Current News

by Timothy McQuiston Vermont Business Magazine The Vermont 2016 fiscal year ended June 30 and the final tax revenue report finished with a small shortfall, as expected. Personal Income taxes, the most important single revenue source, has been lagging all year, but finished the month ahead of its target. For the month overall, preliminary results show that General Fund revenue finished FY2016 1.13 percent below the revenue targets adopted by the Emergency Board in January 2016 (which had been lowered from the original targets last July). The numbers for the year would have been worse if an electronic tax filing glitch had not been rectified. In all, the total shortfall was not as bad as anticipated.

Vermont Business Magazine Weekly unemployment claims fell deeply last week but remain slightly above typical summer levels. Claims in 2016 generally have been running above 2015 claims. For the week of July 9, 2016, there were 540 claims, down 199 from the previous week's total and 44 more than they were a year ago. By industry, claims edged down across the board; Service, as is typical, carried the most claims. 

Altogether 4,694 new and continuing claims were filed, an decrease of 131 from a week ago, and 104 more than a year ago.

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

Vermont Business Magazine Norwich University signed a new agreement with Korea University and the Republic of Korea’s Army Reserve Officers’ Training Corps Cadet Command, for the semester long exchange of cadets between the two universities. This is the first agreement of its kind between the ROTC programs of the Republic of Korea and a foreign nation; until a recent change, the law in Korea did not permit cadets to study abroad for an entire semester. Norwich University will welcome the first two cadets from Korea University, a top university in the country, in the fall of 2016.

by Guy Page, Vermont Energy Partnership The asking price for the 13 TransCanada hydro dams on the Connecticut and Deerfield Rivers has passed $1 billion, Vermont Secretary of Administration Justin Johnson said Tuesday, July 12. The dams, totaling about 560 megawatts of power, were bought by TransCanada in 2005 for about $500 million. The State of Vermont considered making an offer in 2005, but eventually declined. TransCanada, a leading natural gas transmission company, said this spring it will sell its only hydro generation assets and a Maine wind turbine project to raise cash to buy 15,000 miles of natural gas transmission from a Texas firm.

Hydro facility on the Connecticut River in Bellows Falls. VBM file photo

Will help create opportunities for small and emerging businesses

Vermont Business Magazine The Northern Community Investment Corporation (NCIC) will strengthen its support of Vermont and New Hampshire’s small businesses thanks to a $605,000 funding package from the US Department of Agriculture. NCIC will use USDA Rural Development’s Rural Microentrepreneur Assistance Program to provide aspiring Northeast Kingdom and North Country businesses with financial support and technical assistance.

Vermont Business Magazine The Department of Public Service is developing a new protocol for handling complaints about the potential failure of a company to comply with the terms and conditions of a certificate of public good (CPG) issued by the Public Service Board under 30 V.S.A. §§ 248 or 248a.  The Department will follow the protocol to keep a record of these complaints, research and investigate, track progress and respond. The first report of complaints tracked under this new protocol is due to the legislature in January of 2017.  The purpose of this protocol is to ensure compliance with CPG conditions and to enable neighbors of projects to easily and effectively report on circumstances they feel may not be in compliance with applicable CPG conditions.

Vermont Business Magazine Community members, early depositors, and Gifford staff and board members gathered on July 12 to celebrate groundbreaking for 49 independent living apartments at the Morgan Orchards Senior Living Community in Randolph Center. Planning for the multi-phased project, the largest building project in Gifford Hospital’s history, began in 2010. The apartments are scheduled to open in late July/early August, 2017.

Vermont Business Magazine Calling it a testament to Sue Minter’s leadership and her ability to get things done, 79 past and present lawmakers including 14 committee chairs and 2 former Speakers of the House endorsed Sue Minter for governor. At the State House in Montpelier, several legislative leaders highlighted Minter’s commitment to renewable energy and cleaning up Vermont’s waterways, plan to provide two-years free tuition to Vermont Technical College and the Community College of Vermont, commitment to creating jobs and economic vitality, and more in offering their strong endorsement.

Vermont Business Magazine Matt Dunne, Democratic candidate for Governor, today released his detailed plan for fighting poverty in Vermont, beginning with five actions that can be taken to immediately help the neediest Vermonters. Dunne unveiled his policy agenda during an event at the Vermont Foodbank, and was joined by longtime anti-poverty activist Chris Curtis, Sara Kobylenski from the Upper Valley Haven, former Department for Children and Families Commissioner Dave Yacovone and activist Dustin Tanner.

Dunne also announced that he and campaign staff, volunteers and supporters will launch a series of service politics actions at locations across the state, with the first taking place at Listen Furniture Store, a branch of Listen Community Services in White River Junction on Saturday.

Vermont Business Magazine A Vermont non-profit corporation formed in 2012 to provide public education about single-payer healthcare and its political committee have acknowledged violations arising out of their campaign activities in the 2012 and 2014 election cycles, according to Vermont Attorney General Bill Sorrell. Vermont Leads, Inc and an independent expenditure-only PAC that it created, Vermont Leads PAC, will pay civil penalties totaling $3,000.

Vermont Business Magazine Lieutenant Governor Phil Scott today issued the following statement on recent revelations the Shumlin Administration allowed Jay Peak’s owners to continue to solicit investors months after the federal Securities and Exchange Commission (SEC) launched its investigation. Scott is also a Republican candidate for governor.

“As a public servant and candidate for Governor, my priorities are growing the economy, making Vermont more affordable and restoring faith and trust in state government," Scott said in a statement. "With proper oversight, the EB-5 program can be a useful tool for stimulating much-needed investment and economic growth in Vermont.

Vermont Business Magazine Darn Tough Vermont, the American manufacturer of the fastest growing collection of performance outdoor and lifestyle socks, is proud to announce it has again achieved high double-digit growth, this time during the second quarter of 2016. Darn Tough points to increases across all categories and strong international sales, each contributing to the 53 percent gain. The Vermont-based company maintains focus on their mission to make the world’s best sock in Vermont, USA without compromise to comfort, durability and fit, and the brand’s growth isn’t slowing.