Current News

by Timothy McQuiston, Vermont Business Magazine Despite the Personal Income Tax taking a hit, the State’s General Fund, Transportation Fund, and Education Fund receipts were a combined $188.6 million, exceeding the $181.1 million monthly consensus target by $7.5 million, or 4.1% for the month of February. Combined receipts are $45.5 million, or 2.2%, above the updated $2,044.2 million target adopted at the most recent Emergency Board meeting in January. General Fund revenues for February totaled $110.3 million, $4.7 million, or 4.4%, above the $105.6 million monthly consensus cash flow target. The $12.0 million of combined receipts above target by the Meals and Rooms Tax, Insurance Tax, Net Property Transfer Tax, and Other categories more than offset the -$7.3 million combined underperformance by the Health Care Taxes, Personal Income Tax, Corporate Income Tax, Estate Tax, and Liquor proceeds. State fiscal year-to-date General Fund receipts are $34.3 million, or 2.5%, above their $1,350.8 million target adopted at the most recent Emergency Board meeting. 

Vermont Business Magazine Small business owners looking for professional development may now apply for SBA’s T.H.R.I.V.E. Emerging Leaders Reimagined Program. This free program offers small business owners across Vermont a unique opportunity to accelerate their business growth through an intensive, executive-level training program. T.H.R.I.V.E. stands for Train, Hope, Rise, Innovate, Venture, Elevate. The program combines online learning with in-person sessions, focusing on leadership enhancement, strategic financial management, market innovation, and cultivating a thriving company culture. Over a six-month period from late June, 2024 to December, 2024, participants will engage in an interactive curriculum, receive coaching from experienced business experts, and develop a three-year strategic growth action plan.

by Norah White, Community News Service Two jobs legislators want created as part of a bill to standardize restorative justice referrals may not be guaranteed — which could make the rollout of the bill harder. Lawmakers since January have been tinkering with H.645, which would codify the practice of pre-charge referrals so the process is the same regardless of county. The bill also aims to create a standard for funding the state’s restorative justice centers, which sponsors say is inconsistent and disorganized. The bill passed the House mid-March and is now in the Senate judiciary committee.

Vermont Business Magazine Treasurer Mike Pieciak connected with Vermont business leaders at the Patrick Leahy Burlington International Airport for the latest installment of the Wellspring Forum series on March 22, 2024. Each event in the series has convened top business and policy leaders at a unique business and is moderated by Vermont Chamber President, Betsy Bishop. Treasurer Pieciak took audience questions and addressed employer concerns, including struggles with the scale of financing important services in Vermont such as education, health care, and technology, along with ongoing affordability and workforce woes. The Treasurer also spoke about his work on VT Saves, Baby Bonds, and promoting housing growth in Vermont through recent substantial investments.

Vermont Business Magazine Research funding from the National Institutes of Health (NIH) generated $92.89 billion in new economic activity nationwide last year — or $2.46 of economic activity for every $1 of research funding, according to a report from United for Medical Research (UMR). Vermont received 108 grants valued at $58,638,753. The University of Vermont received 99 grants worth over $52 million. NIH’s Role in Sustaining the U.S. Economy, published annually by UMR, also found that the $37.81 billion awarded to researchers in the 50 U.S. states and the District of Columbia in Fiscal Year 2023 supported 412,041 jobs.

Vermont Business Magazine US Senator Peter Welch (D-Vermont) on Thursday took to the Senate Floor to celebrate his successful fight to include additional funding to support the Federal Public Defender program in the appropriations bills for Fiscal Year (FY) 2024, which was passed by Congress last week. This funding will help the Federal Public Defenders avoid layoffs and end a hiring freeze. Senator Welch also addressed the important role public defenders play in promoting the rule of law and supporting the Constitution. His advocacy will continue in the upcoming Fiscal Year (FY) 2025 budget to provide more resources to the understaffed organization.  

Vermont Business Magazine Sara King, CEO of the VNA & Hospice of the Southwest Region (VNAHSR) announced her plans to retire after more than 23 years of leadership with the agency. King began with VNAHSR as its Chief Financial Officer, added the responsibilities of Chief Operating Officer in 2016, and promoted to Chief Executive Officer in 2021. King explained that spending more time with family was the reason behind her retirement. King was instrumental in the agency’s growth into Bennington County, and it was her ability to simultaneously streamline and strengthen operations without sacrificing quality of care that allowed VNAHSR to begin providing services in Franklin County, despite not being geographically adjacent.

Poinciana, Florida - John Henry Lang, 88, of Essex, Vermont passed away peacefully Wednesday, March 14, 2024 at Vitas Hospice in Lake Wales, Florida surrounded by love and lilting Irish melodies. John was born September 21, 1935, on the family farm in Essex, Vermont. He was the fifth child of nine and the first son of John Kenneth and Lida May (Wiley) Lang. He spent his childhood working on the farm and getting into hijinks with his siblings. John was a 1954 graduate of Essex Junction High School where he played basketball and baseball. But the real highlight of his high school years was when he took the new girl in town, Nancy Repa, on a date to celebrate her 15th birthday. That first date was the beginning of a 70 year journey through life together.

Vermont Business Magazine Attorney General Charity Clark today announced her campaign for re-election. Clark was sworn in as Vermont Attorney General in January of last year and is running for a second term. Clark reflected on her accomplishments over the past 16 months and outlined her vision for the future. “Sixteen months ago, Vermonters gave me the privilege of serving them and my beloved home state as Attorney General,” said Attorney General Clark. “I’m running for re-election to continue fighting for Vermonters and protecting this state we love.”  

Vermont Business Magazine KeyBank announced today that Tony DiSotto, Key Private Bank Market Leader for Maine and Vermont, as well as Market President for Maine, will now assume expanded responsibilities as Market President for Vermont as well. DiSotto will continue to lead KeyBank’s wealth management teams in both states; in addition, he will oversee and coordinate KeyBank’s go-to market strategy across its various lines of business and serve as the executive face of KeyBank in both Vermont and Maine with a focus on business, philanthropic and sponsorship efforts. 

Devon Green, VP of Government Relations, VAHHS Ah, spring at the State House. I started my draft last week with something about our roads being muddy but the session shaping up with the money committee crossover deadline on Friday. By Saturday I’m finding myself in a snowstorm and House appropriations postponing its formal vote on the FY’25 budget until Monday. Among other issues, the House Ways and Means Committee financed the $21.9M bill for expanding the Medicare Savings Program by removing the deduction for global intangible low-taxed income and foreign-derived intangible income and increasing the corporate income tax to 10% for income over $25,000 along with increasing security fees. The expansion of the Medicare Savings Program is expected to bring in over $40M for low-income older Vermonters. 

Vermont Business Magazine Average gasoline prices in Vermont are $3.37 per gallon, up 8.4 cents per gallon from last week's $3.29/g. The lowest price in the state yesterday was $3.15/g while the highest was $3.59/g, a difference of 44.0 cents per gallon. The national average price of gasoline has risen 6.4 cents per gallon in the last week, averaging $3.51/g today. The national average is up 27.0 cents per gallon from a month ago and stands 8.7 cents per gallon higher than a year ago.