Current News

Vermont Business Magazine Shane Jacobson, a highly-accomplished and experienced development and advancement executive, has been named president and CEO of the University of Vermont Foundation. Jacobson currently serves as the vice president for development and alumni relations at Grinnell College, which is consistently ranked as one of the top 20 liberal arts colleges in the nation. Under his leadership, Grinnell’s alumni giving rates have increased rapidly, fundraising production has experienced double-digit growth and – thanks to a strategic effort to build a much larger alumni volunteer base – alumni engagement has expanded and diversified.

Vermont Business MagazineThe Vermont Women’s Fund, a component fund of the Vermont Community Foundation, awarded $124,000 through its competitive grant round this spring to 14 organizations working to improve the lives of young women and girls in Vermont. The grants support programs across the state that provide young women and girls ages 12-25 with opportunities to gain financial literacy, job-training skills, mentorship, and experiences that expand their vision for the future.

“For many young women in Vermont, these programs are essential to their success,”says Meg Smith, director of the Women’s Fund. “Without family supports or strong role models, many young women are quick to fall through the cracks of cyclical poverty. We applaud all the program providers who give their time, energy, and love to help Vermont’s young women create a new future for themselves.”

Vermont Business MagazineVermont Works, a new Vermont investment firm that plans to invest $50 million in Vermont companies through its social impact fund, is partnering with VSECU through its wholly owned subsidiary, Vermont Heritage Financial Group, Inc(VHFG) to spur economic growth and create new jobs in the Green Mountain State. The partnership will combine Vermont Works’ vision of increasing investments, particularly in growth stage capital — that is, capital for established companies looking to expand operations or relocate to Vermont — with VSECU.

VSECU CEO Rob Miller will advise the management company responsible for the investment fund and help guide the organization’s development and social impact investment decisions.

Public Assets Institute The purpose of the state budget is “to address the needs of the people of Vermont.” Yet each year Montpelier focuses its attention on closing the General Fund budget gap. Elected leaders acknowledge investments are needed to clean up Lake Champlain, provide families with child care financial assistance, and make higher education more affordable. But progress has been slow in making these investments. And to balance the budget they make cuts—to Reach Up benefits for the poorest families, to affordable housing programs, to key policy staff. Despite the cuts, however, the budget gap reappears year after year, thanks to persistent structural problems: anemic state revenues even in a growing economy, and rising health care costs that demand an increasing share of state spending.

Leonine Public Affairs With three weeks left in the 2017 legislative session, the Senate Appropriations Committee continues to hammer out its version of the FY18 budget bill. It is likely the committee will bring the bill to the Senate floor next week. Once that happens the Senate will be spending a lot of time debating the budget. To accommodate extended floor sessions and the need on the part of the Senate “money committees” (Appropriations and Finance) to hold extensive meetings the Senate’s “morning committees” will not, after today, hold any more regularly scheduled meetings.

by Joe Carelli, president, Citizens Bank, Vermont and New Hampshire Each April, Financial Literacy Month offers a critical opportunity to educate consumers on the fundamentals of personal finance - from how checking accounts and credit cards work to how to establish a basic household budget. From my experiences as a financial service professional based in Vermont, and specifically as state president at Citizens Bank, I know that whether you are purchasing a home in Vermont, paying tuition at an in-state college, planning for retirement or trying to grow your business, financial knowledge is essential to your success.

Vermont Business Magazine Seeking to recognize a leading Vermont environmentalist and honor the legacy of a legendary wildlife advocate, Green Mountain Power has called for nominations for the 2017 GMP-Zetterstrom Environmental Award. Presented annually and named for famed osprey advocate Meeri Zetterstrom of Milton, the GMP-Zetterstrom Environmental Award is given to one person, business, group or non-profit who has made a significant contribution to Vermont’s environment. The award is accompanied by a $2,500 donation to the winner’s environmental cause.

“Meeri’s legacy continues to be visible in the dozens of ospreys that now make Vermont home, and the Vermonters who emulate her passion and perseverance,” GMP President and CEO Mary Powell said.“We have been thrilled with the quality of applicants over the years, and hope for some inspiring nominees for the 2017 award.”

Vermont Business Magazine Vermont Electric Power Company (VELCO) wants to ensure neighbors are aware of upcoming construction work associated with the PV20 Submarine Cable Replacement Project, to update the existing connection and ensure continued safe and reliable interconnection between the New York and Vermont electric grids. Construction is scheduled to start the week of April 17. The project will replace four 1958 vintage cables that run underwater from New York to Vermont. The replacement cables will connect to Vermont's grid at a new termination station to be located just northeast of the existing termination station in Grand Isle, Vermont.

by Timothy McQuiston Vermont Business Magazine ArcLight Capital Partners, based in Boston, was granted an amended certificate of public good by the Vermont Public Service Board on April 6 that will allow its affiliate, Great River Hydro, to acquire TransCanada’s New England hydroelectric power portfolio for $1.065 billion. The dams include those on the Connecticut and Deerfield rivers in Vermont. All workers are expected to be retained, ArcLight said when it announced the deal November 1, 2016. The state of Vermont formed a committee and briefly considered purchasing the dams itself after TransCanada announced in March of this year that it would sell the hydro plants to help it buy a Texas gas pipeline company. The state also considered buying the facilities in 2005, when USGen ultimately sold them to Calgary-based TransCanada for $505 million.

Vermont Business Magazine A group of local investors led by Ralph DesLauriers and his son, Evan DesLauriers, closed Friday on the purchase of Bolton Valley Resort. Bolton Valley, located in the town of Bolton in Chittenden County was founded by DesLauriers and his father Roland in 1966. DesLauriers owned and operated the resort from its founding until 1997. Since then, the resort has changed hands several times and until Friday, was owned by two real estate developers from Burlington, Larry Williams and Doug Nedde. The purchase of the resort by DesLauriers and his partners brings the resort full circle after 20 years.

Vermont Business MagazineChamplain College will bestow honorary doctorates upon NBC's Today Show host and founder of Roker Media Labs, Al Roker, and CEO of the Forney Group and the Executive Managing Director of Global Cyber Security Management at Equinoxys Inc., Renee Forney, during the College's Commencement exercises on Saturday, May 13, 2017.

Vermont Business Magazine The Vermont House Committee on Energy and Technology voted unanimously today that they will allow Executive Order 06-17. Per 3 V.S.A. Section 2002, the Executive Order will go into effect next week. Executive Order 06-17 intends to unify the state’s information technology operations and forms the Agency of Digital Services, transferring most IT positions to the new agency. This was one of Governor Phil Scott's first orders he signed in January.