Current News

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.

by John Herrick vtdigger.org The Environmental Protection Agency wants to see a stronger commitment from the state to clean up Lake Champlain. In a letter to state environmental and agriculture officials last week, the EPA pressed for more details on a plan to reduce phosphorus loading into Lake Champlain. The feds asked the state to provide specific policy commitments, timelines and details, including outcome measures and the delegation of authority.

State Treasurer Beth Pearce will present a proposal to the Vermont State Employees’ Retirement System Board of Trustees that would add a fossil-free mutual fund investment option for employees contributing to the State’s deferred compensation plan. The proposal will be presented at their February 13 meeting.’
‘Employees have the opportunity to invest their supplemental retirement savings in socially responsible investment funds through the deferred compensation plan,’ said Pearce. ‘I am proposing that we add to those options a fossil-free mutual fund alternative. This will provide interested employees with a new investment option and, at that same time, allow Trustees to meet their fiduciary obligation to maximize returns on investments.’’

by John Herrick vtdigger.org Regional planners should be armed with energy plans before developers propose new power projects in their communities, says Chris Recchia, commissioner of the Department of Public Service.
Senate lawmakers want to give landowners and residents a voice in the state’s process to approve energy projects, a process that has received heightened attention in the wake of recent industrial-scale wind development.
Department of Public Service Commissioner Chris Recchia testifies at the Statehouse in September. File photo by Andrew Stein/VTDigger
The Senate Natural Resources and Energy Committee heard testimony Tuesday on a bill, S.201, to give landowners and regional planners a clear chance to present their case before the quasi-judicial Public Service Board.

Entergy Corporation (NYSE: ETR) Wednesday indicated that it expects fourth quarter 2013 as-reported earnings of approximately $0.81 per share and operational earnings of approximately $0.99 per share. Results for fourth quarter 2012 were $1.66 per share on an as-reported basis and $1.72 per share on an operational basis. Entergy also affirmed previously issued operational earnings guidance for 2014.
As-reported results are prepared in accordance with generally accepted accounting principles (GAAP) and are comprised of operational earnings (described below) and special items. Special items were recorded for:
‘¢ an impairment and other expenses associated with the planned closure of the Vermont Yankee Nuclear Power Station and the related settlement agreement reached with the state of Vermont in fourth quarter 2013,
‘¢ expenses for the implementation of the human capital management strategic imperative in fourth quarter 2013, and

EPA Region 1 will hold a public hearing Feb. 26, 2014 in our downtown Boston office to get public input on proposed standards for the amount of air pollution that can be emitted by new woodstoves and other residential wood heaters. The first phase of the proposed emission standards would likely apply to units manufactured and sold beginning in 2015.
Smoke from residential wood heaters can increase air pollution from soot (also known as fine particle pollution) and toxic pollutants to levels that pose serious health concerns. Particle pollution is linked to a range of serious health effects, including heart attacks, strokes and asthma attacks. In some areas of New England, residential wood smoke significantly reduces air quality in winter months.

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Vermont Public Television’s Outdoor Journal, celebrating Vermont wildlife, outdoor recreation and natural habitats, will premiere on Tuesday, Jan. 28, 2014, at 7:30 p.m. Winner of numerous regional and national awards, Outdoor Journal raises awareness of Vermont’s natural landscape and the state’s wondrous array of recreational opportunities.

The annual American Farmland Trust survey of state farm and ranch land protection programs shows a 19 percent increase in funding from 2011 to 2012, but funding levels are still 39 percent below where they were in 2008, according to’ Andrew McElwaine, President and CEO of AFT. Colorado,’ Pennsylvania,’ Maryland,’ New Jersey’ and’ Vermont’ lead the 27 states with active farmland protection programs in the number of acres protected.
"State budget cuts have hit agricultural land protection programs hard in the last five years, but our latest survey shows a very significant 19 percent increase in funding from 2011 to 2012," said McElwaine.’ "This increase shows that a number of states have put a priority on protecting farmland, while state spending on environmental protection programs generally continues in a downward trend.’

KeyCorp (NYSE: KEY) today announced fourth quarter net income from continuing operations attributable to Key common shareholders of $229 million, or $.26 per common share, compared to $229 million, or $.25 per common share for the third quarter of 2013, and $190 million, or $.20 per common share for the fourth quarter of 2012.’ ‘ During the fourth quarter of 2013, Key incurred $24 million, or $.02 per common share of costs related to both its previously announced efficiency initiative and a pension settlement charge.
For the twelve months ended December 31, 2013, net income from continuing operations attributable to Key common shareholders was $847 million, or $.93 per common share, compared to $813 million, or $.86 per common share for the same period one year ago.’ During 2013, Key incurred $117 million, or $.08 per common share of costs related to both its efficiency initiative and pension settlement charge.