Current News

by Representative Heidi E Scheuermann There have been many opinions about how successful the 2013-2014 legislative session was. Just prior to adjournment, Governor Peter Shumlin told the House of Representatives "we have made this biennium one of the most productive in recent memory." In other press reports, House Speaker Shap Smith called the last session, "incredibly productive."

But does this predictable self-congratulatory back-slapping tell the real story? Unfortunately, no. It belies the lack of real results in the areas most important to the working families, and overall economic vitality, of our state.

Vermont mortgages in foreclosure are down and total nonperforming mortgages have fallen substantially in the last year, as they have across the country. The March numbers are down 17 percent from last year and are down a full point from February. The Data and Analytics division of Black Knight Financial Services has released its latest Mortgage Monitor Report, looking at data as of the end of March 2014. The data showed that, as home prices have risen over the past two years and many distressed loans have worked their way through the system, the percentage of Americans in negative equity positions on their mortgage has declined considerably. Meanwhile, those loans already in the foreclosure process have been aging substantially.

Seven high schools from all over Vermont participated in the Envirothon competition at Farm and Wilderness Camps May 13. The Envirothon is a hands-on natural resource competition that helps high school students focus on Vermont’s environmental issues related to forestry, wildlife, soils and water resources through real-world learning in a teamwork environment. This year, first place went to People’s Academy in Morrisville. Their score of 473 points earned them a trip to Heifer International Farm in Rutland, VT, where they will represent the state at the Inaugural New England Regional Gathering.

PC Construction has been awarded two major projects to bring advanced wastewater treatment technologies to the Washington, DC and the Atlanta metropolitan areas. The projects help strengthen the company’s position as one of the nation’s leading builders of wastewater treatment facilities. Both projects will lead to significant milestones for PC Construction and its clients.

Upon completion, the DC Water Blue Plains Advanced Wastewater Treatment Plant will be the largest DEMON® facility in the world. And the construction of the Shakerag Water Reclamation Facility in Georgia positions PC Construction as one of the top membrane contractors in the country.

DC Water: Blue Plains Advanced Wastewater Treatment Plant

by John Herrick vtdigger.org One of the nation’s top renewable power suppliers said it will no longer trade Vermont’s renewable energy credits, which are also counted toward the state’s clean electricity goals. NextEra Energy announced last week that it will no longer take double-counted power in a letter to New England renewable energy credit brokers. The $15 billion North American company purchases and sells renewable energy credits (RECs).

“It is a fundamental principle of all renewable energy market sales that the environmental characteristics associated with the electric energy generated cannot be counted or claimed twice,” NextEra Energy officials wrote.

Vermont Businesses for Social Responsibility has announced that the member businesses in the Business Energy Action (BEA) challenge have reduced their overall energy consumption by 5.6 percent, beating the program’s stated goal of 5 percent. Companies from law offices to restaurants, from a single employee to some of the state’s biggest employers, all worked to reduce their footprint from electricity and heating needs.

Maclay Architects in Waitsfield has been incrementally reducing their overall office energy use over the past fifteen years.

Fitch Ratings has affirmed the senior student loan notes at 'AAAsf' and the subordinate student loan notes at 'Asf' issued by Vermont Student Assistance Corp Series 2013-1. The Rating Outlook for the notes, which is tied to the sovereign rating of the US government, is Stable.

KEY RATING DRIVERS

High Collateral Quality: The trust collateral is comprised of 100% of Federal Family Education Loan Program (FFELP) loans. The credit quality of the trust collateral is high, in Fitch's opinion, based on the guarantees provided by the transaction's eligible guarantors and at least 97% reinsurance of principal and accrued interest provided by the U.S. Department of Education (ED). Fitch affirmed at 'AAA' and assigned a Stable Outlook to the U.S. sovereign rating on March 24, 2014.

The nationwide average price of gasoline some seven days ahead of the Memorial Day weekend is almost identical with price levels seen in 2013 and 2012, but dramatic differences are observed when one moves beyond the average and examines detailed fuel prices in states and cities. The nationwide average this weekend is likely to be between $3.60-$3.64 gal, or within a few pennies of the $3.64 gal average from Memorial Day 2012 and the $3.63 gal average on the holiday in 2013. But statewide averages should range between $3.35 gal and $4.35 gal, reflecting the widest regional diversity in recent memory. Vermont is at $3.72, or about 15 cents higher than a year ago. What’s more, the diversity is bi-directional with some states kicking off the driving season with much lower price offerings, while other areas find stiff increases versus previous years.

In the wake of two tragic homicides involving toddlers with a link to the state’s Department for Children and Families (DCF), Governor Peter Shumlin today called for a number of steps designed to ensure that the Department is better able to protect children and support families and re-focus on its core mission of protecting children at risk.

“While the responsibility to protect children does not rest with government alone, we must make certain our Department for Children and Families is doing everything possible to protect Vermont’s children and strengthen our families,” the governor said in a lengthy statement released Wednesday afternoon.

Vermont Business Magazine Ending months of speculation, the man who founded Campaign for Vermont said today that he will not run for governor in 2014. Despite strong urgings by a broad cross section of Vermonters over the past few months and numerous persistent inquiries, Bruce Lisman, a native Vermonter and successful business executive, said he wants to focus on grassroots engagement and non-partisan advocacy.

No Republican has yet to step forward to challenge Democratic Governor Peter Shumlin.

Vermont Business Magazine and the Vermont Chamber of Commerce today announced Dealer.com as the winner of the prestigious and highly anticipated Deane C. Davis Outstanding Business of the Year Award.

Presented by Governor Shumlin at the opening ceremonies of the Vermont Chamber of Commerce Business and Industry EXPO, this annual award honors a Vermont business that shows an outstanding history of sustained growth while displaying an acute awareness of what makes Vermont unique. The award, named for the former governor of Vermont, was created 24 years ago by Vermont Business Magazine and the Vermont Chamber of Commerce to recognize and honor the state's best companies.

The US Treasury Department today announced the transfer of $4,477,238 in State Small Business Credit Initiative (SSBCI) funds to the Vermont Economic Development Authority (VEDA) to help local businesses access the capital they need to expand, grow and hire. Specifically, VEDA will use the funds to leverage greater levels of private lending to small businesses by partnering with local community banks. According to the most recent SSBCI quarterly report, participating states accelerated their expenditure, obligation or transfer of SSBCI funds in 2013, more than doubling the amount reaching small businesses or investment funds.