Current News

Vermont Business Magazine Today PC Construction announced the three recipients of donations totaling $15,000 as part of the company’s “Building Communities: PC Construction Gives Back” contest. The first-place winner, Camp Ta-Kum-Ta in South Hero, Vermont, received a $10,000 donation. The second-place winner, SAFEchild of North Carolina, received $3,000 and Atlanta Children’s Shelter of Georgia came in third to receive $2,000. The announcement of the three winners follows a month-long crowd-sourced voting contest. PC Construction’s 1,100 employee-owners nominated the initial 10 nonprofits from areas in which the company works. The contest was then opened up to the public and nearly 5,500 votes were cast to help determine the final three winners. Camp Ta-Kum-Ta captured 35% of the votes.

Vermont Business Magazine The University of Vermont Foundation set new records in its fundraising activities on behalf of the university during the fiscal year that ended June 30, 2016, surpassing historic milestones reached a year ago for both commitments and receipts from donors. New fundraising commitments hit an all-time record of $76,758,513, surpassing the prior record — $60,576,278 reached in fiscal year 2015 — by some 26.7 percent. Commitments include new gifts, new pledges, and new bequests documented during the year. Total receipts for the same period also reached a new record — $65,819,200 compared with the previous high of $40,457,925 set a year ago, a 62.7 percent increase. Receipts include new gifts, payments on current and prior years’ pledges, and realized bequests. A total of $3,051,193, or 4.6 percent of receipts, came in the form of realized bequests.

Vermont Business Magazine Vermont received an Administration for Community Living grant that will provide $178,500 each year for three years to expand legal services for at-risk older adults. The Model Approaches to Statewide Legal Assistance Systems demonstration grant is a cooperative grant between the Vermont Agency of Human Services’ Department of Disabilities, Aging and Independent Living (DAIL) and Vermont Legal Aid. The grants are designed to help states respond effectively to legal issues affecting seniors with significant social or economic needs. In Vermont, the funding will be used to develop services specifically for seniors at the statewide legal hotline, Vermont Law Help, as well as to provide legal training, to do outreach, and to build and strengthen partnerships throughout the state with the court system, Adult Protective Services, the Office of Public Guardian, the Area Agencies on Aging, and others.

Vermont Business Magazine Governor Peter Shumlin today said results from the groundwater testing at two industrial sites in Chittenden County showed perfluorinated compounds (PFCs) in monitoring wells at both sites: IBM in Essex Junction, and the former Hercules Incorporated manufacturing facility in Colchester. The former Hercules site is on property now owned by Champlain Cable. The sites were included in a statewide testing plan for perfluorinated compounds due to the likelihood that PFOA and PFOS had been used in the manufacturing of semi-conductors or wire and cable coatings. Results showed PFCs to be present in groundwater wells at both locations. All groundwater samples were collected from existing monitoring wells on the sites. Drinking water contamination is not a major concern at this time, the governor said in a statement, as there appear to be very few drinking water wells in the vicinity of the tested sites.

Vermont Business Magazine Vermont Small Business Development Center (VtSBDC) State Director Linda Rossi recently announced Area Business Advisor Brian DeClue as VtSBDC’s 2016 Vermont State Star. DeClue is the Area Business Advisor for Rutland and Bennington counties. DeClue was nominated by his peers for successfully serving southwestern Vermont small businesses. “I am pleased to make this announcement, and to recognize Brian for his contributions and commitment to our organization over the past six years.  He has become a highly respected member of the VtSBDC team,” she said.

Brian DeClue

Vermont Business Magazine Over the last 35 years, Vermont has grown to become known as the ‘Gold Standard’ of domiciles in the Captive Insurance industry and is held up as the model of sound regulation by other domiciles. This month marks the 35^th anniversary of Vermont’s captive insurance legislation signed into law by Governor Richard Snelling. In 1981, Snelling’s vision was to create a premiere captive insurance environment that would rival offshore competitors and to create economic opportunities for Vermonters.

Vermont Business Magazine Fitch Ratings assigns a 'AA' rating to the following Vermont Housing Finance Agency (VHFA) bonds: $10,140,000 multiple purpose bonds, series 2016 C; $20,220,000 million multiple purpose bonds, series 2016 D. Additionally, Fitch affirms the ratings on approximately $227 million in parity debt (see full list below). The rating outlook on all bonds is Stable.

The 2016 series C and D bonds are expected to be used to refund outstanding obligations previously issued under a separate single-family indenture and to finance the purchase of mortgage-backed security certificates. In conjunction with the refunding of previously issued debt obligations, the mortgage loans and certificates securing the refunded bonds will be transferred to this indenture.

Vermont Business Magazine According to the Dunne Campaign, Matt Dunne, Democratic candidate for governor, has received endorsements from more than six dozen current, former and future state legislators, including dozens of people Matt served with during the eleven years he spent in the House and Senate. Matt announced the endorsements at a press conference at the State House, where he was joined by many of the individuals backing his campaign for governor.

“I am so humbled by the outpouring of support we’ve received this week, but this is about much more than our campaign,” said Matt Dunne, Democratic candidate for Governor. “This is a movement of people who are energized and ready to work hard for the progressive values that will make Vermont stronger: raising the minimum wage to a living wage, universal healthcare and banning corporate money from our elections.”

Vermont Business Magazine Today, Sue Minter for Vermont announced support from artists and authors from across Vermont. “Our vibrant creative economy is a cornerstone of Vermont that I will champion as governor,” said Minter. She notes that Vermont is ranked #2 in the country for the number of visual artists and writers per capita. “I’m proud to have the support of so many artists whose work I admire and who have enriched all of our lives.”

Vermont’s arts sector employs over 7,400 people and generates sales of $551 million, according to a 2014 study. The total amount of compensation paid by the creative industry is over $158 million, generating nearly $15 million in taxes. Some 85 percent of Vermonters say that arts are an important part of their lives.

by Bruce Lisman A strong economy is the foundation for building a more prosperous Vermont and improving our overall quality of life. A dynamic economy that generates new jobs and better careers will raise living standards and make Vermont attractive to young families looking to put down roots. A growing economy will also generate more tax revenue, so we can offer a world-class education to our children, improve our roads and bridges, and provide vital support to the most vulnerable among us.

For too long, our politicians have watched companies and families leave Vermont due to high costs and lack of opportunity. Every year they compound that problem by increasing taxes to pay for budgets that grow much faster than our economy.

by Lisa Ventriss, President of Vermont Business Roundtable Jon Margolis’s commentary in VTDigger, entitled “Why Vermont Has Little to Fear From Florida" (July 10th) identified some interesting information regarding income tax filers, issues that can impact their mobility, and the demographics of those entering and leaving Vermont. At the conclusion of his piece, he casually states that “Vermont, like every other state, has its economic problems and some things to worry about. Rich folks moving to Florida is not one of them.” I’d like to offer another perspective; rich folks moving to Florida is a big problem that we should worry about.

Vermont Businiess Magazine Marathon Health, based in Winooski and one of the nation's leading providers of worksite health centers, today announced that Goldman Sachs completed a $30 million equity investment and minority position in the company. Marathon Health will use proceeds from the investment to meet the ever-changing healthcare needs of its customers and expand its national presence, continuing the rapid growt h it has experienced since its founding in 2005.