Current News

by Don Turner 2021 marks 25-years since then-Treasurer Jim Douglas recommended that the state change its trajectory from costly "defined benefit" retirement plans for state employees and teachers to "defined contribution" plans. Eleven years ago, in 2009, a special commission suggested a consideration of this same idea. I have previously written about our pressing need to consider a defined contribution option, as well as the "sleeping giant" of our unfunded liabilities. Unfortunately, since the time I wrote my opeds in 2019, Vermont's unfunded liabilities have ballooned from $4.5 billion to more than $5 billion.

by Julie Lowell, Public Assets Institute The president is calling for unity, as the transfer of presidential power in Washington has been anything but peaceful over the past few months. Here in Vermont the soon to be released Tax Structure Commission’s report provides a real-world example of what united policy development looks like. The Commission’s recommendations include changes to the education tax system; the sales tax base; income taxes; public benefit programs; telecommunications taxes; climate policy; and collaboration with other states. In the draft, they recommend, among other things, replacing the property tax with an income tax to fund public education, and broadening (including to groceries) and lowering the sales tax.

Vermont Business Magazine The Vermont Department of Financial Regulation (DFR) cautions Vermonters about the significant risks associated with investing in publicly traded companies that are experiencing extreme price volatility due to stock speculation. DFR’s warning comes in light of the stock price volatility experienced over the past few weeks by GameStop Corporation, whose shares trade on the New York Stock Exchange.

Vermont Business Magazine Most New Englanders have seen ice shanties on frozen lakes, but few, if any, have seen an ice shanty shaped like a fish—not to mention a stovepipe hat, a wishing well, or a wedge of cheese. The Brattleboro Museum & Art Center (BMAC) and Retreat Farm present all this and more in the inaugural Artful Ice Shanties Design-Build Competition, an outdoor celebration of the delightful possibilities of winter. Over a dozen artistic and ingenious ice shanties will be on view at Retreat Farm from February 13 to 28.

Vermont Business Magazine The Vermont Electric Co-op (VEC) is seeking petitions from eligible candidates for three seats on the board of directors that are up for election in May. In order to run for the board, a candidate must be a VEC member and may not be employed by the cooperative. Candidates must have a principal resi­dence within VEC service territory that is also in the district they are running to represent. Directors are elected to serve four-year terms.

by Jared Duval, Executive Director, Energy Action Network One thing the pandemic has underscored is the critical importance of acting swiftly on the best available data and evidence. Ignoring warnings, whether from public health experts or climate scientists, makes future options more limited, costly, and painful—and less effective. As scientists make clearer every year, the climate crisis is real, getting worse, and profoundly threatening to lives, livelihoods, and ecosystems around the world. The consequences—from severe storm damage, sea-level rise, flooding, drought, and the spread of disease— impact us all. This global emergency requires each of us to do everything we can to hasten the transition off of fossil fuels as soon as possible.

Vermont Business Magazine Saint Michael’s College has become the first Vermont higher education institution to work with a federal wetlands easement program in the long-term preservation of natural habitat, reducing harmful phosphorus runoff into Lake Champlain and supporting educational and research programs in the College’s increasingly popular and active Natural Area across Route 15 from the main campus.

Vermont Business Magazine South Burlington-based iSun has been selected by competitive bid to provide its innovative solar EV carport, rooftop and ground-mount technologies to the Meriden Housing Authority for two locations in Bristol, CT. Provides renewable energy and clean mobility to former schools converted into low- and medium-income housing. Will produce sufficient annual power to provide 100% equivalent of the tenants’ power needs.

Vermont Fish and Wildlife Department New to ice fishing and looking for fishing tips? Wondering how the fish survive under the ice? Want to meet your local State Game Warden? Then check out one of our new Educational Patrols this winter on lakes and ponds across Vermont. Also, Free Fishing Day is coming up on Saturday, January 30.

Vermont Business Magazine The Health Department is continuing to review a situation involving several hundred doses of vaccine (Moderna 860 doses) distributed to Springfield Hospital, and the possibility that a temperature excursion may result in the loss of those doses. At this time (6:30 pm Wednesday), VDH is seeking final guidance from the manufacturer on the potential loss of doses due to a temperature excursion. This will not impact vaccination appointments scheduled this week for those age 75 and older or the availability of second doses for those already vaccinated. Meanwhile, VDH reported the COVID-19 case count was only 78, however there was one more death for 172 total statewide.

Public Assets Institute New claims for unemployment insurance benefits (UI) rose at the end of 2020 as new COVID-19 cases spiked. It is common for new UI claims to increase at the end of the year. But the 7,366 monthly claims filed in December 2020 had not been seen since December 2010. And this January’s claims are on track to match December’s.

Vermont Business Magazine Ledyard Financial Group, Inc, the holding company for Ledyard National Bank with a branch in Norwich, Vermont, is reporting record quarterly and year-to-date earnings. Net income for the quarter ended December 31, 2020, was $1,753,214 or $0.55 per share compared to $1,366,107 or $0.43 per share for the same period in 2019, an increase of $387,107 or 28%. Net income for the twelve months ended December 31, 2020, was $6,729,210 or $2.13 per share compared to $5,816,163 or $1.85 per share for the same period in 2019.