Current News

Vermont Business Magazine The State of Vermont is seeking comments on a draft implementation plan for the restoration of Lake Champlain. The plan, entitled "Vermont Lake Champlain Phosphorus TMDL Phase 1 Implementation Plan," outlines actions the State must take to reduce phosphorus pollution sources that currently compromise State waters. The US Environmental Protection Agency (EPA) issued a set of phosphorus pollution targets in June that the State must meet in its phase 1 plan.

Algae bloom. CLF photo.

Vermont Business Magazine Vermont has the 18th-highest closing costs in the country, according to a new Bankrate.com report. In Vermont, closing costs average $2,178 on a $200,000 loan ($1,075 origination + $1,103 third-party). That’s slightly above the national average of $2,128. Hawaii has the highest mortgage closing costs in the country and Pennsylvania has the lowest, according to the Bankrate.com (NYSE: RATE) report. Based on a $200,000 loan, Hawaii’s closing costs averaged out to $2,655 while Pennsylvania’s closing costs were $1,837. The national average is $2,128.

“Thanks to the new and improved mortgage disclosures that the CFPB introduced last October, closing cost estimates have become more accurate because they mandate that lenders include all costs ahead of time,” said Holden Lewis, Bankrate.com’s senior mortgage analyst. “This is great for consumers who can now comparison shop with more confidence.”

Vermont Business Magazine Rates for Blue Cross Blue Shield of Vermont will be going up 7.3 percent next year and rates for MVP will be going up 3.7 percent. The Green Mountain Care Board (GMCB) Tuesday announced its decisions on 2017 rate increase requests for health insurance plans offered on Vermont Health Connect (VHC), Vermont’s online health benefit exchange. The rates were filed by insurers on May 11, 2016 and were subject to a 90 – day technical analysis and review by the GMCB.  The review process included two days of rate hearings open to the public and public comment from almost 150 Vermonters. 

BCBSVT, which insures more than 77,500 Vermonters through VHC, requested an 8.2 percent average annual rate increase, later amended to an 8.6 percent, for its health plans offered on VHC with coverage beginning January 1, 2017. 

Vermont Business Magazine According to the Vermont Attorney General, Vermonters are continuing to report receipt of threatening recorded phone calls (robocalls) that claim to be from the IRS or the United States Treasury. Today, calls appear to be targeting Barre, Brattleboro and Burlington. We can expect that calls will be directed at consumers in other municipalities later this week. The caller threatens arrest or legal action if an alleged outstanding debt to the IRS is not immediately paid. The caller demands payment by either cashier’s check, wire transfer, bank transfer, or other direct and immediate means of payment, such as a gift card. If the call is not answered, the caller then leaves a message that directs the consumer to call a phone number or face arrest. This is not the IRS calling – this is a scam.

Vermont Business Magazine The Vermont Agency of Natural Resources today issued a final Water Quality Certification for local hydroelectric company Morrisville Water and Light. The certification includes conditions that the company must follow in order to meet current Vermont Water Quality Standards. Morrisville Water and Light is at the end of the Federal Energy Regulatory Commission (FERC) relicensing process for their hydroelectric project, which includes generating stations in Cadys Falls, Morrisville, Green River, and Lake Elmore. The new FERC license will be issued for a term of thirty to fifty years. To receive the license, Morrisville Water and Light must receive a certification from the State that the project will be operated in a manner that does not violate Vermont Water Quality Standards.

Vermont Business Magazine The State of Vermont has again been awarded the top US Domicile for “Vermont’s inability to stand still and its continued desire to lead the captive industry.” This is the fourth year that the State of Vermont has been honored with this award, which was presented by Captive Review Magazine during the US Captive Services Awards held on August 8 in Burlington, Vermont. Judges commented that “despite Vermont being one of the most mature domiciles in the world, its net captive formation numbers remain positive while premium and asset under management figures are the largest in the world.” The award describes Vermont as “investing in its captive and RRG examination team as well as the solid commitment demonstrated by state government in the annual update of captive legislation.”

Vermont Business Magazine Bellows Falls-based Sovernet Communications, a leading fiber-optic bandwidth infrastructure services provider operating in Vermont, New York and southwest New Hampshire, announced Monday that it has entered into a definitive agreement to be acquired by Oak Hill Capital Partners. At the closing of the transaction, Oak Hill intends to combine the operations of Sovernet with FirstLight Fiber, which Oak Hill previously announced an agreement to acquire. FirstLight is another leading provider of fiber optic communications in the Northeast. Financial terms of the transaction were not disclosed.

Vermont Business Magazine The Vermont Teddy Bear Company hosted a special off-site “Field Trip” event on Monday, August 8^th as part of this year’s Vermont Captive Insurance Association’s 35^th Annual Conference, which runs from Tuesday August 9-Thursday August 11 at the Sheraton Burlington. The conference is the captive insurance industry's premier worldwide event.

“We couldn’t be happier to be a part of this important conference, especially as we are also celebrating our 35^th anniversary this year,” said Bill Shouldice, Chief Executive Officer of the Vermont Teddy Bear Company. “Captive insurance is an extremely important part of Vermont’s economy, and we are happy to share our experience and expertise to help further innovation and education in the captive insurance industry.”

Vermont Business Magazine VSECU, a member-owned cooperative and not for profit credit union for everybody in Vermont, is now accepting applications for its Student LIFT debt repayment program. The unique program awards three Vermonters with $5,000 each, to use towards student loan payments. In contrast to typical scholarship programs, Student LIFT aims to empower former students to reduce the burden of student loan debt. Student loan debt can be a significant expense long after students leave college. Research from the Institute for College Access & Success found that 65 percent of Vermonters hold student debt balances, with an average debt of $29,060.

Vermont Business Magazine The 20^th annual Rabies Bait Drop begins August 9 in eight Vermont counties as part of a continued effort to stop the spread of rabies among wildlife. Rabies is a viral disease that is mainly found in raccoons, foxes, bats and skunks, and can infect domestic animals and people. Rabies vaccine, if given soon after a human is bitten by a rabid animal, is highly effective. However, rabies is almost always fatal without immediate medical treatment.

The Vermont Department of Health will work in collaboration with the U.S. Department of Agriculture’s Wildlife Services to drop approximately 450,000 baits containing ONRAB oral rabies vaccine. Baits will be dropped in parts of Addison, Caledonia, Chittenden, Essex, Franklin, Grand Isle, Lamoille and Orleans counties.

Vermont Business Magazine Merchants Bank donated $5,000 to the ChittendenEmergency Food Shelf at the Festival of Fools celebration in Burlington, VT., on Sunday, July 31. The Bank's$5,000 donation will provide 15,000 meals to neighbors in need. The Chittenden Emergency Food Shelf works to alleviate hunger by feeding people and cultivating opportunities. As the largest direct service emergency food provider in Vermont, the Food Shelf serves roughly 11,000 people each year.

Christine Auriemma, Regional Banking Manager; Erika Baldasaro, Community Banking Division and Sales Manager; Emmet Moseley, Food Truck Manager at Chittenden Emergency Food Shelf ; Maryann Russell, Community Banking Manager

Vermont Business Magazine With the Primary Election tomorrow, Tuesday August 9^th, Secretary of State Jim Condos would like to remind all Vermonters about the importance of voting. Please see the important information regarding the election below.