Current News

by Timothy McQuiston, Vermont Business Magazine This had to be the most jovial Emergency Board meeting since at least before the Great Recession began in 2008. Tax revenues were great last year (fiscal year 2018 ending June 30) and are expected to be great this year (FY19) and likely very good next year (FY2020). The E-Board met Friday afternoon in Governor Phil Scott’s Pavilion conference room.

Vermont Business Magazine Ledyard Financial Group (Ticker Symbol: LFGP), with a branch in Norwich, announced today a $0.01 increase to its quarterly dividend. The dividend of $0.18 is payable September 4, 2018 to shareholders of record as of August 10, 2018. Strength in Ledyard’s core businesses, banking and wealth management, is supporting their ability to increase the dividend this quarter and ensure their shareholders benefit from the company’s growth in earnings.

Ledyard Financial Group, Inc., headquartered in Hanover, New Hampshire, is the holding company for Ledyard National Bank. Ledyard National Bank, founded in 1991, is a full service community bank offering a broad range of banking, investment, tax and wealth management.

Vermont Business Magazine John and Elizabeth Illick and ReArch Company have pledged $200,000 to Champlain College over the next 4 years. Half of the donation will go to The Champlain Fund and the remaining 50 percent will go to Institutional Business Development. Current Champlain Trustee, John Illick, founded ReArch, a development, construction management, and property management company back in 2003 based on his decades of experience in the commercial construction industry. Under his direction, ReArch Company has established itself as an industry leader in Construction and Real Estate development. In addition to his role at ReArch Company, Illick serves as Managing Partner for Technology Park Partners (TPP), and Sugar River Mills Redevelopment, LLC.

Vermont Business Magazine Nearly 40,000 Vermonters receiving Social Security benefits will keep more of their income due to an income tax exemption proposed by Governor Phil Scott and passed by the Legislature. This change, included in Act 11 of the 2018 Special Session, creates a personal income tax exemption for Social Security beneficiaries below certain income thresholds. The law takes effect in calendar year 2018 for tax returns filed in 2019.

“This relief, coupled with our Working Family Taxpayer Protection Act, provides $30 million in income tax relief for Vermonters,” said Scott. “For folks on a fixed income, these savings each year will make a difference. But, we have more work to do to seek tax relief and make Vermont more affordable for retirees and all Vermonters.”

Vermont Business Magazine Weekly unemployment claims fell again and now are approaching the extremely low 200-range. For the week of July 14, 2018, there were 304 claims, 31 fewer than than they were the previous week, and 72 fewer than they were a year ago. Altogether 3,473 new and continuing claims were filed, a decrease of 328 from a week ago, and 449 fewer than a year ago. For most weeks of 2017 and 2018 claims have been below the year before. Vermont is currently in a historically low period of unemployment.

City of Burlington Department of Public Works During last night’s intense storm event – qualifying as a greater than “10 Year Storm” over a 30 minute period - Burlington's Main Wastewater Treatment Plant performed well and all test results so far have been within permitted levels. The plant treated and fully disinfected more than 12 million gallons of stormwater and wastewater last night alone – far more than the average daily flows of 3-4 million gallons. While the plant has historically run without operators during off-hours (though, with operators on call), due to recent equipment and process challenges the plant was staffed throughout last night’s storm.

Vermont Business Magazine The Vermont Agricultural Hall of Fame is pleased to announce the 2018 inductees. Now in its 16th year, the Hall has inducted 75 Vermonters to date. To reflect the evolving face of Vermont agriculture, for the first time this year, the Hall will induct outstanding individuals in three categories: Emerging Leader, Ag Innovator, and Lifetime Achievement.

Vermont Business Magazine More than 10,600 megawatts of solar power were installed last year in the United States, and Burlington, Vermont-based solar project developer and installer Encore Renewable Energy has been recognized again by Solar Power World magazine for its growing contributions to the industry. Encore was recognized as a top 25 solar development company in the US, with a ranking of 23. Additionally, Encore achieved a rank of 123 out of 500 solar companies on the magazine's 2018 Top Solar Contractors list.

Senator Patrick Leahy Today, Congress must heed the clear warnings of our Intelligence Community and take an important step – a meaningful step -- toward defending our democracy. If we do nothing, we leave our elections vulnerable to an aggressive foreign adversary fully intent on destabilizing our country. To this Vermonter, and many of the Senators in this chamber, this is a simple choice, and a solemn responsibility.

Vermont Business Magazine The Vermont Agency of Natural Resources, Department of Environmental Conservation has reported new wastewater incidents in Rutland, Burlington and St Albans following rain Wednesday. The largest was in Rutland over over 600,000 gallons. Large discharges have been reported recently in Rutland of over 9 million gallons (July 23) and in Burlington of about 3 million gallons (July 10).

NEWLY REPORTED OVERFLOWS. These overflows are pending review from DEC Wastewater staff

Vermont Business Magazine Representatives of Ben & Jerry's and farm worker rights organization Migrant Justice joined Wednesday to celebrate profound changes underway in the region's dairy industry. The implementation of the worker-driven human rights program Milk with Dignity in the ice cream company's Northeast supply chain is a story of progress and positive transformation at a time of falling milk prices and rising economic tensions.

Ben & Jerry's entered the Milk with Dignity program last October, becoming the first dairy business to do so. The company pays a premium to its participating farmers, who in turn agree to adhere to labor and housing standards in the program's worker-developed Code of Conduct. Farms commit to come into compliance with Vermont's minimum wage, offer five paid sick days and five paid vacation days a year, provide one day off per week, and meet a variety of housing, health and safety, and other labor standards.

Vermont Business Magazine The Land O'Lakes, Inc Board of Directors announced today its selection of Beth Ford as President and CEO of one of the nation's largest food and agricultural cooperatives and #216 on the Fortune 500. Ford assumes leadership of the company following the retirement of Chris Policinski. Ford will assume the role of President and CEO effective August 1. Land O'Lakes owns Vermont Creamery in Websterville, which it bought in March 2017 for an undisclosed sum. Vermont Creamery produces goat cheese and butter.