Current News

Merchants Bancshares, Inc (NASDAQ: MBVT), based in South Burlington, the parent company of Merchants Bank, has announced net income of $3.41 million and $6.82 million, or diluted earnings per share of $0.54 and $1.07 for the three and six months ended June 30, 2014, respectively. This compares to net income of $4.03 million and $7.63 million, or diluted earnings per share of $0.64 and $1.21 for the three and six months ended June 30, 2013, respectively. The return on average assets was 0.82 percent for the three and six months ended June 30, 2014, respectively, compared to 0.96 percent and 0.91 percent for the same periods in 2013. The return on average equity was 11.15 percent and 11.23 percent for the three and six months endedJune 30, 2014, respectively, compared to 13.61 percent and 12.96 percent for the same periods in 2013.

Moody’s Investors Service yesterday published a Ratings Report, in which Moody’s improved Burlington Electric Department’s credit rating outlook to Baa2 positive from Baa2 stable. This boost comes only seven months after Moody’s improved BED’s outlook from negative to stable. The Moody’s report includes the following summary explaining the outlook improvement: “The outlook change to positive from stable reflects our belief that the department will continue to reduce its exposure to the power supply market through long term contracts and diversify the power supply portfolio through the acquisition of the Winooski hydro facility. The outlook change also reflects our expectation of stable or improving debt service coverage ratios and other financial metrics.”

The Vermont Economic Development Authority (VEDA) has approved $17.8 million in commercial, agricultural, small business and energy development financing to support projects totaling almost $35 million throughout the state. Financing included projects for the renovation of Rice Memorial High School in South Burlington; machinery for Cabot Hosiery Mill of Northfield; snowmaking upgrade for Smugglers Notch Resort in Jeffersonville; renovation cost of the Edson Hill Manor in Stowe; expand distribution for CDL USA in St Albans; and energy financing for SolarSense in Bristol.

“Exciting investments in manufacturing, renewable energy, agricultural and a number of other economic development initiatives will go forward with VEDA’s help,” said Jo Bradley, VEDA Chief Executive Officer. “Jobs will be created for Vermonters, and VEDA is pleased to play a part in that employment growth.”

Among the nearly $12.6 million in direct loans and bond financings approved by VEDA:

by Hilary Niles vtdigger.org Burlington officials made their case to the state Tuesday for selling Burlington Telecom in the course of two transactions that would get the city out of the telecom business and settle a pending $33 million lawsuit for about $10.5 million. Mayor Miro Weinberger announced in February that a deal had been struck between the city and Citibank, which sued Burlington for nonpayment of the capital lease that financed Burlington Telecom. Citigroup agreed to settle for about one-third the amount.

The city proposes raising most of the needed funds by selling Burlington Telecom to an interim owner, who in turn would sell the utility in a few years to a third party.

Vermont Electric Cooperative, based in Johnson, is encouraging its members to conserve energy on Wednesday, July 23 between the hours of 2 pm and 6 pm when demand for electricity is expected to spike as a result of weather conditions that are producing high temperatures in northern Vermont and throughout New England.

Here are a few tips to help limit energy use during this time:

• Turn off all unnecessary lights

• Delay use of major appliances such as dishwashers, washing machines, and clothes dryers

• Raise your thermostat or air conditioner by 3 degrees

Funding is now available for organizations and projects in Orleans, Essex, and Caledonia Counties through the Northeast Kingdom Fund at the Vermont Community Foundation. The fund awards mini-grants ($500 - $1,000) and sustaining grants ($1,001 - $5,000) in support of projects that benefit the people and communities of the Northeast Kingdom. Nonprofits, schools, and smaller grassroots organizations are encouraged to apply. Applications will be accepted through September 5, 2014.

The Northeast Kingdom Fund was established in 2011 by the Community Foundation and local partners as a permanent philanthropic resource to support the people and communities of Caledonia, Essex, and Orleans Counties. Visit www.vermontcf.org/nekfund to learn more.

Two Vermont based companies are finalists for Martha Stewart's Third Annual American Made. You can see the full list of finalists here. The Vermont finalists are Maple Landmark Woodcraft of Middlebury and Vermont Rolling Pins of South Burlington. Both were chosen in the second round of finalists by editors at Martha Stewart Living Magazine. Nominations are still open and can be submitted until August 29th on the American Made website. Judges will select a total of 800 finalists through September 9. Creative entrepreneurs from across the country can nominate themselves or other aspiring makers for a chance to be recognized as one of the 2014 American Made Award Winners.

As more than 50 local children enjoyed a free lunch at the Waterbury Recreation Department, Governor Peter Shumlin and anti-hunger advocates applauded summer food programs, urged families whose children need nutritious meals in the summertime to participate, and reminded business and Vermonters of the opportunity to volunteer at meal sites.

“Summer should be a fun time for many kids and teens. But for those who count on subsidized school meals, it can be a stressful time because they don’t have access to regular meals,” Gov. Shumlin said. He said about 37,000 Vermont children rely on a free or reduced-price school lunch during the school year. While Vermont ranks 5th in the country for utilization of the Summer Food Service Program (SFSP) that allows children to access summertime meals free of charge, fewer than 7,000 children have access to those nutritious meals when schools are closed.

by Hilary Niles vtdigger.org The proposed AnC Bio biomedical research park in Newport was under an environmental spotlight Monday evening. Health and safety concerns and traffic burdens dominated discussion at a two-hour public hearing convened by the District 7 Environmental Commission. Five Newport residents were given party status to the Act 250 deliberations — meaning they are granted the right to appeal the commission’s decision of whether to issue an environmental permit for the four-story, 84,000-square-foot facility. Official state and municipal interests, such as the city of Newport and the Northeastern Vermont Development Association, are granted party status automatically.

Goddard College today announced the creation of the Goddard Graduate Institute, which will house three of its master’s degree programs. Bringing together faculty from across the humanities, social sciences, and health arts disciplines, the Graduate Institute seeks to integrate scholarship and personal development with social, ecological, artistic and cultural action to support students who want to effect positive change in the world.

The Institute’s faculty will advise students pursuing the Individualized Master of Arts, Master of Arts in Health Arts & Sciences, and the Master of Arts in Social Innovation & Sustainability. Additional cross-disciplinary activities—such as workshops, symposia, conferences, publications, and hands-on projects—will also enhance and engage students, and professionals on campus.

Vermont scored well in enacting balanced policies that enhance the delivery of effective pain management for patients battling a chronic disease such as cancer, according to a new report issued by leading researchers and patient advocacy groups. Nationwide, the findings showed that states have made considerable progress over the last decade in enacting policies that enhance access to pain care, including the use of pain medications, and minimizing potential treatment barriers. Based on 2013 data, the report gave Vermont a letter grade of A in measuring the quality and balance of its policies to make pain treatment available to patients. The state also received an A in 2012. Prior to that, it got B+s in 2006, 2007 and 2008, which represent the three previous reports.

by John McClaughry Vermonters moan about their steadily rising education property taxes, especially as the number of students continually decreases. Rarely do citizens focus clearly on the causes of rising school taxes, and the possible solutions. That is, in part, because the “education stakeholders” are ever alert to control the agenda for “reform”.

Their time-worn offering this year was “governance reform”. That means grouping towns into large “Regional Education Districts”, at first through incentives, then later by state mandate. This legislation collapsed in the final days of the 2014 session, in part because the House leadership realized that members who voted for it might not do so well with their voters this November.