Current News

by Morgan True vtdigger.org bill that shifts responsibility for overseeing the sale of hospital assets from the Department of Financial Regulation to the Green Mountain Care Board won preliminary approval Thursday in the House. The bill, H.596, is set for a final House vote Friday.
The legislation is designed to ensure that if any of Vermont’s 14 nonprofit hospitals sell expensive equipment or facilities to for-profit companies that the price is fair and the money is used in a way that preserves their public benefit.
Aerial view of the Fletcher Allen Health Care campus. Photo courtesy of FAHC.
The current oversight rules were enacted in 2005 in response to the sale of nonprofit hospitals to private companies in several other states, Assistant Attorney General Elliot Berg said.

by Hilary Niles vtdigger.org Representative Peter Welch (D-Vermont) made an appearance at Burlington International Airport on Thursday to encourage collaboration among Vermont companies that supply the global aerospace industry.
The combined industries of aerospace manufacturing and commercial aviation represent about $2 billion in value, according to the Vermont Chamber of Commerce. The chamber’s Vermont Aerospace and Aviation Association, a special initiative geared toward developing the industry in the state, held an ‘aerospace summit’ Thursday at airport, where Welch spoke.

by Anne Galloway vtdigger.org The Vermont House gave preliminary approval of the $12.63 million Budget Adjustment Act on Thursday. Lawmakers are expected to pass the mid-year adjustment to state spending for fiscal year 2014 on Friday.
The additional spending in the current budget year brings the General Fund budget up to $1.37 billion.
The bill is a snapshot of ‘ups’ and ‘downs,’ or unanticipated savings and expenditures, six months into the new year.
The budget adjustment includes $2.85 million to cover an ongoing budget deficit at Vermont Veterans Home; $3.22 million in emergency housing; a $7.17 million increase in the Medicaid caseload; $1.55 million for prison detainees; and a $570,000 increase in spending for the Brattleboro Retreat.

New unemployment claims fell again last week to their lowest level since before Thanksgiving. For’ the week of January 4, 2014, there were 778 new, regular benefit claims for Unemployment Insurance in Vermont. This is a decrease of 210 from the previous week's total, and 332 fewer than they were a year ago.
Mathew Barewicz, economic and labor market information chief at the Vermont Department of Labor, said the recently high unemployment claim pattern is typical of the holiday season in Vermont, he said, as the economy transitions from warm to cold weather labor requirements and also reflects temporary hires and layoffs.
Altogether 9037 new and continuing claims were filed, a decrease of 827 from a week ago and 891 fewer than a year ago. The Department also processed 285 First Tier claims for benefits under Emergency Unemployment Compensation, 2008 (EUC08), 39 fewer than the previous week.

by Anne Galloway vtdigger.org Governor Peter Shumlin reiterated at a news conference Wednesday that Vermont's statewide property tax is going up dramatically this year because school boards aren’t doing enough to contain spending.
Governor Shumlin was at the Duxbury school in December to help launch its solar energy project.
Lawmakers, school board members and the head of the Vermont School Boards Association say it’s unfair to blame schools because most of the increase is not related to school spending. They say changes to the $1.5 billion Education Fund made by the Legislature and the Shumlin administration that have led to hikes in the statewide property tax.

Twin Pines Housing Trust and Ledyard National Bank are proud to announce that the Federal Home Loan Bank of Boston (FHLBB) approved Affordable Housing Program funding for the Hartford (Vermont) Scattered Site Project. The Affordable Housing Program allows the Federal Home Loan Bank of Boston to address, in partnership with member institutions such as Ledyard, affordable-housing needs primarily in communities across New England.
The Hartford Scattered Sites Project involves the rehabilitation of eight buildings on five distinct properties in Hartford, Vermont.’ It will help preserve, for the long-term, a vital housing resource for low-income families in the Town of Hartford.

Blake Hill Preserves, producers of all-natural, artisanal chutneys, jams and marmalades, is excited to announce that its rich Plum & Fennel Chutney has won this year’s Good Food Awards ‘ the first ever chutney to win in the four-year history of the Awards. Not only is this honor a record breaker for the Good Food Awards, but the organization has also bestowed accolades on two additional Blake Hill Preserves entries. Nominated as Finalists are the Grapefruit, Lemon & Thyme Marmalade, and Raspberry & Hibiscus Jam. Blake Hill is the first preserves maker ever to receive three Good Food Awards in one year.’

Gemstone Hotels & Resorts, a full-service hotel management company that specializes in owning and operating luxury and upscale urban hotels and resorts, today announced the company has assumed management of the 120-room, AAA Four Diamond Essex Culinary Resort and Spa in Essex, Vermont. The resort, formerly knows as the Inn at Essex, is situated on 18 acres tucked between Vermont's Green Mountains and Lake Champlain.
"Essex Culinary Resort and Spa is a hand-in-glove fit with our growing portfolio of 18 luxury and upscale resorts and hotels," said Jeff McIntyre, principal of Gemstone. "Essex is smartly on-trend for today's food-savvy, wellness-focused traveler, and our team has a unique understanding of the operational and marketing needs of one-of-a-kind resort properties. Gemstone specializes in creating and celebrating 'brands of one'."

by Hilary Niles vtdigger.org A new statutory definition of ‘independent contractor’ is in the works ‘ again. The effort is driven in part by Vermont’s burgeoning creative economy, including game designers, computer programmers and website developers, according to Secretary of Commerce Lawrence Miller.

Northfield Savings Bank is dedicated to giving back to Vermont communities.’ Known for its role as a corporate citizen, NSB proudly donates 10% of profits to Vermont community organizations. In 2013, NSB donated $560,000 to over 175 non-profits to end hunger, teach literacy, protect the environment, promote the arts, and more.’
The Boys and Girls Club of Burlington is one organization which received support for their afterschool programs.’ Tanya Benosky, Director of Development for’ the Club, states ‘Northfield Savings Bank has been an important part of the Boys & Girls Club community for many years.’ They have partnered with us to ensure that our Club members have what it takes for them to be successful, be it providing nutritious food and wellness activities or academic and career support.’ We are very fortunate to have such a thoughtful community partner by our side, providing opportunities that help vulnerable youth realize their full potential.’’

As Vermont endures another cold snap and power prices in the region escalate, Green Mountain Power notes that power from Kingdom Community Wind (KCW) in Lowell continues to offset the high peak prices in the marketplace for Vermonters.
During the bitter cold in December, energy prices on the open market hit a high of 60 cents per kilowatthour. During that same period, KCW generated at 9.3 cents per KWH enough power for 16,500 homes from wind. Green Mountain Power stated that this is part of its continued commitment to deliver reliable, low-cost energy to Vermonters, and Kingdom Community Wind is a key initiative.

Merchants Bancshares, Inc (NASDAQ: MBVT), the parent company of Merchants Bank, announced that its Board of Directors declared today a dividend of 28 cents per share, payable February 20, 2014, to shareholders of record as of February 6, 2014. This quarter represents its 69th consecutive quarterly dividend payment and its 33rd consecutive quarter at the current payout level.
Merchants also announced the extension, through January 2015, of its stock buyback program, originally adopted in January 2007. Under the program, Merchants may repurchase up to 200,000 shares of its common stock on the open market from time to time, and has purchased 143,475 shares to date. Although Merchants did not repurchase any of its shares during 2013, Merchants would like to continue to preserve its capital management flexibility with an active buyback program.
Merchants plans to release earnings on or about January 28, 2014.