Current News

State revenue sources struggle
(December 12, 2008) Secretary of Administration Neale F. Lunderville today released General Fund revenue results for the month of November, the fifth month of Fiscal Year 2009. General Fund revenues were essentially on target for the month as compared to the recently revised consensus revenue target. The General Fund revenues of $70.59 million for the month of November 2008 were +$0.25 million or +0.35% above the $70.34 million consensus revenue forecast for the month. Cumulatively, General Fund revenues year-to-date were $455.85 million or +0.25 million (+0.05%) above the consensus revenue forecast for Fiscal Year 2009.

Vermont Office of Economic Opportunity and Vermont Tech Launch Weatherization Quality Control Training

RANDOLPH CENTER, VT - The Vermont Office of Economic Opportunity (OEO), the Technology Extension Division (TED) at Vermont Technical College and the Center for Sustainable Practices (CSP) at Vermont Tech launched the first of several distinct weatherization certificate trainings this week aimed at improving and enhancing Vermont's weatherization workforce.

Governor Douglas Makes Case for States
Testifies on need for state-federal partnerships and federal financial assistance
Montpelier, VT (December 11, 2008, Vermont Business Magazine via Governor's Office) - Today Governor Jim Douglas testified before the House Appropriations Committee in Washington, DC, on the Impact of the Recession on States and Local Communities. As the Vice Chair of the National Governors Association, Governor Douglas has been instrumental in facilitating a national dialogue on the need to deepen partnerships between the federal and state governments.

Maine Joins Vermont, Other States in NECAP Testing Partnership
MONTPELIER - Maine has joined New Hampshire, Rhode Island, and Vermont as the fourth member of the New England Common Assessment Program (NECAP), the first and only multi-state testing partnership formed in response to the federal No Child Left Behind Act (NCLB).

As the newest NECAP partner, Maine will join the other three member states in developing and administering the NECAP tests in reading, writing, and mathematics to all students in grades 3 through 8. The tests are developed in common by all partner states and are aligned with the state standards (what all students should know and be able to do at each grade level) that all NECAP states have adopted.
The results of the tests, which are required by NCLB, determine whether schools have made Adequate Yearly Progress and what actions state agencies will initiate to assist in improving student performance.

Merchants Bancshares, Inc Announces Participation in
FDIC's Temporary Liquidity Program
SOUTH BURLINGTON, VT (Vermont Business Magazine via Merchants Bancshares)- Merchants Bancshares, Inc. ("Company"), NASDAQ: MBVT, the holding company for Merchants Bank ("Bank"), has announced that the Bank will participate in the Federal Deposit Insurance Corporation's ("FDIC") Temporary Liquidity Guarantee Program ("TLGP"), which consists of the Transaction Account Guarantee Program ("TAGP") and Debt Guarantee Program ("DGP").

Through the TAGP, the FDIC will provide unlimited deposit insurance coverage for all non-interest bearing transaction accounts through December 31, 2009. This includes traditional non-interest bearing checking accounts, certain types of attorney trust accounts and NOW accounts, as long as the interest rate does not exceed 0.50 percent. The program is designed to enhance depositor confidence in the safety of the United States banking system.

NSB BRANCHES COLLECTING NON-PERISHABLE FOOD ITEMS
Northfield, VT - December 11, 2008 (Vermont Business Magazine via NSB)- You might notice something a bit different during your next visit to Northfield Savings Bank: a shopping cart. Each of NSB's thirteen branches is collecting non-perishable food items during the month of December for distribution to food shelves in their local communities. Shaw's Supermarkets generously lent a shopping cart to each Northfield Savings Bank branch office to help collect the donations. Northfield Savings Bank invites its customers to join in this effort to provide much needed support to local food shelves. The collection runs until December 31, giving people an opportunity to drop of any extra items from their holiday celebrations.
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Vermont Electors to Cast Official Ballots for President and Vice-President
Montpelier. (Vermont Business Magazine via Vermont Secretary of State) The Secretary of State's Office has announced that the three Vermont electors will meet on Monday, December 15, 2008, at 10 am in Room 11 of the Statehouse in Montpelier to cast official ballots for president and vice-president of the United States.
Vermont's electors are Claire Ayer of Weybridge; Euan Bear of Bakersfield; and Kevin B. Christie of Hartford. At the meeting the electors will take oaths of allegiance and oaths of office; organize by electing a president, clerk, and messenger; cast official ballots for the president and vice-president of the United States, and complete a Certificate of Vote to be sent to Washington.

SBE Ranks State Policy Climates for Entrepreneurship
WASHINGTON, Dec. 10 /PRNewswire-USNewswire/ -- The Small Business & Entrepreneurship Council (SBE Council) just released its 13th annual rankings of the states according to their public policy climates for small business and entrepreneurship in the "Small Business Survival Index 2008: Ranking the Policy Environment for Entrepreneurship Across the Nation."
SBE Council chief economist Raymond J. Keating, author of the study, said: "The U.S. economy is in a serious downturn, and the outlook for a robust recovery seems remote. That means state and local policymakers face some very difficult decisions, especially on budget matters. Depending on the policy course that state lawmakers choose, they can either make the economic situation in their own state better or far worse."

Foreclosure Activity Decreases 7 Percent in November According to RealtyTrac(R) U.S. Foreclosure Market Report
Vermont Third Lowest Foreclosure Rate
Foreclosure Activity Still Up 28 Percent From November 2007
IRVINE, Calif., Dec. 11 /PRNewswire/ --RealtyTrac(R) (www.realtytrac.com), the leading online marketplace for foreclosure properties, today released its November 2008 U.S. Foreclosure Market Report(TM), which shows foreclosure filings -- default notices, auction sale notices and bank repossessions -- were reported on 259,085 U.S. properties during the month, a 7 percent decrease from the previous month but still up 28 percent from November 2007. The report also shows one in every 488 U.S. housing units received a foreclosure filing in November.

Central Vermont Medical Center Seeks Support of Community
for New National Life Cancer Treatment Center
Berlin, Vt - Central Vermont Medical Center is seeking to raise $1 million towards its new National Life Cancer Treatment Center, which is projected to incur construction and equipment costs of $11.5 million.
According to CVMC President and CEO Judy Tarr, "As a charitable organization that exists solely for the benefit of our community, we rely on the generous giving of businesses and private individuals in order to continue to meet the growing health care needs of residents of central Vermont." Tarr emphasized that during fiscal year 2008 alone, CVMC provided $1,430,456 in free care to community members.

Chittenden Bank Helps Local Families by
Donating $2,000 to the Burlington Children's Space

Community Capital of Vermont Receives $1,000 from
Chittenden Bank For Micro Business Program
Barre, Vermont Earlier this year Community Capital of Vermont acquired the Vermont Job Start Loan Fund, and as a result Community Capital has become the "go-to" place for micro business loan needs. Established 13 years ago, Community Capital of Vermont grants financing to start-up and expanding businesses that do not qualify for a traditional bank loan. In addition, they also provide post loan business management assistance.