Current News

Vermont Business Magazine In this A.M.BestTV episode, which wraps up the third day of the annual Vermont Captive Insurance Association (VCIA) conference, captive regulators from South Carolina, Vermont and Tennessee review captive oversight, including a strategy that has some domiciles offering tax breaks to captives that re-domesticate. Vermont is the nation's largest domicile for captives and would have the most to lose if this strategy proves successful. Vermont also just hosted the industry's premier conference, which concluded last week in Burlington. Tennesse has been successful using this strategy, but South Carolina warned about this "unwelcome development" that arm-twists a large company to move its captive to a state without substantial regulation. David Provost, deputy commissioner, Vermont Captive Insurance Division, said a few companies have left the state to return to the parent company's home state. He does not think this is a major problem for Vermont.

Vermont Business Magazine A new law that will shape the future of education in Vermont (the Every Student Succeeds Act) was discussed by more than 150 parents and community members who attended a conference at the Jay Peak Resort, Aug. 10-11, 2016. ESSA is the reauthorization of the Elementary and Secondary Education Act (ESEA) of 1965 and signed into law by President Obama on Dec. 15, 2015. The law was designed to address structural inequities in education funding for marginalized students. Public comment by educators, communities, parents and students across the country will weigh heavily on how the law is implemented.

Vermont Business Magazine The financial strength rating for National Life Group’s insurance companies was boosted by Standard & Poor’s on Thursday based on the company’s improved capital strength and stronger credit quality. S&P Global Ratings formally raised the rating of National Life Insurance Company and Life Insurance Company of the Southwest to “A+” from “A.” At the same time, SP Global raised its issuer credit rating on NLV Financial Corp., National Life’s holding company, to “BBB+” from “BBB.”

“We’re delighted we’re being recognized by S&P for the financial strength of our 167-year-old company,” said Mehran Assadi, president and CEO of National Life Group.

Vermont Business Magazine The Vermont Air National Guard's 158th Fighter Wing is celebrating its 70th Anniversary and will be participating in the Wings Over Vermont Air show.  This event will include an increased number of aircraft in and around the local Burlington, Vermont area. Air show events to include training flights will be  conducted Thursday, 11 August through Monday, August 15, 2016.

Local community members can expect periods of increased air traffic, and possible increased aircraft noise outside of normal operating hours during the daylight hours of 8:00 a.m. and 6:00 p.m. for the arrival and departure of the transient aircraft participating in the air show.

Weather

The current weather forecast for Burlington, Vermont on August 13th and 14th includes conditions that may be severe at times (e.g., thunderstorms, high winds, etc.). 

Vermont Business Magazine While the city and a different group work through the process of redeveloping the Burlington mall, a separate major office space, just around the corner, is moving forward. Mayor Miro Weinberger, private developer and president of Investors Corporation of Vermont Paul Sprayregen, and University of Vermont Health Network CEO Dr John Brumsted today announced that the office space at One Burlington Square will be redeveloped by Investors Corporation beginning March 1, 2017. The redevelopment will provide for an “A” grade office building in downtown Burlington with added on-site parking. The newly renovated offices, located at Pine and College Streets, are expected to be completed in early December 2017.

Vermont Business Magazine Following a week with relatively few claims, weekly unemployment claims increased last week. Claims were not especially high, but are running higher in 2016 than in 2015. For the week of August 6, 2016, there were 523 claims, up 161 from the previous week's total and 113 more than they were a year ago. By industry, claims were up in small amounts nearly across the board. Service, the usual leader, again had the most claims. 

Altogether 4,369 new and continuing claims were filed, a decrease of 55 from a week ago, and 22 fewer than a year ago.

The Department processed 0 First Tier claims for benefits under Emergency Unemployment Compensation, 2008 (EUC08).

Vermont Business Magazine The hubris and arrogance of the State Board of Education and the Agency of Education has been in full display this summer, and is one example of why we need change in Montpelier and accountability from State government. The State Board of Education last fall took it upon itself to interpret the Vermont constitution—a job only reserved for the Vermont Supreme Court-- in order to twist the meaning of Act 46 to meet its goals, which are to reduce school choice, enjoyed by thousands of Vermont school children for over 150 years, and to turn Vermont’s locally governed schools into an arm of the State Board of Education and the Agency of Education.

The State Board has since carried out its mission to turn Vermont’s education system into a top down state monopoly by scolding and even punishing any local school district which dares to dissent from the State Board’s extra-judicial interpretation of Act 46.

Vermont Business Magazine The Community College of Vermont (CCV), in partnership with the Grand Isle-Franklin Workforce Investment Board, was awarded a grant of just over $167,000 from the Northern Border Regional Commission, a federal program established in 2008 to assist in the economic development of New England’s Northern Border counties.

Vermont Business Magazine As the region faces high summer temperatures straining power supplies, Vermont utilities are experiencing spikes in electric costs and today issued peak alerts asking customers to reduce energy use. Price stable Vermont wind and solar meanwhile are reducing both peak costs and burning of the direst fossil fuels, according to Renewable Energy Vermont. As of 3 pm, according to ISO New England, peak energy costs today spiked to over $2.69 per kWh with a heavy reliance on the dirtiest polluting fossil fuels. Today's price is more than 18 times the rate the majority of Vermont residents pay for electricity.

Vermont Business Magazine The Attorney General has received $200,000 from Harleysville Worcester Insurance Company to settle a lawsuit in which the State alleged that an insurance policy issued by Harleysville to RL Vallee, Inc, the owner of underground storage tanks at the site, provided insurance coverage for the cleanup of a contaminated gas station site known as Nan’s Mobil located in Fairfax. The funds will be used by the Vermont Petroleum Cleanup Fund to cover costs of the cleanup.

“It is important to ensure that the State’s limited cleanup funds are appropriately protected and reimbursed so that funds are available when needed,” stated Attorney General William H Sorrell.

In agreeing to settle and make the payment Harleysville did not admit liability.

The Attorney General worked with the Agency of Natural Resources in this litigation and in settling the matter.

Source: Vermont AG 8.11.2016

Vermont Business Magazine Preliminary tax revenue data for July, the first month of fiscal year 2017, reflects a slightly down month for the General, Fund, Transportation and Education Funds. The General Fund for the month of July collected $108.51 million, -$1.30 million or -1.19% below revenue targets adopted by the Emergency Board on July 21, 2016. The underperformance was driven primarily by the Personal Income Tax at -$6.17 million or –11.22% below target. The Personal Income Tax is the largest single revenue source in the state. Better than projected performance in the Corporate Tax of +$1.3 million or +71.63% , the Inheritance and Estate Tax of +$1.38 million or +39.04% and the Other Taxes Category of +$1.86 million or +17.01% helped to soften the blow dealt by the Personal Income Tax shortfall.

Vermont Business Magazine A coalition of individuals and businesses seeking to protect Vermont's environment and repower our state with local renewables have launched a campaign in support of wind power in Vermont. The coalition, Wind Works VT launched a website – www.windworksvt.com - and will promote wind power as an essential part of the state’s energy future. In the face of rampant misinformation spread by an anti-wind minority, the campaign aims "to reaffirm that wind must be a part of our fight against climate change and to make our state more energy independent from polluting fossil fuels. Every legitimate poll conducted in Vermont over the last few years has found that the majority of Vermonters support wind energy. Wind Works VT will work to ensure that their voices are heard."