Current News

Vermont Business Magazine Killington Resort, the largest ski and snowboard resort in Eastern North America, broke ground Tuesday on its K-1 Base Lodge, upon receipt of final permitting. The new, 58,000-square-foot lodge, which will be 21,000 square feet larger than the previous lodge, is slated to open for the 2020-21 winter season in time for the 2020 Audi FIS Ski Women’s World Cup.

by Deb Billado, Chairwoman, VTGOP Nationally the economy (Republican in the making) is booming, millions of new jobs are being created - oppressive regulations on businesses are being repealed - the stock market keeps reaching new highs and Republican tax cuts have put more money in our pockets. Many businesses, even in Vermont, are passing on these benefits by giving cash bonuses to their employees.

Vermont Business Magazine People's United Financial, Inc (NASDAQ: PBCT) today reported results for the second quarter 2019. These results along with comparison periods are summarized below. Net income was $133.2 million compared to $110.2 million the same time last year. Loans and deposits were both up nearly 20 percent over the prior year. The Company's Board of Directors approved the repurchase of up to 20 million shares of common stock. The share repurchases will be made at the discretion of the company following the close of the United Financial Bancorp acquisition. 

Vermont Business Magazine On June 20th, Governor Phil Scott signed the Broadband Bill in Dover, Vermont. That bill expands access to broadband services (see story here) and includes a Study Committee on the future of Public, Educational and Government (PEG) access television. The Committee meets on July 19 in Room 10 at 10 am at the Statehouse for its second meeting to consider “changes in federal and State law and policy, market trends, and any other matters that have an affect on the availability of or funding for PEG access channels and services in Vermont.” 

Public Assets Institute For all the fun of summer vacation—creemees, camping, swimming, and sun—it brings a host of challenges for Vermont families. With the end of the school year, working parents scramble to find and pay for childcare. And for families with children who aren’t yet school-age, it’s a year-round struggle. But an increase in Child Care Financial Assistance Program (CCFAP) funding this summer will alleviate some of this financial stress. On July 21^st the state will boost child care subsidies, providing more financial assistance for low-income families. 

Vermont Business Magazine Community National Bank President and CEO Kathy Austin announced today the promotion of Louise Bonvechio to Executive Vice President, Chief Financial Officer, Cashier and Corporate Secretary of Community National Bank and Treasurer and Corporate Secretary of Community Bancorp. Bonvechio has worked for Derby-based Community National Bank for over 25 years. This year she completed the Stonier Graduate School of Banking and earned a Leadership Certificate from the Wharton School at the University of Pennsylvania.

Austin said, “Louise is very deserving of this promotion as she competently manages all aspects of the Bank’s fiscal functions while providing outstanding leadership for the organization”.

Vermont Business Magazine The hottest air of the 2019 summer season so far is expected to impact Vermont and northern New York starting Friday and into the weekend. Temperatures are forecast to be in the upper 80s to low-mid 90s with high humidity, making it feel like 100 degrees or more. These conditions create a serious risk for dangerous and sometimes deadly heat-related illnesses, such as heat stroke. The National Weather Service and Vermont health and emergency management officials want people to know how to stay safe as the thermometer climbs.

During hot weather, your body’s temperature control systems can have a hard time keeping up, and your temperature can get dangerously high. It’s important to drink more fluids than usual and to take extra breaks in the shade or cool indoor locations.

Vermont Business Magazine Vermont gasoline prices are averaging $2.73 per gallon, up 3 cents for the week and up 5 cents for the month, but are 16 cents lower than at this time last year. The US average is $2.79. Meanwhile, Burlington gas prices have fallen 1.8 cents per gallon in the past week, averaging $2.71/g, according to GasBuddy's daily survey of 100 stations. Gas prices in Burlington are 3.8 cents per gallon lower than a month ago, yet stand 22.2 cents per gallon lower than a year ago.

According to GasBuddy price reports, the cheapest gas is in Brattleboro ($2.57) while the highest is in Brandon ($3.19). In Burlington the cheapest is priced at $2.58/g while the most expensive is $2.86/g, a difference of 28.0 cents per gallon.

The cheapest price in the entire country today stands at $2.01/g while the most expensive is $5.49/g, a difference of $3.48/g.

Vermont Business Magazine The Senate Committee on Committees has appointed Erica Hare of Berlin to serve a four-year term on the Vermont Commission on Women. Hare is a graduate of Mount Holyoke College and the Stern School of Business at New York University. A dedicated nonprofit leader, Hare spent her early career managing financial and administrative operations at several Academic Medical Centers in her native New York City.

Upon moving to Vermont, she worked at Vermont College of Fine Arts in Montpelier for 10 years as the Executive Vice President and Chief Financial Officer. In 2019 Hare joined the Institute of Professional Practice, a $75 million multistate human services agency headquartered in Berlin, as the Chief Financial Officer.

Vermont Business Magazine The Office of the United States Attorney for the District of Vermont stated that Melissa Ashley, 42, of Plattsburgh, New York, was sentenced today for embezzlement of Social Security funds over a three-year period. United States District Judge Christina Reiss sentenced Ashley to time served, restitution in the amount of $32,066.64, and three years of supervised release.

According to court records, from at least 2010 to 2017, Ashley was the designated representative payee for receipt of Supplemental Security Income on behalf of her minor daughter.

As representative payee, Ashley was obligated to use the SSI funds for the support and care of her daughter. In January 2014, Ashley’s daughter was removed from her care and taken into the custody of the Vermont Department of Children and Families.

Vermont Business Magazine Representative Peter Welch (D-Vermont) released the following statement this morning regarding his decision to support the impeachment of President Trump. A measure to start the process toward impeachment failed Wednesday on a vote of 332 to 95, with a majority of Democrats voting against it. Welch was among those who supported moving forward; no Republicans supported the measure, which was tabled. This is the first time that Welch has voiced his support for impeachment.

Vermont Business Magazine University of Vermont President Suresh Garimella and Interim Provost and Senior Vice President Patricia Prelock have announced the appointment of Jean Harvey, professor and chair of the Department of Nutrition and Food Science and associate dean for research, as interim dean of the College of Agriculture and Life Sciences.