Current News

For the 6th year, Vermont surpassed the 40 new captives licensed mark in 2011 with 41 new captive insurance companies bringing the total number of licenses to 952, according to data released by the Vermont Banking, Insurance, Securities and Health Care Administration (BISHCA).
Thirty were single parent captives, with six risk retention groups (RRG), three sponsored, one industrial insured, and one association. 2011’s new captive insurance licensees brings Vermont overall total to 952 with 590 active captive insurance companies.
‘One of the most exciting aspects of 2011 and a perennial key to our success is the high quality of companies that we are privileged to work with,’ said David Provost, Vermont’s Deputy Commissioner of Captive Insurance. ‘We’re also seeing the State’s continued investment in staff helping us continue to provide outstanding customer service. That’s very much a part of what keeps Vermont the Gold Standard.’

byAlan Panebakervtdigger.orgThe business community sent a mixed message to lawmakers Wednesday about the future of health care for their employees.
Some business owners are concerned that they will have to give up the health insurance plans they have worked hard to set up as the state transforms its health care system.
Others feel their costs of paying for health care are breaking the bank, and they want everyone to pay into a program that provides care for everyone.
Both camps gave testimony Wednesday before two legislative committees that will consider pending legislation to set the stage for health care reform in Vermont. By the end of the legislative session, lawmakers plan to have a road map for how they will set up a health benefits exchange.

The Vermont Agency of Transportation (VTrans) has awarded grants totaling nearly $285,000 to help establish four new bus routes under the Congestion Mitigation Air Quality (CMAQ) Program. The competitive grants were awarded to Chittenden County Transit Authority (CCTA), Addison County Transit Resources (ACTR), Deerfield Valley Transit Association (DVTA), Green Mountain Community Network, Inc. (GMCNI) and Rural Community Transportation (RCT).
‘Each of these service additions will produce a positive ripple effect regionally,’ said VTrans Public Transit Administrator, Barbara Donovan. ‘In some cases, it’s the critical link between two systems, while in others it raises the level of frequency or capacity to make public transit the first choice for commuters. These grants also serve to move us toward meeting some of the important transportation goals in the Comprehensive Energy Plan.’

The Board of Directors of TPW MANAGEMENT LLC, a leading resort property and community management Company, announced the promotion of Paul W. Carroccio to the position of Chief Executive Officer. He will be responsible for the overall management and leadership of the Company as it continues its growth into new areas and will report to the Board.

The Vermont House of Representatives today gave overwhelming approval to a bill which overhaulsVermont’s mental health system.The bill comes following the closure of theVermontStateHospitalinWaterburyafter Tropical Storm Irene.
‘I am pleased we are able to swiftly advance a bill that takes the pressure off the system that was caused by Irene,’ said Speaker Shap Smith.‘Moving towards a community based mental health system will allow patients to receive better care, closer to home, when they need it.’
The bill provides a range of treatment opportunities, including acute inpatient hospital beds, approximately $20 million in new community and peer services programs and housing.It also integrates mental health services with substance abuse, public health, and health care reform initiatives.
H. 630 calls for:

The Northeast Recycling Council, Inc (NERC), based in Brattleboro, has joined the national movement expressing concern about the use of degradable additives in plastic packaging by adopting a policy position in opposition to the use of these additives.
‘The Board determined that this practice currently has a negative impact on plastics recycling markets and the effectiveness of plastics recycling in general’ President of the Board Sarah Kite reported. ‘The issue was discussed at some length last fall and after conducting additional research into the issue, voted unanimously to support the new policy,’ she added.

Magic Mountain has completed the sale of over 300 shares at $3,000 per share to achieve the milestone required to capitalize the new skier-based ownership entity The Magic Partnership LLC. This new entity will be a cooperative partnership between the current operator and owners and the new skier-community based shareholders. Shareholders will now elect 3 of 5 board members. The other two board seats will be held by Jim Sullivan, current president, owner and operator of the mountain, and Tom Barker, a current owner.
‘After a partnership meeting in Mid-January, the community really came together to put this share offering over the finish line’, said Jim Sullivan. ‘Current shareholders stepped up to buy additional shares and new people came on board who want to see this mountain survive and thrive for another 50 years.’

By Tom Salmon, CPA, CFE, Vermont State Auditor of AccountsThe three members of the Vermont Public Service Board are about to get more free advice than all the Boston Red Sox managers combined. That’s because the best case the opponents of the Vermont Yankee Nuclear Power Plant have to shut the plant down is to convince the PSB that it is no longer worthy of a Certificate of Public Good.
As state auditor, it is my duty to evaluate the performance of state government. I would be remiss if I didn’t point out that state government has wasted a lot of taxpayer money trying to destroy a flawed but valuable asset.

The Franklin County Regional Chamber of Commerce and the St. Albans Messenger have announced a brand new publication for businesses in and around Franklin County to present their products and services in a brand new way. The Franklin County 2012 Area Guide is the first-ever regional publication to be distributed not only in Franklin County, but throughout Vermont, southern Quebec, the western shore of Lake Champlain in New York, and on the Internet, and will be a guide for visitors, a guide for new residents, a guide for locals.

The area guide is designed to be an annual, year-round publication, as vital in February as it is in August. This year’s edition is slated for release in mid-April, just in time for the Vermont Maple Festival and in advance of the wide variety of summer, fall, and winter events that attract locals and visitors alike.

On Wednesday, the Vermont House of Representatives advanced a bill that redraws House districts to reflect changes in population as reported by the 2010 US Census. The redistricting bill’often known across the country as the most partisan bill of the decade for state legislatures’was approved on a vote of 138-4.
‘It is rare that a bill like this has broad bipartisan support,’ said Speaker Shap Smith. ‘It is a tribute to the good work of the committee and its driving goal of designing the most representative districts possible, not the most partisan. It once again shows the country that Vermonters from all parties can come together to find common sense solutions on the tough issues facing our state.’
The House Government Operations Committee began to revise the district lines in the fall of 2011. The Committee began the process using the current district map’developed under a Republican majority in 2002’as a template to make required changes.

Registration is under way for the Vermont Student Assistance Corporation’s 11thannual College Pathways program, a free day of college planning workshops for high school sophomores and juniors and their parents.
In order to accommodate as many families as possible, VSAC hosts College Pathways in three locations on the following Saturdays:
·March 17 at Saint Michael’s College in Colchester
·March 24 at Castleton State College in Castleton
·March 31 at Lyndon State College in Lyndonville

The program enables each student and parent to choose several workshop topics from nine available, and includes a free bag lunch. Among topics offered are writing a college application essay that stands out, strategies for taking SATs and ACTs, creating a college list that fits you, and demystifying financial aid.

Green Mountain Coffee Roasters, Inc., (GMCR) (NASDAQ: GMCR), a leader in specialty coffee and coffee makers, today announced its fiscal year 2012 first quarter results for the thirteen weeks ended December 24, 2011.
Barron's Avi Salzman reported: "Green Mountain Coffee Roasters(GMCR) shot past analysts’ fourth quarter estimates, sending shares up 8% immediately after the report was released after-hours. Trading was quickly halted and is expected to reopen at 4:30.
GMCRposted60 cents of EPS, on $1.16 billion in revenue. Analysts had been expecting 36 cents of EPS and $1.06 billion in revenue. The company reaffirmed 2012 guidance."
Performance Highlights
First Quarter Fiscal Year 2012