Current News

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."

Vermont Business Magazine Northern Power Systems Corp (TSX: NPS) Wednesday announced that it has eliminated the position of CEO. Northern Power, based in Barre, is a publicy traded company in Canada. It has been forced to restate its financial reports because of how revenues of foreign sales have been accounted for. It recently released it year-end 2015 report and intends to restate the first two quarters of 2016 by the end of the summer. Northern Power is a next generation renewable energy technology company known for wind turbines installed in remote locations.

Northern Power's plant in Barre. NP courtesy photo.

Vermont Business Magazine The following are Public Alerts submitted by Wastewater Treatment Facilities for prompt public awareness of untreated discharges and their locations. A new incident has been reported (or existing incident has been modified) for Rutland Wastewater Treatment Facility in City of Rutland as of Wednesday morning. These alerts have been directly reported by Wastewater Treatment Facilities and may have not yet been reviewed by the State. Wastewater Treatment facilities are required to submit a public alert as soon as possible, but no longer than one hour from discovery of an untreated discharge from the wastewater treatment facility.

Vermont Business Magazine Burlington Electric Department is encouraging the Burlington community to take steps to conserve energy today, as temperatures are rising during what will be one of the hottest days of summer and, therefore, a peak demand day. On a peak demand day, Burlington Electric provides more electricity over a longer period of time to meet high demand. To help “beat the peak,” Burlington Electric suggests that, for as much of the day as possible and especially between noon and 6:30 pm, its customers:

·        Raise thermostats and air conditioners to 70 degrees or more, if possible;

·        Wait on using high-energy demand appliances including washing machines, dryers, and dishwashers; and

·        Turn off all non-essential lights and appliances not needed for safety reasons.

Vermont Business Magazine Despite taking a hit from the ratepayer cap to Vermont Gas Systems' Addison pipeline project, Green Mountain Power and VGS continue to provide positive net income to its Montreal-based parent company. Vermont adjusted net income was $11.5 million, up $8.3 million from the previous year and for the first nine months of the fiscal year it was $50.3 million, up $46.5 million. However, the Addison project resulted in a $16.5 million "impairment" in net income for the quarter, as the cost of the project has increased to $165.6 million with a ratepayer cap of $134 million. In July, GMP reached an agreement with Enel Green Power NA to acquire 14 small hydroelectric power stations located mainly in New England, with an approximate total capacity of 17 MW, and to purchase the output of two other Enel hydroelectric power stations in accordance with 25-year power purchase agreements. This $20.3 million acquisition, which is subject to regulatory approval by the Vermont Public Service Board and the Federal Energy Regulatory Commission, is expected to close in fiscal 2017.