Current News

by Rob Roper Steve Klein, Chief Fiscal Officer for the legislature’s Joint Fiscal Office, recently made a presentation to the Pension Reform Task Force. The Task Force is charged with coming up with a plan to fix the state’s public pension crisis, the result of decades of underfunding and financial mismanagement that has led to a $6 billion and rapidly growing unfunded liability. Currently, just keeping the state pension system afloat consumes over 12 percent of all General Fund state spending and fixing the system will take even more money.

Vermont Business Magazine Mayor Miro Weinberger on Friday evening announced his initiation of the process, per City Charter, to terminate the appointment of Burlington International Airport Aviation Director Gene Richards, following findings by an independent investigator that he mistreated City employees and violated city practice regarding the use of City property. The Mayor has told Mr. Richards he no longer has confidence in his ability to run the airport and asked him to resign. Mr. Richards has declined.

by Timothy McQuiston, Vermont Business Magazine Last week, Horizon Organics notified its Northeast organic milk suppliers that it would be dropping all of its eastern suppliers, including 27 dairies in Vermont. (NOFA-VT estimates they sell about 3 million gallons of milk per year to Horizon.) Horizon, based in Colorado, said they can get cheaper milk with fewer transportation issues closer to home. California and Texas are by far the largest organic milk producers.

Vermont Business Magazine Declaring that “The time to retire is when you are healthy enough to enjoy it”, The Vermont Soap Company today announced the retirement of its long time CEO Larry Plesent. Plesent took VT Soap from “a twinkle in daddy’s eye” to its status today as one of Vermont’s most iconic companies. Known for his hands on management style and a “there are no unimportant parts” holistic approach to life and work, Plesent was equally comfortable crawling around under equipment or shaking hands with bank Vice Presidents.

Vermont Business Magazine The Office of the United States Attorney for the District of Vermont stated that Michael A. Gonzalez, 32, of Colchester, Vermont, appeared today in federal court after being charged with five counts of possessing and selling stolen motor vehicles. Gonzalez was ordered detained by United States Magistrate Judge Kevin J Doyle pending a detention hearing next week.

Vermont Business Magazine Vermont Department of Corrections is reporting three incarcerated individuals at Northern State Correctional Facility (NSCF) in Newport tested positive for COVID-19 in testing conducted August 25 as a result of presenting with symptoms. The individuals live in a general population unit where a currently COVID-positive staff member worked, and where one other positive incarcerated case was detected from an August 23 test.

Vermont Business Magazine Attorney General TJ Donovan today filed a brief to appear in bankruptcy court in support of Koffee Kup Bakery. At issue is an involuntary bankruptcy petition filed by several creditors of Koffee Kup, which has resulted in a delay of paying former employees’ their collective balance of paid-time-off (PTO) amounting to $838,299 in total. In its brief, the State argues that the PTO should not be considered part of the bankruptcy case and should be paid now in accordance with a prior state court order that, last month, compelled the PTO payment.

Vermont Business Magazine The Vermont Department of Health is reporting today two more deaths from COVID-19 for a statewide total of 275. The VDH is also reporting 144 additional cases with 30 people hospitalized and four in the ICU. Cases remain elevated because of the Delta variant. At the beginning of the summer cases were running below 10 on many days with no deaths and few hospitalized. Now cases are typically over 100 with more than 25 hospitalized. The Department of Financial regulation has also revised its modeling this week on estimated deaths for August due to COVID. Previously it expected zero to 6 deaths. Now the modeling suggests up to 18 COVID fatalities, with 13 as of Thursday.

Vermont Business Magazine Yesterday’s Champlain College Opening Convocation ceremony honored Jane Lindholm, award-winning journalist, with its 2021 Distinguished Citizen Award for her significant contributions to the Vermont community. In its 60th year, the award recognizes leaders that have made a meaningful impact on their communities. Lindholm currently serves as host, executive producer, and creator of Vermont Public Radio’s "But Why: A Podcast For Curious Kids." She previously hosted the VPR's "Vermont Edition."

Vermont Business Magazine Vermont Department of Corrections (Vermont DOC) is reporting seven new positive cases of COVID-19. The one incarcerated individual at NSCF lives in a general population unit where a currently COVID-positive staff member worked. They, along with three other symptomatic individuals in the unit, have been moved to isolation and the remainder of the unit is now quarantined. The three individuals were tested on August 25; results are pending. Staff and incarcerated individuals will be tested on August 27.

Vermont Business Magazine Union Bankshares, Inc (NASDAQ - UNB) in Morrisville, and parent company of Union Bank,has completed a private placement of $16.5 million in aggregate principal amount of fixed-to-floating rate subordinated notes due 2031 to certain qualified institutional buyers and accredited investors. The notes will initially bear interest at 3.25% per year, payable semi-annually in arrears. Beginning September 1, 2026, through the maturity date or earlier redemption, the interest rate will reset quarterly based on the then current Three-Month Term SOFR plus 263 basis points, payable quarterly in arrears.

Vermont Business Magazine The Vermont Department of Health is reporting today two more deaths from COVID-19 for a statewide total of 273. Cases remain elevated because of the Delta variant. At the beginning of the summer cases were running below 10 on many days with no deaths and few hospitalized. The VDH also reported today that there were 141 additional cases with 33 people hospitalized and eight in the ICU.