During the Kentucky Chamber’s seventh Business Summit and Annual Meeting, presented by Bingham Greenebaum Doll LLP, 2011-12 Board Chairman Luther Deaton outlined the Chamber’s accomplishments during his term, which will conclude Oct. 1. Deaton, who is the chairman, president and CEO of Central Bank in Lexington, pointed out that during the recent legislative session, the Chamber’s advocacy efforts saved the Kentucky business community an estimated $704.1 million per year.
“That’s an average of $19,790 per year for a business with 50 employees, and $395 per employee,” said Deaton. “The primary cost-savings came through spending reductions in the state budget and averted a huge unemployment insurance disaster.”
The Chamber’s efforts during the session, as Deaton pointed out, resulted in hundreds of millions of dollars in savings by stopping an unemployment insurance tax penalty of $420 per employee. Chamber efforts helped provide tax relief by spreading out interest payments over time and creates opportunities for future tax relief.
“To combat the rising cost of health care – particularly in workers’ compensation – the Chamber was a leader in pushing for a comprehensive bill to help curb prescription drug abuse,” he said.
Deaton also pointed out the efforts of the Kentucky Chamber Foundation, which is now active with two key projects that support the Chamber’s number one priority: Education.
Thanks to generous donations from businesses throughout the state, 55 school principals are attending the foundation’s Leadership Institute for School Principals this year.
In its second year, the program offers public and private school principals an opportunity to receive powerful leadership training from the nationally recognized Center for Creative Leadership, a top-ranked global provider of executive education.
Says Deaton: “All of these efforts are paying off for the Chamber, and members are playing a key role in directing these efforts through their participation and support.”