Current News

by Timothy McQuiston Vermont Business Magazine Vermont Auditor Doug Hoffer today released a new audit report regarding the Choices for Care (CFC) program managed by the Department of Disabilities, Aging and Independent Living DAIL. The auditor found several cases of possible improper payments or even possible fraud within the program. Nationally and in Vermont, the use of home-based care has given rise to compliance and fraud issues. For example, Vermont’s Medicaid Fraud and Residential Abuse Unit (MFRAU) has obtained fraud convictions of attendants and/or their employers.

Vermont Business Magazine Vermont’s 2018 Clean Water Week, which kicked off Sunday and runs through August 4, celebrates Vermont’s lakes, rivers and wetlands, as well as the efforts of businesses, farms, communities and organizations to protect and restore clean water. Clean water is essential to Vermont’s health, quality of life and strong economy. It supports diverse recreational opportunities, serves as a major drinking water source and provides critical fish and wildlife habitat.

Vermont Business Magazine Forbes named Vermont Federal Credit Union as the best credit union in Vermont in their first-ever “America’s Best-In-State Credit Unions” list. Vermont Federal Credit Union was one of 145 credit unions to be recognized by Forbes in their inaugural Best In State Credit Unions list, and the only credit union in Vermont to be named. This honor places the Credit Union amongst only 2.4% of financial institutions nationwide to earn the recognition. The Credit Union was selected based on a survey of more than 25,000 bank and credit union customers in the U.S., including our market area. The survey focused on participant’s opinions of their current and former banking relationships.

Forbes article stated, “The banks and credit unions were rated on overall recommendations and satisfaction, as well as five subdimensions (trust, terms and conditions, branch services, digital services and financial advice).”

Vermont Business Magazine The Vermont Department of Health will be providing for blood tests for some people who may have been affected by PFOA contamination of drinking water in Bennington and North Bennington, but who have not been previously tested for PFOA levels in their blood. The Vermont Legislature has made funding available for this effort. In 2016, private drinking water wells in the area around the former Chemfab/Saint-Gobain facility had detections of PFOA ranging from non-detect to nearly 3,000 parts per trillion, well above Vermont’s health advisory of 20 parts per trillion.

A blood test can measure the level of PFOA in an individual's blood, and this can be compared to levels measured by CDC's National Health and Nutrition Examination Survey (NHANES) for adults and older children in the U.S. Most adults have low levels of PFOA in their blood.

by Julie Moore To help kick off the first Earth Day nearly a half-century ago, cartoonist Walt Kelly drew a poster of his character Pogo with a litter stick and a burlap sack surveying a garbage covered Okefenokee Swamp, where he lives. Like the event it boosted, the quote from the drawing, “we have met the enemy and he is us” has endured and become part of our national conscience.

Senator Patrick Leahy The Senate Judiciary Committee failed the American people. In a stark departure from bipartisan precedent, Senate Republicans are seeking to prevent the Senate from fulfilling its obligation to review the full record of a nominee for a lifetime appointment to our nation’s highest court. We must ask: What do Senate Republicans so badly want to hide?

Vermont Business Magazine AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of Saturn Insurance Inc (Burlington, VT). Saturn is a captive of BP p.l.c. (BP), an integrated global oil and gas company. The outlook of these Credit Ratings (ratings) remains stable.

Vermont Business Magazine Farmers, chefs, food producers and others working in Vermont agriculture are invited to apply to the second round of Vermont Fresh Network (VFN) Conference Scholarship Program grants. This round of funding supports participation in the Food Tank Issues Summit: Food Loss & Food Waste, happening in New York City on October 3rd. Speakers at the summit this year include Marion Nestle, best-selling author and professor emeritus at New York University and Dan Barber, author, chef and co-owner of Blue Hill and Blue Hill at Stone Barns, in addition to many other food systems leaders.

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.”