Current News

Public Assets Institute Even before Congressional Republicans passed the tax overhaul this month that promises to widen the worst income gap between rich and poor since before the Great Depression, there was ample evidence that the economy was leaving too many Vermonters behind. Now, as the president prepares to sign the bill, the task for Vermont’s leaders and policymakers grows urgently clear: They must focus on raising the incomes of low- and moderate-income Vermonters, challenging the message from Washington that wages will rise and prosperity will spread as soon as the economy improves.

State of Working Vermont 2017, a report released December 27, 2017, by Public Assets Institute in Montpelier, documents the reality confronting average Vermonters: While the economy grows, their paychecks do not.

Vermont Business Magazine The Vermont Housing Finance Agency (VHFA) Board of Commissioners has approved plans to sell $37 million of bonds during the week of January 8, 2018, as the first Sustainability Bonds to be issued in the State of Vermont. Building upon the strength of the market in Green Bonds and the growing interest in socially responsible investments, the designation as “Sustainability Bonds” will enable VHFA to maximize funding for the “Housing for All” initiative enacted by the Vermont Legislature in 2017. Bond proceeds will be administered by the Vermont Housing & Conservation Board to create 550-650 homes statewide for low- and moderate-income Vermonters.

by John McClaughry The biennial session of the Legislature that convenes this week will face more than its share of hot button issues. Here’s a quick survey of the 2018 agenda. State finances: The legislature faces a FY2019 General Fund budget deficit projected to surpass $40 million. The bright side of this coin is that covering a deficit puts a strong damper on everpresent demands for new spending that would require tax increases.

Retirement Plans: The two state-managed retirement plans – for state employees and teachers – are now an astounding $3.8 billion out of actuarial balance. Treasurers Spaulding and Pearce have tried to make headway in bringing this number down, without much success. Vermont still has a AAA bond rating, but the rating services have pointedly noted that

“pension liabilities are growing and funding is not keeping pace.”

Vermont Business Magazine Rutland Regional Medical Center announced that it has achieved a 5 Star rating for its performance in Total Knee Replacement, Treatment of Chronic Obstructive Pulmonary Disease, and Gall Bladder Surgery from Healthgrades, the leading online resource for comprehensive information about physicians and hospitals.

Vermont Business Magazine Governor Phil Scott is seeking interested and qualified applicants for Commissioner of the Department of Motor Vehicles (DMV). DMV Commissioner Robert Ide announced in October that he would be retiring in December after eight years as head of DMV and a long tenure in state and local public service.

According to a statement from the governor, the commissioner will be charged with improving customer service and reducing the administrative burden, and costs, on Vermonters. This work would include, but not be limited to, digitizing and simplifying paper processes. The commissioner will also be responsible for completing and following through on the Department’s IT projects; developing a plan to have all employees trained in the administration’s PIVOT/LEAN program; and applying national best practices.

Vermont Business MagazineAvangrid Renewables, a subsidiary of AVANGRID, Inc(NYSE: AGR), began commercial operation at its newest wind farm, and first in Vermont, the Deerfield Wind Farm, in the towns of Readsboro and Searsburg December 29. The new wind farm construction, which created nearly 200 jobs at its peak and millions of dollars of local spending, is the first wind farm on USForest Service land in the country.

“This project in concept has been at the forefront of our program of work for many years,” said John Sinclair, Forest Supervisor for the Green Mountain and Finger Lakes National Forests. “Today we are proud to recognize the dedicated USFS employees, local leaders, partners and government agencies that have contributed countless hours of work toward making the development of our nation’s first commercial-scale wind energy facility on National Forest System lands a reality here in Vermont.”

Vermont Business Magazine The University of Vermont Health Network will be moving its captive insurance company to Vermont from Bermuda. The action comes as the result of a unanimous decision by the Board of Directors of VMC Indemnity Company, Ltd, the health network subsidiary that provides medical malpractice insurance coverage for its medical providers.

Because of its reputation for offering a predictable and stable regulatory environment, Vermont has become a leading location for captive insurance companies, a standard self-insurance practice option for academic medical centers that can make malpractice insurance less expensive than what is available through commercial insurance companies.

Vermont Business Magazine Governor Phil Scott has announced the appointment of Randy Brock, of Swanton, to represent the Franklin District in the Vermont State Senate.Brock, a Republican, will replace Dustin Degree, who stepped down from the Senate last month to serve in the Scott Administration as special assistant to the Governor and director of workforce expansion.

Brock was elected as Vermont’s 28^thState Auditor and previously served two terms in the Vermont Senate.

by Mike Smith Nearly two years ago, as an April Fool’s joke, I announced on my radio program that I had to take two weeks off because in Vermont if your ratings are better than your competition then you must throttle back on your success to allow other stations to catch up. “It’s a regulatory requirement imposed by the state,” I told the audience in jest. Since I was taking the next two weeks off for vacation it was a perfect time to try to pull off this prank.

But in health care this isn’t a prank.

Vermont Business MagazineGreenbacker Renewable Energy Company LLC of New York City has acquired Georgia Mountain Community Wind LLC, located in Chittenden and Franklin Counties,for approximately $25,100,000. GMCW was the first commercial-scale wind project in these counties. This four-turbine, 10 MW project, which was originally developed byDavidBlittersdorf, owner of AllEarth Renewables, and a partner.

Vermont Business MagazineThe Agency of Natural Resources has announced that Rowley Fuels of Miltonwas fined $18,600 for illegally cutting open fuel oil storage tanks and lighting the fuel on fire. These actions violated multiple Vermont Hazardous Waste Management and Air Quality Regulations.

Rowley Fuels distributes heating fuel, propane and other petroleum products, and provides installation and service for related equipment including above-ground fuel storage tanks. Many Vermonters rely on heating fuel for their homes and businesses in the winter, and suppliers provide important materials management services by properly storing, transporting, and disposing of these hazardous products.

by Timothy McQuiston, Vermont Business MagazineStarting in the new year, an estimated 120,000 Vermonters, or about 20 percent of the population, will find out what the All-Payer health care model is all about. All-Payer begins January 1, 2018, as an effort to make people healthier while ultimately making health care cheaper.All-Payer is where capitalism meets socialized medicine. Health care providers are paid a flat fee to keep patients healthy. OneCare Vermont, based in Colchester, will coordinate the process with payers and providers. If the health care providers manage the care well, they get to keep any left over money as a profit.