Current News

Vermont Business Magazine SeaComm Federal Credit Union recently celebrated the groundbreaking for its seventh retail branch location at 1680 Shelburne Road in South Burlington, VT. The planned 3,500 sq. foot building is schedule to be completed by year-end. SeaComm is a member owned financial cooperative based in Massena, NY with more than 47,300 members and assets over $550 million. The credit union has branches in Massena, Potsdam, Malone, Canton, Ogdensburg and Plattsburgh NY. Membership is open to anyone who lives, works, worships or attends school in St. Lawrence, Franklin, Clinton or Essex Counties in NY and Grand Isle, Franklin and Chittenden Counties of Vermont. 

by John McClaughry Under a directive from the Federal EPA, Vermont has spent $66 million over the past three years to cope with serious phosphorus pollution in parts of Lake Champlain. State Auditor of Accounts Doug Hoffer has just released a Report on how that money is being spent, and the results obtained. Before getting to Hoffer’s findings – which are very significant – it’s worth asking why the Champlain Basin has a serious phosphorus problem. Lakes surrounded by wilderness rarely exhibit such a problem. Naturally occurring phosphorus in the soil leaches into waterways and lakes, and arrives at an equilibrium without creating the blue green algae blooms that have seriously reduced Lake Champlain’s water quality.

by Timothy McQuiston, Vermont Business Magazine Vermont budget writers should not get comfortable with the windfall tax revenue surplus the state enjoyed in the recently concluded fiscal year (June 30), because much of it was generated by one-time events. The General Fund surplus was nearly $60 million. And while you might want to walk on eggshells around it, two state economists told Governor Scott and key legislators that even with their concerns, the economy is still doing well and tax revenues the next couple of years should increase another $20-25 million.

by Vermont Governor Phil Scott and New Hampshire Governor Chris Sununu America’s governors and Canada’s premiers work closely together to advance shared priorities and address issues of concern. Over the last two years, we have watched closely as our federal governments negotiated a new trade agreement that has a very large impact on our economies. Now, after these negotiations concluded and a new, and better, trade agreement – known as the US-Mexico-Canada Agreement (USMCA) – was put forward, we are still waiting for the agreement to be reviewed, and ratified, by the US Congress. 

by Brandon Arcari, Vermont Business Magazine The farm families of St. Albans Cooperative Creamery voted to approve a merger with Dairy Farmers of America (DFA) July 29. The vote, with 108 of the 307 voting members casting a vote, was 99-9 in favor of the merger.

Vermont Business Magazine Job growth in the United States is a hot topic right now as unemployment is the lowest it’s been since the 50’s. The US unemployment rate is 3.7 percent, while Vermont, with the nation's lowest, stands at a historic 2.1 percent (June, seasonally adjusted). Monthly jobs reports are causing stock market fluctuations as well. There are many variables that go into that report, such as the types of jobs, the industries, and the expected term (seasonal vs full-time). In Vermont, Substance Abuse, Behavior Disorder, and Mental Health Counselors represent the fastest growing occupation, with a 160 percent increase over the last 10 years.

Vermont Business Magazine Governor Phil Scott and members of his cabinet will be in Windsor County on Tuesday, July 30 to kick off a new round of the 14-county tour, Capitol for a Day. Governor Scott launched the tour in June 2017, and he and his cabinet visited all 14 counties over the following  10 months. The group is now relaunching the initiative and will revisit each county over the next several months.

“While we have a small state, each region has its own unique character, offerings and people, which is why it’s so important to get out and meet people where they are,” said Governor Scott. “These visits have proven to be invaluable as we work to expand economic growth to every corner of the state.”

Capitol for a Day gives local constituents, municipal government leaders and other partners the opportunity to connect directly with state leadership and staff.

Vermont Business Magazine The Vermont Agency of Education (AOE) announced today that William Bates has been appointed to the position of Chief Financial Officer for the Agency of Education effective August 5.

by Rebecca Holcombe According to VTDigger, “The former education secretary relies on a memo and State Board Meeting in which Scott’s education secretary describes his vision for a statewide voucher program — in both cases with a clearly stated caveat that his proposal is meant to provoke further conversation.” I will accept the governor’s characterization, but will continue to sharply criticize this “vision” for education, which the governor and his team have advocated for years now.

Vermont Business Magazine GMP requests 2.92 percent annual rate increase over three years; Vermont ski industry back over 4 million skier visits; Vermont maple syrup production up 7 percent; Scott signs $6.1 billion FY20 budget; DMV will soon issue new driver’s licenses and ID cards; Champlain College President Donald Laackman steps down; College of St Joseph to chart a new path forward; and more.