Hartford Business Journal

www.HartfordBusiness.com February 29, 2016 • Hartford Business Journal 7 WHAT'S AHEAD: ■ 3/7 Focus: Health Care/Bioscience ■ The List: Largest Bioscience Cos. ■ Nonprofit Profile: Greater Hartford Legal Aid CALENDAR WEDNESDAY, MARCH 2 How Housing and Hunger Impact Economic Development The MetroHartford Alliance's March 3 Rising Star breakfast will feature several experts who will discuss the impact housing and hunger have on the economy and the state's economic progress. The event will run from 7:30 a.m. to 9 a.m. at the Hilton Hartford, 315 Trumbull St., Hartford. Featured speakers include: James Arena-DeRosa, president and CEO of Foodshare Inc.; Janice Elliott, executive director, Melville Charitable Trust; and Rosanne Haggerty, president, Community Solutions. Cost to attend is $20 for members and nonmembers. For more information or to register go to: http://web.metrohartford.com/ events/. F O R A C O M P L E T E L I S T O F G R E A T E R H A R T F O R D B U S I N E S S E V E N T S , G O T O W W W . H A R T F O R D B U S I N E S S . C O M A N D C L I C K O N ' C A L E N D A R . ' A L L C A L E N D A R I T E M S M U S T B E S U B M I T T E D E L E C T R O N I C A L L Y V I A O U R W E B S I T E , H A R T F O R D B U S I N E S S . C O M . GOVERNMENT & POLITICS Malloy seeks drop in alcohol prices If Gov. Dannel P. Malloy gets his way, liquor prices could drop for Connecticut consumers. He's pushing to end a 35-year-old law that sets a minimum price for alcohol. He wants the free market to set prices instead. Currently, Connecticut is the only state in the region with a law requiring retailers of alcoholic beverages to sell their products at a minimum price determined by the wholesaler industry. Malloy said as a result, consumers here often pay more than those in other states because of an artificially determined price that was required by the government. This statute is unique to only off- premises alcohol retailers and treats no other types of industries in the same manner, he said in a statement. The governor is proposing that the law be modified to allow retailers to sell wine and liquor using the criteria of actual cost paid. This is the same standard used in neighboring Northeast states. State deficit grows to $19.9 million The projected deficit for the 2016-2017 biennial state budget has grown to $19.9 million, a $12.8 million increase from last month's projections. A major driver of the increase is poorer than expected income tax collections, according to a monthly report from Office of Policy and Manage- ment Secretary Ben Barnes. The budget for this year is $18.1 billion. Barnes said the deficit would be higher without projected spending being $87.8 million below the original budget plan. A major impact on the budget was a December General Obligation bond sale that produced lower than anticipated net premiums. BANKING & FINANCE UConn Foundation selects Houston firm to manage investments The University of Connecticut Foundation selected a Houston- based investment management firm to oversee $130 million of its endowment. The foundation selected Covariance Capital Management to be its outsourced chief investment officer. Covariance is a member of the TIAA family of companies. Covariance will work with the foundation's investment committee and investment staff to determine a strategic asset allocation, man- age the portfolio across multiple asset classes, maintain appropriate risk controls and liquidity, and rebalance the portfolio as needed. The University of Connecticut's endowment was approximately $363 million as of Sept. 2015, the most recent figure available. James Arena-DeRosa SHAPE YOUR CAREER hartford.edu/barney » Accounting – Financial/Assurance – Taxation » Business Analytics » Finance » Insurance » International Business » Management » Marketing » Project Management » Supply Chain Management Graduate Concentrations and Specializations: Learn more 860.768.4444 barney@hartford.edu Gov. Malloy is seeking to change liquor-pricing laws. P H O T O | H B J F I L E

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