Current News

Vermont Milk Commission Continues Deliberations
Montpelier, Vt - The Vermont Milk Commission will conduct further hearings as part of its deliberations about whether to issue a retail fluid milk premium. The Commission has also started a separate review of chain supermarket milk prices in Vermont.
The Milk Commission met on October 16, 2008 to review the evidence gathered during the recent hearing held on the Commission's proposed Order to establish a retail fluid milk premium. The Commission's proposed Order would establish a surcharge on all beverage milk sold at retail in Vermont. The surcharge would be imposed on the sale of raw milk used by milk processing companies for the Vermont retail sales, and be collected from the processors. The surcharge proceeds would be distributed to Vermont producers, and also to out of state dairy farmers who provide raw milk used for retail beverage milk sales in the Vermont marketplace.

VTrans Funds Three New or Expanded Public Transit Routes
MONTPELIER - The Vermont Agency of Transportation (VTrans) has announced that it will grant three public transit providers a total of $350,000 so that they can fund new or expand popular public transit routes.
The funding will establish new bus routes along Route 103 as well as Interstate 91. Expansion of an existing bus route will occur along Interstate 89. Many of the routes include stops at Park and Rides so commuters can easily access the service.
"Improving Vermont's public transportation system is one of our priorities," said VTrans Secretary David Dill "These new routes are an important step in helping Vermonters not only maintain their independence but also save money as they can now use a bus to get to work, the hospital and even one of Vermont's signature ski areas."
New or expanded routes include:

BED to Seek Rate Increase
Burlington Electric Department announced October 23, 2008, that it will seek a rate increase of up to 5.9 percent from the Public Service Board, pending the approval of the City Council. The increase would become effective Jan. 1, 2009. The exact amount of the increase will be determined as BED endeavors to arrange the optimal debt strategy for 2009 and beyond. The need for the increase is driven by increased power, transmission and operating costs, along with declining sales of electricity that are a result of BED's successful energy efficiency programs.
BED has advanced its ongoing major capital projects, the McNeil air quality improvements and the East Avenue reliability upgrade, through favorable short-term borrowing arranged through the City. This allows BED to reap the benefits of these projects in lowered operating costs as it moves into 2009 without fully absorbing the cost of the debt these projects will require.

Green Mountain Coffee Announces $17 Million Settlement of Patent Litigation with Kraft

Merchants Bancshares, Inc. Announces Strong 2008 Third Quarter Results
SOUTH BURLINGTON, VT - Merchants Bancshares, Inc. (NASDAQ: MBVT), the parent company of Merchants Bank, announced October 23, 2008, net income of $3.31 million, or diluted earnings per share of $0.55, for the quarter ended September 30, 2008, a $683 thousand, or 26%, increase over net income of $2.63 million for the third quarter of 2007 and a $0.12, or 28% increase over diluted earnings per share of $0.43 for the third quarter of 2007. The return on average assets for the third quarter of 2008 and 2007 was 1.01% and 0.94%, respectively. The return on average equity for the third quarter of 2008 and 2007 was 17.98% and 15.04%, respectively. Merchants declared a dividend on October 16, 2008, of 28 cents per share payable November 13, 2008, to shareholders of record as of October 30, 2008.

VEDA tops $80 million
in financing approvals
The Vermont Economic Development Authority's (VEDA's) total project financing approvals across all programs for Fiscal Year 2008 was $80.1 million, up from $77.8 million last year.

VEDA closed two hundred commercial agricultural and small business loans, totaling $46.4 million during the year. Because of this, Vermont business development projects received an additional $47.9 million in private investment.

Of the 63 commercial projects financed in Fiscal Year 2008, it's estimated that 1,980 jobs were impacted, having an average hourly wage of $20.89.

Manufacturing accounted for 30 percent of the combined portfolio of direct VEDA loans. Agriculture made up 24 percent and service-related businesses, 23 percent.

VEDA's net assets under management increased over the past ten years, from $24.9 million in 1999 to $33.6 million as of June 30, 2008.

Vermont Businesses for Social Responsibility
Recognizes Three Outstanding Legislators
VBSR will be presenting its annual legislator of the year awards to the three legislators listed below that have demonstrated bold leadership consistent with VBSR's policy priorities. VBSR will present the awards at its 2008 annual Fall Conference at the Latchis Theatre in Brattleboro, October 30th.
Legislators receiving these awards were chosen by the VBSR Board of Directors after reviewing recommendations of the VBSR Public Policy Committee made up of representatives from several VBSR member businesses. 'VBSR honors and thanks these dedicated public servants for their tireless work in commitment to making Vermont the best place to do business,' says VBSRs Executive Director, Will Patten.

Vermont Collects $205 Million Judgment to Pay Claimants and Creditors of Ambassador Insurance Co.

Johnson State College announces new faculty appointments
JOHNSON - Johnson State College has announced the appointments of three faculty members.
They include:

CHITTENDEN BANK PARTNERS WITH THE VERMONT FOODBANK
TO FIGHT HUNGER IN VERMONT
Burlington, Vermont - As we approach the winter months the need to stock our community food shelves becomes extremely important. Chittenden Bank offices across the state are participating in the bank's Share the Bounty program providing a drop-off location for non-perishable food items designated for local food shelves or community centers. Each of the 47 Chittenden branches has a collection area set up to accept donations of food or money until December 31, 2008. The Vermont Foodbank is partnering in this effort and has estimated that the need for food donations will increase by as much as 30% this year. The Vermont Foodbank is the state's largest hunger relief organization responsible for distributing close to 6.5 million pounds of food to community food pantries, soup kitchens, shelters, senior centers and after-school programs in 2007.

Cleaner New Generation of Outdoor Wood Heaters is Good News for New Englanders
(Waterbury, Vt. - Oct. 23, 2008) - Significantly cleaner models of outdoor wood-burning heaters - also called outdoor wood boilers, outdoor wood furnaces, or outdoor wood-fired hydronic heaters - will soon be available for New England families and businesses who choose to burn wood as a heat and hot water source.
Under the second phase of a voluntary partnership with EPA, several manufacturers of outdoor wood-fired heaters have already pledged to market a new generation of units that are more efficient and which will emit about 90 percent less air pollution than unqualified units.

Interstate 89 Paving Switching to Daytime Beginning this Weekend
MONTPELIER - Paving crews beginning this weekend (October 25) will limit traffic flow during the day to one lane along Interstate 89 Northbound from Exit 14 in South Burlington to Exit 16 in Colchester. Motorists should expect delays and plan accordingly.
Weather permitting, daytime paving over the weekend will take place from sun up to sun down, and continue into the evening. Daytime paving will continue into the work week as crews push to finish this 17-mile project, but traffic will not be impacted during the morning and afternoon peak commutes. Traffic during the work week will be restricted to one lane between the hours of 9 a.m. and 3 p.m. only.