Current News

Vermont Business Magazine Secretary of State Jim Condos would like to remind all Vermonters that the deadline to register to vote in the August 9^th Statewide Primary is Wednesday, August 3rd.“Voting is the very basis of our democracy,” said Secretary Condos, “I encourage everyone to get out and participate in Vermont’s Primary on August 9^th.”

Vermont has one of the most generous early voting periods in the nation, allowing you to vote in person at your town clerk’s office or by mail 45 days before an election.  If you are not registered, the Secretary of State’s new elections management system makes it easier than ever to register to vote.  Through your own personalized “MVP” or “My Voter Page” you can easily locate your polling place, view the ballots you will see on Election Day and request an early ballot.

Vermont Business Magazine Merchants Bancshares, Inc (NASDAQ:  MBVT), the parent company of Merchants Bank, today announced net income of $4.4 million and $0.63 per diluted share for the second quarter of 2016 compared to net income of $3.5 million or $0.50 per diluted share in the first quarter of 2016 and $3.1 million in net income or $0.49 per diluted share in the second quarter of 2015. For the six months ended June 30, 2016, net income was $7.9 million, or $1.14 per diluted share, compared to net income of $6.5 million, or $1.02 per diluted share, for the same period in 2015.

The return on average assets was 0.90% for the three months ended June 30, 2016, compared to 0.71% in the linked quarter and 0.72% for the same period in 2015. The return on average equity was 11.36% for the three months ended June 30, 2016, compared to 9.32% in the linked quarter and 9.73% for the same period in 2015.

Vermont Business Magazine University of Vermont President Tom Sullivan has been selected to serve as the Vice Chair of the National Collegiate Athletic Association’s Division I Presidential Forum. The Presidential Forum’s charge is to assist the NCAA Division I Board of Directors in accomplishing its strategic mission in the Division I governance structure. It is also charged with ensuring that the NCAA core value involving presidential leadership of intercollegiate athletics at the campus, conference and national level is achieved. The Forum is comprised of one president or chancellor from each of the 32 Division I conferences. Sullivan, who has led UVM as its president since 2012, has served as the America East representative to the Forum since its inception in 2015. 

Vermont Business Magazine State economists Jeff Carr and Tom Kavet lowered Fiscal Year 2017 tax revenue estimates by $21.1 million today in a presentation before the state Emergency Board, which accepted the revised numbers. The vast bulk of that shortfall will be made up by savings in the Medicaid program. FY 2017 began July 1. The economists also reported that Vermont’s revenues grew by 2.3 percent in fiscal year 2016 and Vermont employers added 4,400 jobs in the last year. The Legislative (Kavet) and Administration (Carr) economists said state revenues will grow by 4.8 percent in fiscal year 2017. The loss in revenue is somewhat, but not entirely, due to 1.5 million fewer skiers this past winter, a 32 percent drop. The downgrade means the state is projected to bring in about $21 million less in revenue than anticipated when the FY2017 budget was adopted.

Vermont Business Magazine More than 150 local businesses and institutions ranging from farms and credit unions, to hotels, main street shops, manufacturers, and solar companies urge support for renewable energy and maintaining Vermont’s strong net metering program.  The net metering program is currently in the final stages of being revised by the Public Service Board.

Vermont Business Magazine Vermont State Treasurer Beth Pearce today called on the Securities and Exchange Commission (SEC) to take additional steps to ensure publicly traded companies and corporations properly disclose climate change risk. In a letter (see below) to SEC Chair Mary Jo White and SEC Corporation Finance Division Director Keith Higgins, Treasurer Pearce encouraged the SEC to create standards to assist investors in making informed investment decisions.

“Climate change is real and could impact the profitability of certain companies,” said Treasurer Pearce. “As a fiduciary overseeing the State’s investments, I encourage the SEC to create a publicly accessible database of climate change disclosures. More transparency will allow companies and investors to work together to better assess climate and carbon risk, and assist the SEC in its mission to create marketplace fairness.”

Vermont Business Magazine Four State agencies have just released their Annual Green Infrastructure Progress Reports. The reports are a result of an executive order signed by Governor Shumlin in 2012, directing state agencies to promote and demonstrate how we can use natural systems as a cost effective alternative approach to managing stormwater runoff. In Vermont, stormwater washes pollutants into rivers and lakes and create risks of flooding. “Stormwater runoff from rainwater and snowmelt can pollute our waterways and be costly to fix,” explains Rick Hopkins, senior analyst with the Vermont Clean Water Initiative Program. “Green Infrastructure technologies can mitigate these impacts by using nature-like practices to slow down, capture for reuse or infiltrate stormwater into the ground.”

Vermont Business Magazine The Vermont State Colleges (VSC) Board of Trustees has approved, in concept, Chancellor Jeb Spaulding’s recommendation to unify Johnson State College and Lyndon State College under one administration, a move intended to create one larger and stronger college with two distinct campuses. The Board asked the Chancellor to prepare a report that identifies and analyzes the issues and tasks required for unification, a plan for stakeholder outreach, and a transition plan for unification, all in anticipation of a vote at its September 29^th meeting.  

by Basil DN Waugh UVM New University of Vermont and Lake Champlain Basin Program research puts a hefty price tag on Lake Champlain’s natural beauty. People have a visceral reaction to algae blooms, which has economic implications. Algae blooms, cloudy water can hurt tourism, home prices, and jobs. According to the study, Vermont lakeside communities would lose $16.8 million in economic activity and 200 full-time jobs – in July and August alone – for every one-meter (three-foot) decrease in water clarity.

Vermont Business Magazine Burlington Mayor Miro Weinberger and New Moran, Inc issued a joint statement today explaining why they have mutually agreed to terminate the Memorandum of Understanding to redevelop the long-closed Moran generating station on the city's waterfront. NMI will still be allowed to submit proposals, but the city will now consider redevelopment plans from other developers.

They signed the MOU in August 2015. Plans had called for a Faneuil Hall type market space on the first floor, an event space on the second floor and innovation/office space on the third floor of what was envisioned as a "net zero," $33.7 million project.

Vermont Business Magazine Vermont Businesses for Social Responsibility (VBSR) has praised a move by Governor Peter Shumlin that will level the playing field for green and environmentally friendly businesses bidding on state contracts. The executive order announced by Shumlin gives businesses with strong environmental records and policies a preference when bidding on state contracts for goods and services, the organization said. Under the executive order, the state will consider a company’s thermal and electric efficiency, use of renewable energy, efforts to reduce carbon emissions, and other green benchmarks in awarding state contracts.

Vermont Business Magazine Southern Vermont College (SVC) has announced the receipt of a generous gift to support student scholarships, bequeathed by former trustee, Mario (Mike) F Rolla. Rolla, who passed away in 2013, was a Trustee of the College for 20 years, eight of which he served as Chairman of the Board. Through his planned gift, SVC has established the Rolla Family Scholarship endowment, which will provide assistance to students with demonstrated financial need starting this fall. The value of the bequest was not released.

Southern Vermont College graduation 2016. SVC photo