Current News

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

Vermont Business Magazine The US Department of Housing and Urban Development (HUD) has awarded $75 million to help families living in public housing and those participating in HUD’s Housing Choice Voucher Program connect with services to further their education, find good jobs, and to set them on a path to self-sufficiency. Three Vermont organizations received a total of $474,683: Burlington Housing Authority $101,685; Brattleboro Housing Authority $138,000; and Vermont State Housing Authority $234,998.

Vermont Business Magazine Governor Peter Shumlin announced today new test results from precautionary groundwater sampling of perfluorinated compounds at the closed Shaftsbury Landfill. Results showed PFOA to be present at a concentration of 25 parts per trillion in the one monitoring well tested. The combined Vermont Health Advisory limit for PFOA and PFOS is 20 parts per trillion. Additional monitoring wells at the landfill will be tested within the next several weeks.

Vermont Business Magazine The federal Health Resources and Services Administration (HRSA) today announced $501,736 in new awards to two organizations in Vermont. The awards were part of $149 million given nationally through 12 workforce programs to prepare the next generation of skilled, diverse primary care providers to serve communities in need across the country.