side, I have people who are much younger that are very conservative.”

Tax Plan

Founded in 1982 www.designelectricinc.com

28

Nikki Fox / DN-R

Eric Barkey, of Barkey Financial Services, talks to Randall Stover, co-owner of the Mill Cabinet Shop, in Bridgewater.

14

YEARS

alley Bookkeeping Services, Inc. Business • Individuals • Farms • Organizations Senior Citizens Accounting Services Payroll Processing • Notary Services

4768 S. Valley Pike, Harrisonburg, VA 22801

156 N. Main Street, Timberville, VA 22853 (540) 896-3056

www.pwdwindow.com Like us on Facebook!

"The Valley's Finest Windows and Doors

540-437-0126

Another factor that could play a part in altering the market environment is the new tax plan rolled out this year by President Donald Trump and Congress.

Among other changes, the tax plan lowers the corporate tax rate from 35 percent to 21 percent.

Gochenour said results will depend on how companies use the earnings from their lower taxes.

The effect won’t be clear until a full year passes under the new plan, he said, but some estimates call for increased earnings on the S&P 500 by

about 20 percent.

Barkey said he doesn’t foresee the tax plan changing anything in the way he manages investments, but that it may have an effect on how people itemize their deductions.

Rise Of The Robo Adviser Increasingly, as younger investors enter the market, more of them are turning to what some term “robo advisers.”

These include online platforms such as Charles Schwab and Vanguard and allow users to pick a risk tolerance level and invest their money through their computer or smartphone.

But what robo advisers don’t do, Gochenour and Barkey said, is guide investors through turbulent times like this month’s latest correction and keep them emotionally levelheaded.

“We keep them on a plan so they don’t [panic] when the markets are choppy like they’ve been, they don’t veer and make a mistake that they can’t go back and fix,” Gochenour said.

Barkey agreed.

“That’s where you want that professional to help guide you, to say, ‘No, just relax, things will be OK,’” he said.

Contact Ryan Cornell at 574-6283 or rcornell@dnronline.com

Harrisonburg, Va.

ner W in

SHENANDOAH VALLEY BUSINESS JOURNAL

Tuesday, February 27, 2018

Relax. Enjoy. Live.

VOTED #1 - Best Retirement Community in the Shenandoah Valley

GREAT REASONS TO CHOOSE SUNNYSIDE – A Life Plan Community!

• Dynamic and active senior living lifestyle • Thoughtfully designed homes and floor plans with breathtaking views • Innovative and award-winning wellness programs • A “Best of Virginia” winner the last seven years • Life-long learning with surrounding universities • More than 2,000 activities planned each year, including international travel

• Unique dining experiences through Executive Chef creations • Highly trained and tenured staff • Newly constructed Bistro opening in the Spring with indoor/outdoor dining looking over the mountains • Maintenance-free living

3935 Sunnyside Drive ~ Harrisonburg, VA 22801

540.568.8411 ~ 800.237.2257 www.sunnysidecommunities.com

11

12

SHENANDOAH VALLEY BUSINESS JOURNAL

Tuesday, February 27, 2018

HARRISONBURG – ROCKINGHAM

Chamber of Commerce Letter From The President

About the Chamber

“TO ADVANCE THE COMMERCIAL...AND CIVIC INTEREST OF SAID TOWN AND VICINITY”

T

T

he Harrisonburg-Rockingham Chamber of Commerce is a not-for-profit community organization. The Chamber exists to connect area businesses into a powerful network through leadership and advocacy. Since 1916 we have been influencing public policy on behalf of the business community and helping the Harrisonburg-Rockingham area become a thriving and dynamic marketplace of opportunities.

he above phrase was how the original Chamber Bylaws began. The current Bylaws still say that the Chamber of Commerce “exists for the purpose of advancing on behalf of its members agricultural, commercial, industrial, civic, and other similar interests” within the City of Harrisonburg and the County of Rockingham. When members invest in the Chamber, they are investing in the community, today and tomorrow. We have a collective voice that The Chamber offers a variety of can be used to make a difference, and our members programs designed to meet the needs are part of that collective voice and energy. of our member businesses. Through

We recognize, however, that times and circumstances change. Our membership has increased and the majority want to be directly engaged and feel good about where their investment is going. The Chamber continues to sharpen and improve the benefits available to our members. To learn more, take a look at our recent issue of The Advocate on our website and/or attend one of our upcoming Member Success Orientations for new and existing members.

networking events, educational programs and committees, we build community relations and offer our members a variety of ways to make new customer contacts and network with fellow Chamber members.

STAFF Frank Tamberrino President & CEO frank@hrchamber.org (540) 434-3862 x 102 Sheena Armentrout Director of Membership Development & Investment sheena@hrchamber.org (540) 434-3862 x 106 Cari Orebaugh Director of Marketing & Communications cari@hrchamber.org (540) 434-3862 x 108 Trent Turner Finance & Administration Manager trent@hrchamber.org (540) 434-3862 x 101 Carlie Floyd Administrative Assistant information@hrchamber.org (540) 434-3862

VISIT OUR WEBSITE TODAY TO:

The Chamber’s mission for 102 years has been to make the community a better place to be in business, start a new business, make a difference, live, work and play. We share information and help establish relationships. Your Chamber is looking forward to continuing to advocate, collaborate and cooperate on your behalf and we hope you will join in our efforts.

BECOME A MEMBER

http://chamber.hrchamber.org/ member/newmemberapp VIEW AREA JOB POSTINGS

Frank Tamberrino President and CEO

Photo courtesy of Joshua Gooden Photography

Harrisonburg, Va.

Photo Courtesy of Joshua Gooden Photography

A highlight of each Chamber Annual Meeting is the presentation of awards. Congratulations to the following award recipients: L to R: Frank Tamberrino, Chamber President & CEO; Business Person of the Year: Michael Stoltzfus, Dynamic Aviation; Entrepreneur of the Year: Patricia Hughes, White Birch Estates; Farm Family Stewardship Award: Linden Heatwole, Cherry Grove Farm, LLC; Community Champion of the Year: Abe Shearer, Strategent Financial; Greg Godsey, 2017 Chamber Chair; and Chamber Ambassador of the Year: Steve Gregory, WVPT Pubic Media.

Our programs range from monthly business networking events, to an annual meeting and awards ceremony honoring business leaders. Periodic training programs and issues-based forums all develop leadership and communicate information that influences decisions for the benefit of businesses within our community. We look forward to beginning our second century of building our community together.

http://chamber.hrchamber.org/ jobs

“Find us on Facebook, Twitter & YouTube to Stay Connected and Engaged”

SHENANDOAH VALLEY BUSINESS JOURNAL

Harrisonburg, Va.

Tuesday, February 27, 2018

13

Connect with the Community through New Partnerships and Initiatives in 2018 Your Chamber is providing the community many new educational and professional development opportunities for 2018 through the support of community partners and fellow Chamber members. For more information on all upcoming events and to register, please visit: chamber. hrchamber.org/events/calendar.

Business Smarts Educational & Professional Development Sessions – In partnership with the Shenandoah Valley Small Business Development Center, your Chamber coordinates a monthly educational session focused on relevant business-related topics. This year, all sessions are free to attendees and occur the second Friday of each month at the JMU Ice House from 8:00 - 9:30 a.m. Refreshments are provided by Black Sheep Coffee and Peace Love & Little Donuts.

The next session is March 9 and Dr.

Colleen Whiteford, co-founder of Appalachian Physical Therapy, will present on Wellness & Prevention: One of Your Daily Job Duties.

Leadership Smarts – Your Chamber is proud to announce a new leadership and personal development program, Leadership Smarts, in partnership with Dove Development and Consulting.

This quarterly series will focus on providing relevant topics you can immediately implement in your organization or personal leadership journey. John Maxwell says “Leadership develops daily, not in a day,” so every piece you can add matters! The first session will be held on Monday, March 5 – register now, p space is limited.

2018 Calendar of Events ANNUAL EVENTS

MONTHLY EVENTS:

Winter Spring

Business Smarts Educational & Professional Development Classes, Networking Events and the following Committees: Ambassadors, Public Policy, Regional Business Alliances, Aging in Place Roundtable

Economic Outlook Post-Session Legislative Breakfast May 26 ValleyFest on the Slopes of Massanutten Aug. 20 Presidential Address Sept. 14 Golf Tournament Oct. 5 Valley Vines Twilight 5K Oct. 18 Connections 2018 Winter Pre-Session Legislative Breakfast Winter Shop Local Holiday Campaign

EVERY OTHER MONTH EVENTS: Member Success Orientations – open to new, current and prospective members

QUARTERLY EVENTS: Business at Breakfast, Leadership Smarts, Shenandoah Women’s Alliance, Speed Networking

To view and register for events, please visit the Chamber’s Events Calendar at www.chamber.hrchamber.org/events/calendar

Conversations with our Community – This year, your Chamber will stay connected to our members and the broader community through our reoccurring blog. Throughout the year, we will have posts from guest bloggers and announce unique partnerships and collaborations. We believe these blog posts are valuable to our community and create stronger connections with the many entrepreneurs and leaders engaged with the Chamber. All blog posts can be read on our website at: hrchamber.org/blog. ➜ We’re partnering with Chris Rooker and The Harrisonburg Homes Team to bring you “The Word on the Street”, a monthly review and preview of what’s happening with your fellow Chamber Members in the Harrisonburg area and beyond. Our partnership will help members stay up-to-date on new member businesses and restaurants, events, the local real estate market, interesting community information and more.

➜ Each month we will have a guest blogger focus on business-related issues that affect those in both small and big businesses. Our first guest blogger was Chamber Board of Director, Chiedo. Read his blog posted on January 22 about ‘Doing More with Less Time’ on our website. ➜ Lastly, your Chamber is leading conversations with business and community leaders focused on our four pillars: Lead, Advocate, Network and Promote. In February, we connected with Laura Toni-Holsinger, Executive Director of the United Way of Harrisonburg and Rockingham County, to talk about the value of leadership and how she has personally grown as a leader.

To hear the conversation, check out your Chamber’s YouTube channel at: youtube.com/user/ HRChamber.

Spotlight On New Members Aurora Counseling & Well-Being PLLC Big Sky Fundraising Briery Branch Community Club Cinnamon Bear Bakery & Deli, Inc. Dayton Tavern Elkton Progressive Improvement Committee Green Valley Auctions GreeneHurlocker, PLC Hank’s Grille and Bar Hipps Financial Partners, LLC Kerus Global Education Marceline Vineyards Mattie’s Soft Serve Melinda Beam Shenandoah Valley Real Estate People Places, Inc Restless Moons Brewing Rocktown Realty, LLC Shenandoah Valley Battlefields Foundation StrongFigure Bootcamp

Valley Olive & Leaf Co., LLC Virginia Farm Bureau Mutual Insurance Way to Go

Visit our website for an easy-to-use, online database of all Chamber Members or pick up your free copy of our Membership Directory at the Chamber Offices.

14

SHENANDOAH VALLEY BUSINESS JOURNAL

Tuesday, February 27, 2018

Drop Attributed To Tax Recalculation Scene

Harrisonburg, Va.

Local Ledger

FROM PAGE 6

(OTC: FXNC) reported on Jan. 30 that its net income dipped in the fourth quarter due to a tax hit, but the company’s profits rose for the year.

The Strasburg-based parent company of First Bank netted $1.3 million, or 27 cents per diluted share, for the quarter that ended Dec. 31. The fell below the $1.7 million, or 34 cents a share, in net income it posted in the fourth quarter of 2016.

The drop was attributable to the recalculation of deferred tax assets following the passage of the Tax Cuts and Jobs Act. The company took a hit of $752,000, or 16 cents per diluted share, because of the change.

For the year, FNC tallied net income of $6.45 million, or $1.30 per diluted share.

That topped the $5.9 million, or $1.20 per share, in profit the company reported the previous year. The company further reported that revenues reached a record $33.6 million on the year, while it’s pretax income was up 23 percent to $10.2 million.

First National’s total loans grew $36.1 million to $522.2 million on the year.

FNC operates 15 First Bank branches in the Shenandoah Valley and Central Virginia, including Elkton, Mount Jackson, Woodstock and Strasburg, as well as a loan production office in Harrisonburg.

It also owns and operates First Bank Financial Services, which invests in entities that provide title insurance and investment services, and First Bank Wealth Management.

— Vic Bradshaw

Central Valley Area Home Sales Median Price Harrisonburg Rockingham Shenandoah Page Augusta Staunton Waynesboro

Jan. 2018

Jan. 2017

Pct. Change

$165,250 $225,000 $194,000 $94,300 $228,000 $169,950 $140,250

$182,500 $186,000 $147,000 $95,000 $165,000 $167,450 $149,000

-9.45% 20.97% 31.97% -0.74% 38.18% 1.49% -5.87%

Harrisonburg Rockingham Shenandoah Page Augusta Staunton Waynesboro

Dec. 2017

Nov. 2017

Dec. 2016

3.5% 2.8% 3.1% 6.3% 3.0% 3.2% 3.7%

4.3% 3.1% 3.5% 4.6% 3.2% 3.4% 3.9%

4.1% 3.1% 3.5% 7.2% 3.6% 3.8% 4.1%

Source: Virginia Employment Commission

Labor Force Days On Market Harrisonburg Rockingham Shenandoah Page Augusta Staunton Waynesboro

Jan. 2018

Jan. 2017

Pct. Change

18 80 147 258 61 33 29

50 49 133 50 43 69 60

-64.00% 63.27% 10.53% 416.00% 41.86% -52.17% -51.67%

USDA Launches Agriculture Info On New Farmers.gov Website HARRISONBURG — The U.S. Department of Agriculture has launched farmers.gov, a one-stop website for farmers seeking information about its Farm Service Agency, Natural Resources Conservation Service and Risk Management Agency divisions.

The three agencies form the department’s Farm Production and Conservation mission area. Farmers.gov is accessible via mobile devices or desktop or laptop computers and can help farmers identify their most convenient USDA offices. New features to be added in the coming months include scheduling appointments with USDA offices, filing forms, applying for programs, and a business data dashboard.

The website also will have program descriptions and eligibility determination tools when the 2018 Farm Bill becomes law.

— Vic Bradshaw

Unemployment

Harrisonburg Rockingham Shenandoah Page Augusta Staunton Waynesboro

Dec. 2017

Nov. 2017

Dec. 2016

24,938 41,572 20,714 11,612 37,325 12,122 10,307

25,148 41,413 20,753 11,522 37,306 12,179 10,356

24,565 40,998 20,781 11,604 37,024 11,993 10,167

Source: Virginia Employment Commission

Units Sold Harrisonburg Rockingham Shenandoah Page Augusta Staunton Waynesboro

Jan. 2018

Jan. 2017

Pct. Change

18 43 43 9 45 30 16

29 40 31 5 46 18 21

-37.93% 7.50% 38.71% 80.00% -2.17% 66.67% -23.81%

Sources: Funkhouser Real Estate Group; Real Estate Business Intelligence

Retail Sales (in millions) Harrisonburg Rockingham Shenandoah Page Augusta Staunton Waynesboro

Dec, 2017

$125.5 $66.6 $41.7 $15.9 $51.6 $39.2 $56.0

Source: Weldon Cooper Center for Economic and Policy Studies

Harrisonburg, Va.

SHENANDOAH VALLEY BUSINESS JOURNAL

Tuesday, February 27, 2018

15

Woodstock Drafting Investment Policy undetermined percentage of leftover funds from the general and public utilities funds for investment each year, he said.

The town has kept some leftover

By KELLY CLARK Daily News-Record funds from fiscal 2017 in a savings account with a 0.6 percent interest rate, Woodstock officials are considering while the rest is in the unreserved fund joining a state investment pool to boost balance, O’Neill said. the town’s revenue.

“That was satisfactory because inStaff members in Woodstock’s terest rates have been low,” he said. finance office are drafting an “Now that interest rates are preinvestment policy for the dicted to rise, we want to use town’s strategic plan, Fithe funds that we don’t need Woodstock for day-to-day use for investnance Director John O’Neill said. ment.”

The plan outlines the minIf council approves the poliimum amount that can be incy, the town would make an inivested, how it can be invested and tial deposit of about $900,000 from what the proceeds can be used for, he the savings account and fund balance said. into some kind of investment pool, The policy requires approval from O’Neill said.

Town Council, O’Neill said. If apThe proposed policy recommends proved, council would set aside an that Woodstock invest in bonds and

Considering Joining State Pool To Boost Town Revenue

blue chip stocks in either the Local utilities fund, O’Neill said.

Woodstock’s investments would be Government Investment Pool run by the Virginia Department of Treasury, used for capital improvement projects, Town Manager Angela Clem said. or the Virginia Municipal League The town’s finance commitPool, O’Neill said. tee was scheduled to review Investments in either the completed policy proof those pools would posal at the end of Jancarry an annual interIt’s not a big uary, and council was est rate of about 1.5 prize, but it scheduled to vote on percent, he said. would raise our it during a February That would remeeting, Clem said. sult in a balance finances a bit. “[Investing] will of $913,500 for the maximize our idle cash town after the first John O’Neill that’s committed to the year versus $900,540 finance director fund balance,” she said. for the same amount Woodstock council meminvested in the current bers Jacqueline Lambert, Misavings account. chael Funkhouser and Stephen “It’s not a big prize, but it would raise our finances a bit,” O’Neill Heishman are on the finance committee. said.

The town has about $2.6 million in Contact Kelly Clark at 574-6290 its unreserved general fund balance or kclark@dnronline.com and $52,000 in net assets in the public

“

Get on the right financial path in 2018 When it comes to your financial future, it’s important to plan for the journey. Everence® can help you create a financial plan that matches your faith and values.

Visit everence.com/financial-planning or call (540) 437-7468.

841 Mount Clinton Pike, Ste. A Harrisonburg, VA 22802 Banking | Investing | Retirement | Financial Planning | Insurance | Charitable Giving Securities offered through ProEquities Inc., a registered broker-dealer, member FINRA and SIPC. Advisory Services offered through Everence Trust Company, a Registered Investment Advisor. Investments are not NCUA or otherwise federally insured, may involve loss of principal and have no credit union guarantee. Everence entities are independent from ProEquities Inc. Everence offers credit union services that are federally insured by NCUA. All products are not available in all states.

16

Tuesday, February 27, 2018

SHENANDOAH VALLEY BUSINESS JOURNAL

Harrisonburg, Va.