Current News

Vermont Business Magazine In January 1987, VBM ran its first Vermont 100, predicated on 1986 revenues. Since then there have been only four companies that have been Number One: C&S Wholesale Grocers, National Life Group, Fletcher Allen Health Care (now The University of Vermont Medical Center) and Green Mountain Coffee Roasters Inc (now Keurig Green Mountain). Keurig Green Mountain has pulled away from the field with over $4 billion in revenues. It also boasted revenue growth of 62,000 percent over the last 25 years. You read that correctly. But because in our first year we asked for 1985 revenues also, we can now produce a 30-Year Growth Chart (see page 26). Keurig’s growth over that period of time? 146,178 percent. Yes, that cup of coffee Bob Stiller once had has certainly turned into something. And now his company is being sold to a European holding company for $13.9 billion).

Vermont Business Magazine Vermont licensed 33 new captive insurance companies in 2015, according to data released by the Vermont Department of Financial Regulation. The new captives were made up of 12 pure captives, 7 Risk Retention Groups (RRGs), 7 sponsored captives, 4 special purpose financial insurers, 2 industrial insured captives, and 1 association captive. There were 11 "redomestications," which is when an existing captive moves from another captive domicile to Vermont. That is the largest number ever to occur in a single year in Vermont. The redomestications came from the following jurisdictions: South Carolina (3), Arizona (3), Bermuda (2), Cayman Islands, Nevada, and Kentucky. 

Vermont Business Magazine Financial wellness ـ like physical fitness – doesn’t happen overnight. To be financially well is to be confident that everyday financial choices create financial flexibility to manage unexpected financial challenges and to make the most of financial opportunity. “Financial wellness, like physical fitness, isn’t simply a matter of what you do,” said Don Baker, President, Vermont Market, KeyBank. Baker added, “It’s what you do every day that matters. Financial wellness requires consistent and continuous activity. But the payoff for financial wellness, just like the payoff for physical fitness, is well worth the effort.”

In celebration of Financial Wellness Month, KeyBank offers the following five steps toward becoming financially well:

Vermont Business Magazine ANEW Place homeless shelter in Burlington’s Old North End has recently received a $5,000 gift from TD Charitable Foundation, the charitable giving arm of TD Bank. This gift will help to foster the 4-Phase Program at ANEW Place which was implemented in 2014 when they rebranded from Burlington Emergency Shelter. This 4-Phase Program focuses on long-term solutions and is designed to address the root causes of homelessness. With the expansion of their programming, ANEW Place continues to provide emergency care while also cultivating personal long-term growth, so that each person can make a successful, sustainable transition toward wellness and independence.  They are helping homeless individuals to build a strong foundation with the tools needed to start ANEW life. ANEW Place is motivated by their desire to see an end to the cycle of homelessness in which so many adults find themselves trapped.  

Northeastern Vermont Development Association The Northeastern Vermont Development Association has released its updated economic development report for the three-county region (Caledonia, Essex and Orleans). Authored by David Snedeker, Executive Director, it includes EB-5 immigrant investor programs and other development projects and news. EB-5 Regional Center Program Extended - In December, when the federal government approved an omnibus year-end spending bill, the EB-5 foreign investment program was extended until September 30, 2016. The EB-5 program was created by Congress in 1990 to promote economic growth by providing investment money for job creation in rural parts of the country and specific geographic areas with higher than average levels of unemployment. Proposed revisions to the existing program that would have provided more oversight and measures to benefit rural areas were not included in the temporary funding bill.

by Mike Smith Some Vermonters have a problem with doublethinking. In George Orwell’s classic novel “1984,” he defines the word “doublethink” as “the power of holding two contradictory beliefs in one’s mind simultaneously, and accepting both of them.” Here’s a relevant example: those that say they believe in the First Amendment of our Constitution — and will often seek its protection of speech, religion, and assembly — but want to restrict or prevent others from exercising those same rights. That’s doublethinking, and both the left and the right engage in it.

For some, prohibiting the speech of those whom they find offensive, or those who express a different opinion, supersedes the constitutionally protected right of speech. Such thinking elevates the act of blocking or restricting unwelcome speech to the same level, or possibly above, the exercise of free speech.

Vermont Business Magazine After a strong wind storm blew through Vermont Sunday morning, Green Mountain Power crews have restored power to 6,540 customers. Crews will keep working until all remaining 1,600 customers have power. GMP lineworkers will keep working until everyone has power, with the goal of restoring power to most customers by midnight. GMP tracks weather events like this one and prepares extensively ahead to ensure safety and to minimize outage time for customers. 

“Fast restoration like this is due to a dedicated and highly trained team and advance planning, ” said Kristin Carlson, GMP’s Chief Communications Executive. “We had our crews in place and lined up extra workers in advance of the storm in an effort to respond quickly as soon as outages began. This has allowed us to restore power quickly and also ensure that the public and our crews remain safe. We are so happy the storm did not cause more significant damage.” 

Vermont Business Magazine A historic spike in weekly employment claims was cut in half last week, but remained at a relatively high level. Claims were also higher than for the same time last year for the first week of the new year. Generally claims in 2015 were lower than in 2014. For the week of January 2, 2016, there were 1,152 claims, a fall of 998 from the previous week's total and 174 more than they were a year ago. By industry, claims were down for most categories except for Construction, which was typically high for this time of year. As has been the trend, Services led all categories with 31 percent of all claims, which was down considerably from the previous week. 

Altogether 7,698 new and continuing claims were filed, an increase of 862 from a week ago, and 926 fewer than a year ago.

Vermont Business Magazine The Agency of Natural Resources has released the newly approved Tactical Basin Plan for the Batten Kill, Walloomsac, and Hoosic Rivers and their tributaries, referred to as Basin 01. The Basin Plan actions will protect, maintain, and improve surface waters by managing the activities that result in surface water stressors, and address the attendant pollutants associated with them.  These actions strategically target specific surface waters in those sub-basins where their implementation would achieve the greatest benefit to water quality and aquatic habitat as well as being the most cost effective.  In general, the Batten Kill, Walloomsac, and Hoosic Rivers are targeted for protection and restoration strategies while various tributaries are targeted for additional water quality and aquatic habitat monitoring and assessment work. 

Vermont Business Magazine Green Mountain Power is preparing for a strong wind and rainstorm that is forecasted for Vermont beginning Sunday morning that could cause outages across the state. Forecasters predict wind gusts possibly strong as 50 – 70 mph. Wind that strong can easily knock down trees and branches onto power lines and snap power poles at the base. “Our crews are preparing now and are ready to respond quickly to any outages from this strong wind storm,” said Kristin Carlson, GMP’s Chief Communications Executive. “Early preparation is key to making sure we can get the lights on quickly and safely for customers.” In addition, the Company has contract crews ready to assist if there are significant and widespread outages. Safety is most important during winter windstorms and GMP reminds Vermonters to be careful on the roadways especially.

“Always stay clear of downed power lines and contact emergency responders immediately,” Carlson continued.  

by Timothy McQuiston Vermont Business Magazine The Vermont Public Service Board gave a significant victory today to Vermont Gas Systems in its effort to build a pipeline to Middlebury, and in turn issued a significant blow to the many individuals and organizations seeking to stop it. The PSB, in a decision dated January 8, decided not to revisit its original approval of the project. The PSB had considered reopening the case after construction costs increased twice in 2014. If it had reopened the docket, it could have reapproved it as is, approved it with new conditions, or canceled the $153.6 million project.

Vermont Gas has already built about a third of the line in Chittenden County. It has incurred the cost of that, as well as the cost of a lawsuit involving a former contractor on the project, and other legal costs regarding challenges and protests.

Vermont Business Magazine Vermont tax revenues essentially broke even in December as the vital Personal Income Tax rebounded. It had languished through much of the first half of the fiscal year, but has now made up nearly all of its lost ground. General Fund (GF) revenues totaled $128.00 million for December versus the monthly target of $128.26 million, -$0.26 million or –0.20% short. The shortfall was due primarily to the Corporate Income Tax category. Personal Income Taxes of $70.65 million exceeded target by +$2.66 million or +3.91%, while Corporate Income Taxes of $14.94 million fell below target by -$4.91 million, or –24.75%. The December results left the cumulative year-to-date General Fund receipts slightly above target. The cumulative GF revenues total of $668.00 million remains slightly above the Y-T-D target by +$0.85 million, or +0.13%. Y-T-D December revenue receipts for FY 2016 exceeded the prior year (FY 2015) results by +$24.05 million, or +3.73%.