Current News

Secretary of Administration Jeb Spaulding released the March 2012 tax revenue results today. While General Fund revenues rebounded nearly across the board, as did the Education Fund to a lesser degree, the Transportation Fund was below expectations. These results are consistent with an improving economy, except with the price of gasoline, now hitting $4 a gallon, and an early end to the ski season slowing gas tax and rooms & meals tax receipts.
General Fund revenues totaled $87.49 million for March 2012, and were +$7.45 million or +9.30% above the $80.04 million consensus revenue forecast for the month. Year to date, General Fund revenues were $838.12 million, and -$6.71 million or -0.79% short of the target of $844.82 million for FY 2012. The FY 2012 results through March remain ahead of the same period for the prior fiscal year (FY 2011) by 2.76%. March is the ninth month of fiscal year (FY) 2012.

First quarter licensure of new captive insurance companies is off to a strong start with eight new captive licenses in 2012, according to data released by the Vermont Department of Financial Regulation (formerly BISHCA). Vermontâ s legislature has also passed new captive insurance legislation that has been signed into law byVermont Governor Peter Shumlin.
â We are committed to making sure Vermontâ s captive law keeps pace with the needs of the industry,’said Governor Shumlin. â We welcome the industryâ s input to make sure our law is the â Gold Standard’for regulation.â
â We had a great first quarter with the licensing of eight new captives,’saidDavid Provost, Vermontâ s Deputy Commissioner of Captive Insurance. â 2011 was only the 6th year in our history that Vermont surpassed 40 new captives and this first quarter makes for the strongest start since 2005.â

by vtdigger.org In an order issued Thursday, the Vermont Public Service Board shed some light on whether it believes Entergy Corp. should continue paying into a fund for renewable energy under its agreements with the state.
The board declined to state definitively whether Entergy, the owner of Vermont Yankee nuclear power plant, needs to make scheduled payments to the Clean Energy Development Fund.
The Department of Public Service, which represents ratepayers before the board, had asked that the company be required to continue its obligations to the state during the relicensing process. The board has allowed the plant to keep operating even though its state license expired March 21.

What began as the Bob-White Systems Low Impact Pasteurizer has moved beyond the live prototype stage and is now officially called LILI: Low Input-Low Impact Pasteurizer.
The name more accurately reflects how the system works, but it also encapsulates our micro-dairy farming philosophy at Bob-White Systems: Low input, because we think running a thriving, profitable small farm shouldn't take over your life (or budget); and low impact because local, sustainable community-based agriculture is an environmental imperative.

This yearâ s competition for the highly anticipated Deane C Davis Outstanding Business of the Year Award was impressive. There were a record 25 companies nominated and 16 companies considered for the award this year. All of the Vermont businesses who applied for this prestigious award were worthy, but only three could be named as finalists.The finalists this year are Chroma Technology of Bellows Falls, Dealer.com of Burlington and The Foley Family of Companies of Rutland. All three businesses exemplify the standards by which the Deane C Davis Outstanding Business Award nominees are judged.

The Vermont Challenge, a multi-day cycling event, has named The Stratton Foundation as the official charitable partner of the inaugural event, which will be held in southern and central Vermont August 15 - 19, 2012.

All donations from riders, optional fundraising efforts of our riders, and a portion of the revenue and sponsorship funding, will be provided to The Stratton Foundation to address the needs of the Vermonters affected by Hurricane Irene in the communities touched by The Vermont Challenge.

Superior Technical Ceramics (STC) has chosen Brandthropology to spearhead its new marketing efforts. The St. Albans based company is an internationally recognized leader in the specialized technical ceramics field.

STC President Richard Feeser said of his partnership with Brandthropology, â As we look to increase our annual revenue, weâ ve identified the need for a more disciplined and orchestrated marketing system to achieve our goal.â

After a three agency pitch, STC felt Brandthropology was the right partner to design a more cohesive brand. â We found their record of creating outsized returns by intelligently orchestrating branded communications, via both offline and online marketing channels, especially impressive,’Feeser said.

by Colin Ellis Vermont Governor Peter Shumlin and Senator Bernie Sanders will speak at a rally to support closing the Vermont Yankee nuclear reactor. The â Rally to Support Vermont and Defend Democracy’will be held on the Brattleboro Town Common at noon on Saturday.
Vermont Yankee was commissioned in 1972 with a 40-year license. In February 2010, the Vermont Senate voted 26 to 4 not allow the plant to operate past 2012, citing numerous problems with the facility including tritium leaks, misstatements in testimony by plant officials and others. However in 2011, the Nuclear Regulatory Commission issued a 20-year license renewal, meaning the plant would remain in operation until at least 2032. However, it has not yet received a new Certificate of Public Good permit to operate by the Vermont Public Service Board.

The New Hampshire Charitable Foundation announced it made more than 1200 awards totaling $8.7 million in the first quarter of 2012.
Most of the awards this quarter ‘578 grants totaling nearly $5.2 million ‘came from funds established to benefit specific nonprofits or specialized grant programs, such as the Wellborn program for environment, ecology and place-based education in the Upper Valley. More than $2.5 million from a total of 395 grants were directed through donor advised funds to support the arts, education, basic needs and a range of other programs important to foundation donors. Students received more than $1 million in aid during the quarter.
Other than the government, the New Hampshire Charitable Foundation is the largest grant maker to nonprofits in the state. It is also the largest non-governmental source of student aid in New Hampshire.
Concord, NH. 4.11.2102.

Fidelity Bank and People's United Bank, a subsidiary of People's United Financial, Inc, announced today a definitive agreement by which Fidelity Bank will acquire certain deposits and the branch office of the People's United Bank location at 75 Main Street,Leominster, MA. Completion of the transaction is anticipated mid-year of 2012 and is subject to customary closing conditions, including the receipt of regulatory approvals. Fidelity Bank has agreed that all employees at the acquired People's United Bank branch will be offered comparable positions at Fidelity Bank.

The state of Vermont is calliing into question a national review of state business development tax incentives. Vermont, according to a report released Wednesday by the Pew Center on the States, is one of several states that is not looking hard enough at the results of tax incentives used for economic development. Vermont is among half the states "trailing behind" in its review of these incentive policies. However, that study did not include Vermont's principal incentive program.
The Vermont Agency of Commerce issued a statement Friday saying that while it appreciates the work done by the Pew Center for the States, including their recently released report, â Evidence Counts,’an evaluation of State tax incentives for jobs and growth, it is missing a key element in its evaluation of Vermont.

The Northeast Kingdom Chamber of Commerce is pleased to announce the selection of Robert Swartz as the 2012 Citizen of the Year.Swartzreceived the honor for his extensive service to area cultural, health and educational organizations, especially his many years dedicated to Catamount Arts and the Northeastern Vermont Area Health Education Center.
The awards banquet being held on Friday, May 4, 2012, at the Academic Student Activities Center, Lyndon State College, Lyndon Center, VT (directions). The ticket price is $34 per person. The social gathering will start at 6 pm with buffet dinner to follow at 7 pm.
To attend, complete the attached reservation formand mail to NEK Chamber, 2000 Memorial Drive, Ste. 11, St. Johnsbury, VT 05819 or fax to 802-748-0731. RSVP by April 27 at 802-748-3678 or [email protected].