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Show Quarterly funds reported to Economic Development Board At the March 8 business meeting of the Economic Development Services (EDSSD) Board, it was announced that second quarter Mineral Lease Money disbursement has been made. The amount was $765,000, which is an increase over the first quarter's apportionment appor-tionment It is expected to continue to climb for the third quarter. The state fiscal year begins in July, so the first quarter is comprised of July, August and September. Moneys are distributed and apportionment apportion-ment runs about one quarter behind the daily calendar. The board summarized that "the Special Service District is financially viable and economically economi-cally healthy." . Two bids were received Tar-sand extraction project stalled Earth Energy Resources Inc., of Alberta, acknowledged plans to develop a portable plant on 6,000 acres east of Vernal. The future of the proposed project may be in doubt given a lawsuit Changing Jobs? Know By Delmer Hyde Guest Contributor There are many new challenges chal-lenges to face if you happen to be changing jobs or retiring retir-ing - not the least of which is the decision of what to do with ' the retirement funds that have accumulated in your 401(k) and other retirement plans over the years of service with your employers. These decisions may have a significant impact on your future financial security secu-rity in retirement. Option 1) Your employer hands you a check for the amount in your retirement plan. This may look like a bonanza,.j.but y selecting v this option could be a mistake. ?irs,t, your employer is required to withhold 20 percent from your lump sum distribution, so you will only receive 80 percent of the amount you are entitled New Asset Development Program For the second year in a row, the U.S. Department of Commerce Com-merce is reporting that Americans Ameri-cans spent more money than they earned and the national savings rate has plummeted to less than one percent, it lowest levels since the Great Depression. Depres-sion. In the effort to combat the downward savings trend, AAA Fair Credit Foundation is pleased to announce that courses cours-es for participation in the Individual Indi-vidual Development Account (IDA) program, a component of its Utah IDA Network (UIDAN), will be available for the first time to Uintah County residents beginning March 13. DDA's are three-to-one matched savings accounts where every $1 a participant saves, UIDAN adds another $3 toward the purchase of a pro ,t'- i . Prudential for attorney services for the EDSSD: Office of Dennis L. Judd, Attorney, and McKeachnie Law Offices submitted sub-mitted sealed bids which were opened in the meeting. For public record, it was noted by Commissioner McKee that "the choice for professional services is not based on the lowest bidder, bid-der, but who will do the best job." Both bidders have long experience in the representation representa-tion of local governments. The board members met in closed session for discussion of the bids, but selection will not be announced until the offer has been made and accepted. The Economic Development SSD offices will be in the Vernal Area Chamber of Commerce. by the Southern Utah Wilderness Wilder-ness Alliance (SUWA) against the Bureau of Land Management Manage-ment (BLM), which challenges their BLM authority to approve tar sand leases. to. Second, if you are younger than 59 12, you may be subject to a 10 percent additional federal feder-al income tax penalty for early withdrawal. Third, you are liable lia-ble for paying income taxes on the full amount if you fail to rollover your funds into an IRA within 60 days. Option 2) Leave the money with your old employer. If you have more than $5000 in your former employer's retirement plan, you can usually leave the money where it is. (Check with your employer.) The advantage of doing this is that it relieves you of making a decision for the time being while maintaining maintain-ing the tax deferral of your assets. The downside is that y6upemtoited the-invest-mhtr'chicW offered by; your ex-employer or even fewer choices, since some companies compa-nies have additional restrictions restric-tions for non-active employees. ductive asset. Qualified productive produc-tive assets first-home purchases, purchas-es, start-up or growth of a small business, and post secondary or vocational education or training. train-ing. Through asset specific training, train-ing, basic financial management manage-ment courses, coaching from a personal case manager and asset as-set restricted matched funding: Utah's low and moderate income in-come populations can now level the playing field with their high income counterparts. These first classes in the Uintah County Coun-ty area are an exciting milestone mile-stone for the IDA program and represent a collaborative effort of state and local community agencies dedicated to providing a better way of life for the individuals indi-viduals and families they serve. Applicants to the IDA pro T Prudential Ashley Valley Realty .JMTp lfaWf atts,pBiwpsicr ' w j2i " Vernal Tarp up loads on your way to the Uintah County landfill By Mary Bernard Express Writer Commissioners at the Uintah County Meeting on Monday, March 12, passed a resolution regarding Uintah County landfill land-fill operations. Faced with increasing in-creasing landfill use, the 'tarp and cover' regulation for all loads will be enforced. Violators will incur immediate penalties . as landfill operators will charge three-times the standard entrance en-trance fee, although the entrant will receive a new tarp in the transaction. Dave Haslem, county commissioner, com-missioner, said, "We have seen trash meant for the landfill scattered across 500 North from Maeser to the dump. This has The suit specifically identifies identi-fies project efforts in Garfield County on 38,000 acres of state land but may have far-reaching ramification for leases elsewhere else-where in Utah. Additional disadvantages are that you cannot make new contributions con-tributions to your account. Option 3) Move your retirement retire-ment money to your new employer. This option only works if you are moving to another job. Even then, your new employer may not accept rollovers from a previous plan or may impose a waiting period. Also, the investment options offered by your new employer may not be as extensive exten-sive as you want. The benefit is that you maintain your assets' tax deferral and benefit from the convenience of having your assets in one place. Option 4) Put the money into a traditional IRA Rollover. By having your former employer's retirement 1 plan pay - the1 IRA custodian directly, you avoid the 20 withholding or any penalties. There are numerous numer-ous benefits to your own IRA gram must complete the required re-quired Basic Financial Management Man-agement Training . course before being accepted into the program. This free course will be taught by Utah State University Univer-sity Cooperative Extension's Uintah County office on March 13, 20, 27 and April 3, from 7 to 9 p.m. on the third floor of the County Building located at, 152 East 100 North in Vernal. Interested Inter-ested applicants must attend all four class sessions to be eligible for program participation. Seating is limited and classes class-es will be filled on a first come, first serve basis. For registration registra-tion and additional information about UIDAN and the IDA program, pro-gram, please visit wwwuidan. org or call 800.787.0727. 47 ' Express got to stop." Ed Peterson, county attorney, noted that "as a Class B misdemeanor misde-meanor the police may cite violators vio-lators on city streets with unsecured unse-cured or open loads." In addition to covering materials, ma-terials, the resolution states that patrons must "give landfill equipment the right-of-way at all times and to unload in a safe and expeditious manner. No salvaging sal-vaging of any kind is allowed at anytime." "This is a timely announcement," announce-ment," said Commissioner Mike McKee. "This year the Uintah County's 'Clean-Up Days' are scheduled for two Saturdays, April 28 and May 5." Remember to tarp-up! Correction: An accident last week was incorrectly reported to have occurred at a Patterson Drilling job site. This information was in error and we regret any concern that this has caused. Your Options Rollover: A wide choice of investment invest-ment opportunities you can select the stocks, bonds, mutual funds or other investments that are right for you. The ability to withdraw without penalty for some purposes. pur-poses. Withdrawals can be made without penalty by taking a series of substantially equal periodic payments for at least five years or until after you reach age 59 12. Withdrawals are subject to normal income tax treatment and may be subject sub-ject to an additional 10 federal fed-eral income tax penalty. Thus, if you are planning to retire before you reach age 59 12, this method can enable you to dip into your IRA Rollover without penalty. Please note, there may Land Exchange to provide new revenue for rural counties A bill passed by the 2007 Utah legislature Will provide significant revenue to many of Utah's rural counties. HB 134 redistributes the state's share of mineral royalties from lands involved in the 1999 exchange of state school trust lands out of the Grand Staircase - Escalante National Monument At the time of the Grand Staircase land exchange, the School and Institutional Trust Lands Administration agreed to split mineral royalties from the acquired federal lands with the state of Utah, with the other half going to Utah's permanent school fund. Since the completion comple-tion of the Grand Staircase exchange in 1999, the exchange lands have generated over $138 million in mineral revenue. Prior to HB 134, the state's share of exchange revenue was tunneled through the state Mineral Lease Account, and could not be distributed directly direct-ly to county governments. HB 134 changes the distribution by providing direct payments to the counties where the minerals min-erals are produced, to mitigate impacts from mineral development develop-ment HB 134 also distributes be other eligible retirement plans which can accept funds. Contact your financial professional pro-fessional to explore the details and decide if an IRA Rollover is right for you. ' AXA Advisors, LLC does not provide tax advice. Please consult with your tax advisor regarding your individual circumstances. cir-cumstances. Delmer Hyde offers securities securi-ties through AXA Advisors, LLC (member NASD, SIPC), 1218 W. Hwy. 40, Vernal, Utah 84078, 435-789-99151, and offers annuity and insurance products prod-ucts through an insurance brokerage bro-kerage affiliate, AXA Network, LLC and its subsidiaries. GE-31651 (0305) (exp. 0307). There are ways to keep your children from using any alcohol. They all start with you. Research shows parental disapproval is the number one reason kids choose not to drink. So set clear rules and expectations on no alcohol use. For more information on underage drinking in Utah and the proven skills to prevent it, visit parentsempowered.org. Wednesday, March 21, 2007 AS revenue to counties where state trust lands were traded to the federal government, to make up for lost economic opportunities-associated opportunities-associated with those lands.-; Twenty-seven Utah counties ; will receive money under the-new the-new allocation. The redistribution of.j exchange revenue was recom- , mended by Gov. Huntsman's, Natural Resources Extraction working group last .year. According to Kevin Carter, , Director of the Trust Lands Administration, "This is a pro-, cess we've been working on for several years. There's no doubt that the Grand Staircase exchange had impacts on several sev-eral counties. The re-direction of these funds will help mitigate miti-gate impacts on those counties. We appreciate the help of Gov. Huntsman, and the many legislators legis-lators and local county officials; who helped make this happen." . While the bill passed unanimously unani-mously in both Houses, the Trust Lands Administration is particularly appreciative of the following legislators who worked extra hard in getting it passed: Rep. John Mathis - House sponsor (Vernal); Rep. Gordon Snow (Roosevelt); Rep. Mike Noel (Kanab); Rep. Kay Mclff (Richfield); Rep. Brad King (Price); Sen,-Darin Sen,-Darin Peterson - Senate sponsor spon-sor (Nephi); and " Sen. Mike Dmitrich (Price). Governor Huntsman signed the legisla- tion on March 15, and exchange revenues will be redistributed ' beginning immediately. HB 134 1 will also apply to future land; exchanges between the Trust Lands Administration and the' federal government. Legislation is currently pending in the U.S. Congress to exchange scenic school trust lands in the Colorado River corridor in Grand County for mineral lands in the Uintah Basin, and HB 134 will provide revenue to the counties involved in that exchange (Grand, Uintah, and San Juan) when the exchange is completed. TBeil4la3 JL X X X X X X X 1 2 3 7 6 1 4 x xx jl l: jl x x lJL---JLJLJL 7 8 S 1 2 4 liliii ii 3 1 ! 4a78 2 (365 West 50 North, Ste. W-8 Vernal 789-7265j |