Current News

Thank you, President Finney and Champlain College, for hosting us at this timely conference today. We welcome this opportunity to offer Vermonters, Vermont businesses, and Vermont communities a chance to learn more about how they can take advantage of the recently passed federal economic recovery act. And the more rapidly and effectively that Vermont puts these resources to work, the better we will be able to keep Vermonters working today, and the better we will be able to lay the groundwork for growing our economy for the jobs of tomorrow.

Secretary of Administration Neale F. Lunderville today (March 6, 2009) released General Fund revenue results for the month of February, the eighth month of Fiscal Year 2009. General Fund revenues exceeded target for the month as compared to the consensus revenue target revised in mid-January. The General Fund revenues of $60.32 million for the month of February 2009 were +$2.91 million or +5.08% above the $57.41 million consensus revenue forecast for the month. Year-to-date, General Fund revenues of $735.23 million remain below the forecast by -$11.13 million or -1.49% for FY 2009. We have seen a very modest bounce back in General Fund revenue receipts, but it is important to understand that about half of the favorable results for the month were due to a one-time settlement in Corporate Income Tax. Through February, we remain $11 million below the year-to-date forecast, said Secretary Lunderville.

At the request of President Barack Obama, Governor Jim Douglas will host one of five regional forums on health reform at the University of Vermont s Davis Center on Tuesday, March 17. Governor Douglas will be joined by Governor Deval Partrick (D-MA), officials from the Obama Administration and other guests to discuss health care reform.
This is a great opportunity for Vermont to showcase our groundbreaking efforts on health care reform to our region and the nation, Governor Douglas said. By focusing on prevention to lower cost and increasing access to health care for more residents, Vermont continues to lead the nation on this important issue, he continued.

FairPoint Communications, Inc. (NYSE: FRP) ("FairPoint" or the "Company"), a leading provider of communications services to communities across the country, has announced its financial results for the three and twelve months ended December 31, 2008. FairPoint completed its acquisition of Verizon Communication's wireline and related operations in Maine, New Hampshire and Vermont (the "Northern New England business") on March 31, 2008. As a result of that transaction, which was treated as a "reverse acquisition" for accounting purposes, the financial statements for all periods prior to March 31, 2008 reflect the operating results and assets and liabilities of the Northern New England business only. For purposes of analysis, certain financial information for periods prior to March 31, 2008 is presented on a pro forma basis, assuming the acquisition and related transactions had occurred on January 1, 2007.
Highlights

Speaker Shap Smith and Senate President Peter Shumlin today announced their legislative priorities for the remainder of the 2009 session. Speaker Smith and Senator Shumlin made a commitment to passing at least seven pieces of legislation that will create good paying jobs for Vermonters, encourage the development of clean renewable energy, reduce the Governor s proposed tax burden on businesses and grant equal marriage rights to all Vermonters.
The legislative leaders highlighted seven pieces of legislation that they are committed to passing before the legislature adjourns in May.
● An economic development and jobs creation bill that will include targeted money for venture capital.
● The Speaker s $125 million bonding proposal that will fund a variety of transportation projects such as increased funding for state and local roads and bridges and capital projects to strengthen our public transit system.

Founded in 1959 as Baden s House of Trophies the company s primary focus was on bowling trophies. The company expanded into commercial engraving as Vermont Industrial Engravers and finally settled on Vermont Trophy & Engraving in 1973, since becoming the largest recognition manufacturer in the region. The company s motto is Recognition is Respect Made Visible
Current owners, Steve & Margi Swett, bought the business from Roger and Bobbi Merchant in July 1996, after many years in the corporate sector. Our initial interest in the business stemmed from its reputation for quality. The value we wanted to add was an expanded focus on customer service and relationship building - over the past 13 years our base of repeat and corporate customers has grown significantly, so we feel that was a pretty good business model, said Steve Swett.

Governor Jim Douglas will announce tomorrow the award of a $746,000 Community Development Block Grant to the City of Winooski. The ceremony will take place Friday, March 6, 2009 at 2:30 pm at Winooski City Hall, 27 West Allen Street, Winooski.

Almost $5.7 million was released to Vermont today for transit programs funded by the economic recovery bill, Senators Patrick Leahy and Bernie Sanders and Representative Peter Welch announced.
The stimulus money for Vermont from the Federal Transit Administration was included in the bill that was designed to create some 8,000 jobs in Vermont to help jolt the economy out of recession.
Statewide, the Vermont Agency of Transportation will use $3.9 million to purchase 33 buses and vans for 10 local transit providers around the state.
The Chittenden County Transit Authority plans to spend $1 million on heavy-duty, low-emission buses. Another $700,000 is set aside for rehabilitating buses, wooden bus shelters constructed by Vermont companies, and vehicles for seniors and individuals with disabilities.
Nationwide, the bill provided $10.1 billion for the Federal Transit Administration, $773 million more than current funding.

Vermonters’ interest in the newly enacted economic stimulus bill is so high that registration requests for Friday’s workshops on the plan have quickly outstripped capacity. Sen. Patrick Leahy (D-Vt.), who organized the sessions, says signup requests topped 700 just days after online registration opened last week. Leahy Thursday announced that a second conference will be held late this month in Brattleboro to help accommodate Vermonters unable to attend Friday’s session, with details to be announced later.
Leahy and Gov. James Douglas (R) are hosting the Vermont conference and workshops on the American Recovery and Reinvestment Act (ARRA) – believed to be the first such statewide sessions in the nation since enactment of the stimulus package -- where free workshops will help Vermont families, businesses and towns learn how the stimulus plan will help strengthen Vermont’s economy.

On Feb. 27, the gas savings program that has put more than $10 million back into the pockets of consumers throughout New England returns to participating Shaw’s Supermarkets, Dunkin’ Donuts locations and Irving Oil gas stations.
Participating Shaw’s Supermarkets will once again be offering powerful gas savings to their customers, which can then be redeemed at Irving locations throughout Maine, New Hampshire, Massachusetts, and in select areas in Vermont and Rhode Island.
To make Override even more convenient, customers using their Shaw’s Rewards Card when they shop for groceries can use that same card right at the pump to lower their price of gas. For the past year, people participating in the program were issued paper coupons, which meant having to go into the store to redeem the savings.
Now, with paper coupons eliminated, everyone can lower their price of gas right at the pump, saving both time and money.

Katie Adams, who founded Cat Country Radio sixteen years ago, is now creating another Rutland based enterprise. Adams has taken a closed wood pallet mill in Clarendon, and, as she did with country music, is filling a void in the market. She s starting the first wood pellet plant in Vermont.

State Treasurer Jeb Spaulding announced today that Vermont successfully sold $50.5 million in general obligation bonds. Demand was so high that once the selling period was open, the bonds virtually sold out in less than three hours.
We are extremely pleased by the response of our bond offering, said State Treasurer Jeb Spaulding. We received approximately $123 million of orders for the $50.5 million in bonds that were available. The strong response indicates local investors and brokers are eager to invest in the State and support badly needed capital projects.
The bonds are scheduled to settle, or close, on March 11, 2009. The State was able to lock in a total interest cost of 3.82 percent. The interest yield investors received on their bond purchases ranged from 0.62 percent for bonds maturing in one year to 4.60 percent for bonds maturing in 20 years. Bonds were offered in amounts as small as $1,000, with maturities ranging from one to 20 years.