Current News

The RE/MAX of New England March Monthly Housing Report shows pending home sales are up on average 26.5 percent over March 2013. Inventory in every state except Vermont shows a decrease year-over-year. Overall home sales show an increase of 31.5 percent month-over-month, an expected trend as the busy spring market arrives. Vermont showed a decrease in total transactions, down -3.5 percent, while median price stayed level at $195,000 year-over-year. Pending sales were up 16.5 percent year-over-year.

According to the Mountain Market Briefing released each month by Denver-based DestiMetrics, increased occupancy and revenue remained the trend for mountain destinations across the country though results varied among participating resorts, in large part due to different weather patterns experienced by the three major regions covered in the monthly report.

by John Herrick vtdigger.org Vermont moved a step closer to requiring that manufacturers label products containing genetically modified organisms sold in the state.

The Senate on Tuesday voted 26-2 to give preliminary approval on the GMO labeling bill, H.112. The bill would go into effect July 1, 2016. It still needs final approval from the Senate and then must be reconciled with a slightly different House version.

The scientific community is divided on whether GMOs are harmful to human health, but Vermont lawmakers say the bill is about consumers’ “right to know” what is in their food.

“It’s simply about information for consumers to make a decision,” said Sen. David Zuckerman, P/D-Chittenden, the bill’s lead sponsor. “Some consumers may think genetic engineering is the best thing since sliced bread.”

by Hilary Niles vtdigger.org Key members of the state Senate want to raise the bar for broadband Internet speeds in Vermont, and they’re looking to change the administration’s lineup to make it happen.

A proposal in the Senate Finance Committee would fold the quasi-public Vermont Telecommunications Authority into the Agency of Administration.

As a counterpoint to the Senate Finance Committee’s broadband discussion, Sen. Chris Bray, D-Addison, reads from a 1905 article from Richmond arguing that electricity is not a necessity, but a luxury. Photo by Hilary Niles/VTDigger

The committee is also pushing for minimum Internet access speeds of 100 Mbps to every address by 2024. The current minimum standard is 0.768 Mbps for downloads and 0.2 Mbps for upload speed.

Lisa Ventriss, President of Vermont Business Roundtable (VBR) and Jeffrey Carr, President, Economic & Policy Resources (EPR), on Tuesday announced the 1st Quarter results of their joint initiative, the VBR-EPR Business Conditions Survey. The survey, which is conducted quarterly, is the next generation of the Roundtable’s economic outlook surveys that began in 2004, and provides a more meaningful and predictive index going forward. The new economic indicator, constructed as a Diffusion Index, is designed to follow economic sentiments of Roundtable members over time, and serve as a tool for analyzing and presenting insight into the Vermont economic outlook, as a leading economic indicator.

Vermont Business Magazine Driven in large part by the City of Burlington's partial settlement with CitiBank over the repayment of Burlington Telecom debt and by the city's overall economic health, a major credit rating service has improved the city's rating from "negative" to "stable." Moody’s Investors Service published a Ratings Report Monday, in which Moody’s improved Burlington’s credit rating outlook to “stable” – revising the City’s rating to “Baa3 stable” from “Baa3 negative.”

In its rating rationale, Moody’s shared the following:

by Morgan True vtdigger.org One or more Vermont hospitals may switch to a system that would dramatically change they way they receive payment, starting by the end of this year.

Rutland Regional Medical Center has asked state regulators to transition to “global budget” payment model and the Green Mountain Care Board intends to test the idea. Other hospitals are considering the plan.

Global budgets are set payments determined by regulators to care for the population a hospital serves, rather than the hospital billing for each individual service it provides.

Vermont has long regulated hospital budgets, and since 2012 the Green Mountain Care Board has set hospital budgets by approving a maximum dollar figure for a hospital’s total revenue.

Currently, when a hospital exceeds its budget it could lead to greater scrutiny from the board and also impact the following year’s budget.

by Laura Krantz vtdigger.org Mental health and substance abuse services providers worry a bill intended to funnel people away from the corrections system and into treatment could flood their programs with new clients without additional funding.

Julie Tessler, the director of the designated agency network of nonprofit service providers, is worried about the financial impact of S.295, a sweeping criminal justice bill that passed the Senate and is now being vetted by several House committees.

State addiction providers are also concerned about the financial affects of S.295, but they are taking more of a “wait-and-see” approach.

Merchants Bank, Vermont’s largest bank, announced the appointment of Brandthropology, Inc. as agency of record for its marketing communications. The firm is tasked with helping consolidate the bank’s position as the leading Vermont-based financial services provider.

Brandthropology will bring significant experience from its engagements with clients in highly regulated industries including Northwestern Medical Center, Champlain National Bank, Kinney Pike Insurance and Hickok & Boardman HR Intelligence.

A number of Vermont rivers are near their banks and are likely to flood areas from Tuesday into Wednesday night or later. The entire state of Vermont is under a Flood Watch and National Weather Service has issued a Flood Warning for a number of river basins. A Flood Warning means flooding is already taking place or is imminent. NWS says flooding will be "minor" to "moderate" meaning:

• Water will overflow riverbanks and cause extensive field flooding
• Basement and other flooding of homes/businesses in flood plains is possible
• Several/numerous roads in flood plains could be flooded.

The Vermont state Emergency Operations Center is open to a partial activation with VT DEMHS staff and will fully activate with other state personnel at 7:00 Tuesday night - or earlier if there is a need. Communities that need assistance or resources should call VT DEMHS.

by Morgan True vtdigger.org Pathways Vermont, a housing and social services nonprofit, faces potential bankruptcy when federal grants expire in October unless the organization can become eligible for Medicaid payments and state funding.

Hilary Melton, executive director of Pathways Vermont, testifies Monday at a public hearing before Department of Mental Health officials. Photo by Morgan True/VTDigger

In its 11th year, the Genworth (NYSE: GNW) 2014 Cost of Care Survey shows the cost to receive long term care services at home in Vermont through a home health aide increased over the past five years. On a national level, the survey shows a dramatic increase in facility based care, such as an assisted living facility or nursing home, while the cost to receive care at home through homemaker services or a home health aide is rising at a moderate growth rate. This is good news for consumers as almost three quarters of people needing long term care prefer receiving it in their homes, according to Genworth's extensive claims data (Long term care claims Experience Data for Genworth Life Insurance Company and affiliates – December 1974-June 30, 2013).