Current News

US Senator Bernie Sanders (I-Vt.) on Friday told the annual convention of the National Association of Letter Carriers that the US Postal Service is not going broke, does not need to close service centers and should not end Saturday delivery service. Sanders drew standing ovations for opposing the cuts in sevices and jobs at the US Postal Service at a time of rising revenue.

Sanders is the chief sponsor of legislation to modernize the US Postal Service, save Saturday mail and prevent other unnecessary cuts in services provided by one of the most popular and important institutions in America.

Berkshire Hills Bancorp, Inc (NYSE: BHLB) reported a 5 percent increase in core earnings per share to $0.44 in the second quarter of 2014 from $0.42 in the prior quarter. Core earnings growth reflected the benefits of the first quarter branch acquisition combined with strong second quarter loan growth. Second quarter GAAP EPS totaled $0.46 per share, reflecting the benefit of the lower GAAP tax rate. The first quarter branch purchase contributed to net non-core charges totaling $0.46 per share in that period, resulting in a $0.04 per share first quarter GAAP loss. There were no material non-core adjustments to operating revenue and expense in the second quarter.

SECOND QUARTER FINANCIAL HIGHLIGHTS (income related comparisons are to prior quarter):

Ledyard Financial Group (Ticker Symbol: LFGP) announced today a $0.04 increase to its quarterly dividend. The dividend of $0.45 is payable September 5, 2014 to shareholders of record as of August 8, 2014. This is the second $0.04 dividend increase declared by the Company during 2014. The dividend was last increased by $0.04 for the dividend paid during March 2014. Strength in the Company’s core businesses is supporting the ability to continue with its dividend payouts and ensure that its shareholders benefit from the Company’s growth in earnings.

Vermont Business Magazine New unemployment claims in Vermont fell again to near their lowest point in recent memory. In early June, claims fell to 400, as filings have spiked and then fallen for most of the year. For the week of July 19, 2014, there were 404 new, regular benefit claims for Unemployment Insurance in Vermont. This is a decrease of 180 from the previous week's total, and 124 fewer than they were a year ago. Claims have been generally lower than were at the same time last year. The summer also typically produces fewer claims.

Senator Patrick Leahy (D-Vermont) Friday announced Vermont will receive $6.8 million in federal grants from the US Department of Homeland Security (DHS), up from $6.3 million last year. The grants – under a formula championed by Leahy that protects smaller states like Vermont – will help Vermont develop prevention and preparedness programs to respond to and recover from acts of terrorism and other catastrophic events. Leahy said, “First responders know that preparation and prevention plans are a must. These grants ensure that our rural and border state has the resources Vermont needs to prepare for the challenges we will face. Whether those challenges are responding to a national security incident or a natural disaster like Tropical Storm Irene, these grants will help our first responders implement improvements to help ensure that they are prepared.”

Vermont will receive grant awards from two DHS programs:

by Katie Jickling vtdigger.org A legislative committee Thursday approved funding to hire 37 staff members to help implement a massive technological overhaul for the Agency of Health and Human Services. The Joint Fiscal Committee voted 7-2 to allocate up to $600,000 for 37 short-term employees who will help oversee the development of the Integrated Eligibility project, one part of the long-term Health and Human Services Enterprise technology project. The Health and Human Services Enterprise (HSE) system will replace ACCESS, the technological mainframe for the agency that is more than 30 years old. It encompasses all of the agency’s programs and departments, which are divided into four branches.

Senators Patrick Leahy (D-Vermont), Bernie Sanders (I-Vermont) and Representative Peter Welch (D-Vermont) Friday announced the Rutland Southern-Vermont Regional Airport in North Clarendon, Vermont, received a $8,127,261 grant from the US Department of Transportation to make safety improvements to the airport. In a joint statement, Leahy, Sanders and Welch said: “As the only Vermont airport with commercial air service other than Burlington, the Rutland airport is a vital link for transportation and commerce in the greater Rutland region. These upgrades will improve both the safety and the viability of the airport for the long term. This type of infrastructure investment is critical to growing our economy, and we look forward to seeing these improvements completed.”

FairPoint Communications, Inc (Nasdaq: FRP), a leading provider of advanced communications in northern New England, has upgraded high-speed Internet service to 100 homes and businesses in Stockbridge. FairPoint’s new fiber-based, high-capacity network offers customers a better, faster way to communicate.

“Our next-generation network allows us to expand broadband service into areas with no high-speed Internet access and provide enhanced services across the state,” said Beth Fastiggi, FairPoint state president for Vermont. “Broadband availability opens the doors to the world for the residents and businesses in Vermont and is fundamental to the state’s future economic growth.”

Vermont Business Magazine State economists presented a more somber report on projected tax revenues forecasts for the state of Vermont on Thursday and projected that revenues will be 1.8 percent lower going forward than anticipated last January for the fiscal 2015 (current) and 2016 years. Tom Kavet, for the Legislative, and Jeff Carr, for the Administration, restated for the Emergency Board what everyone already seemed to know: The recovery from the Great Recession has slowed, which has resulted, along with some technical changes, in a lowering of tax revenue expectations of $28.8 million for the current fiscal year, which started July 1, and $25.7 million for next year.

Standing a block from Main Street in Barre, Governor Peter Shumlin today announced two grants that will allow the City of Barre to address flood risks, clean up environmental contamination and redevelop a central part of its downtown known as Enterprise Aly. Long slated for improvements in Barre’s master plan, the area was flooded in the spring of 2011 when the Stevens Branch overflowed its banks during heavy storms. Flood waters damaged the area -- the site of environmental contamination – and flowed into the back of Main Street businesses, threatening the spread of hazardous materials.

by Anne Galloway vtdigger.org Scott Milne, the Vermont GOP-endorsed gubernatorial candidate, formally launched his campaign Wednesday in Barre with a one-two punch aimed at Governor Peter Shumlin. Milne promised not to vilify the governor’s character, and then promptly walked into a backhanded attack on Shumlin’s governing strategy. “Bullying tactics are not respected where I come from,” he said. “Leadership is defined by trust, not brazen displays of power.”

In a flat monotone, Milne described the Shumlin administration as “ultra-progressive,” “radical,” “brazen” and “reckless,” as he took swipes at the governor’s health care, energy and economic policies.

by Timothy McQuiston Vermont Business Magazine Governor Peter Shumlin and Administration Secretary Jeb Spaulding said Thursday that Vermont continues to recover from the deepest recession since the Great Depression and that the current state budget will need to be cut $31 million in order make up for lagging tax revenues. In Fiscal Year 2013, Vermont’s General Fund receipts were up $91 million over the previous year. This past fiscal year saw continued growth, with receipts $46.6 million higher than 2013. Since 2011, receipts have increased by a total of $179.6 million, helping reverse the trend of declining revenue brought about by the recession.