Current News

Winooski and Burlington School Districtsannounced today that they have received a three-year, $3.7 million grant from the Nellie Mae Education Foundation (NMEF), the largest charitable organization in New England focused exclusively on education, to support student-centered approaches to learning. The grant will be used to develop personalized, proficiency-based learning approaches to be developed by educators in partnership with students, parents and community partners.

Burlington, VT‘ Through its grant award program,theNortheast Delta Dental Foundation invested $68,500 in Vermont oral health programs in the second half of 2011 to provide oral health education and increase access to dental care. Grant recipients included: HealthHUB, South Royalton and Bethel; Fletcher Allen Health Care, Burlington; Health Connections of the Upper Valley; Good Neighbor Health Clinic and Red Logan Dental Clinic, White River Junction; and Head Start/Early Head Start Tooth Tutor Program, statewide; and, in addition, provided over $4,000 worth of oral health supplies for Irene flood relief.

by Kate DuffyVermont Business MagazineFor 50 years after it was founded in 1956, the Vermont Electric Power Company, or VELCO, considered itself a maintenance company. Created by local utilities as the nation’s first statewide transmission-only company, it was charged with maintaining the grid that delivered electricity across Vermont.
In the past five years, that has changed. As the company expanded and upgraded what had been an ‘antiquated’ system, it evolved into a construction company as well. And that evolution is continuing.
‘We’ve really grown exponentially,’ VELCO spokeswoman Shana Duval said. ‘Our primary mission is still to maintain Vermont’s transmission system in a reliable and cost-effective manner, but in the past decade VELCO has made significant investments in transmission infrastructure.’

Senators Bernie Sanders (I-VT) and Patrick Leahy (D-VT), Representative Peter Welch (D-VT) and Governor Peter Shumlin (D-VT) issued the following statement today after the US Postal Service announced plans to consolidate mail processing centers and close the facility in White River Junction, Vermont, where it has 245 employees.

The Boston Beer Company, Inc (NYSE: SAM), parent company of Burlington, Vermont-based,Alchemy & Science,reported net income for the fourth quarter of$17.8 million, or$1.33per diluted share, an increase of$5.6 million, or$0.46per diluted share, from the fourth quarter of 2010. This increase was primarily due to increased core shipment volume and the favorable impact of a state income tax settlement in the fourth quarter, partially offset by increased advertising, promotional and selling expenses. Net revenue for the fourth quarter of 2011 was$142.1 million, an increase of$26.3 million, or 23%, over the fourth quarter last year, mainly due to core shipment volume gains with minor improvement in pricing. For the twelve months endedDecember 31, 2011, net revenue increased by 11% to$513.0 millionand the Company's earnings per diluted share, inclusive of the recall settlement, were$4.81, an increase of$1.29per diluted share compared to 2010.

Citing Vermont's "low debt burden which is maintained through adherence to debt affordability guidelines, as well as its conservative financial management and maintenance of sound reserves," Fitch Ratings has assigned an 'AAA' rating to the following State of Vermont general obligation (GO) bonds:
--$25 million GO bonds, 2012 series A (Vermont Citizen Bonds);
--$28 million GO bonds, 2012 series B;
--$10 million GO bonds, 2012 series C (Federally Taxable);
--$69.2 million GO refunding bonds, 2012 series D.
The bonds are expected to sell as noted above during the week of March 5, 2012.
In addition, Fitch affirms the 'AAA' rating on the state's outstanding GO bonds.
The Rating Outlook is Stable.
SECURITY
The bonds are general obligations of the State of Vermont and secured by the full faith and credit of the state.
KEY RATING DRIVERS

Vermont’s congressional delegation ‘ Senator Patrick Leahy, Senator Bernie Sanders and Representative Peter Welch ‘ announced on Wednesday a $930,000 federal loan guarantee to Jasper Hill Farms in Greensboro. The funds will support 20 existing jobs and create 14 new ones.
Approved by US Department of Agriculture Rural Development (USDA RD), the loan guarantee will be used to finalize construction of two unfinished cheese cave vaults, which are carefully controlled environments where cheeses are aged. Additionally, the funds will help with the completion of office and lab space.

by Colin Ellis, Vermont Business MagazineA dairy farm in the town of Franklin will soon be turning their animal waste into electricity for local buyers.
Riverview Farm has signed a contract with Bio-Methatech to build a biogas system on the farm in the spring of 2012. Using a process known as biomethanisation, the farm will be able to turn various forms of animal, farm and organic wastes into electricity, heat and animal bedding all while using a source of renewable energy. The electricity created will be sold to a public electricity network.
David Dunn, manager of renewables at Central Vermont Public Service Corporation, said that this is the first Vermont project for Bio-Methatech.
‘This is the first Bio-Methatech digester project in Vermont,’ Dunn said. ‘The system is fully designed, the contract is signed, all the financing is sorted out and construction will begin in the spring.’

Senator Bill Doyle today announced the questions that would appear on his annual Town Meetingsurvey.This is his 42nd year of conducting the survey. The results should be available about twoweeks after Town Meeting Day.Some of this year's questions include Vermont's efforts to closeVermont Yankee, should drivers be prohibited from using cell phones, and should Vermont have a four-year term for Governor.

The survey also asks if Governor Shumlin is doing a good job, and whether the Vermont Legislature isdoing a good job.Other questions ask whether Vermonters are optimistic about their future andwhether Vermonters are optimistic about the future of our nation.

Senior vice president and chief financial officer of Central Vermont Public Service Pamela Keefe has been appointed CFO of the Electric Power Research Institute effective April 1. Keefe will remain at CVPS until March 30 to ensure a smooth transition. Keefe played a critical role in the company’s financial recovery and return to investment grade.

‘Pam has done a fantastic job for CVPS, our shareholders and our customers,’ President and CEO Larry Reilly said. ‘Following her arrival in 2006, when CVPS’s debt was below investment grade, Pam significantly improved our financial reporting, helping make it clearer and more informative, and played a critical role in improving CVPS’s access to capital through both debt and equity markets, to the benefit of shareholders and customers alike.

The University of Vermont Board of Trustees announced this morning that E Thomas Sullivan, JD, has been selected as the next president of UVM.When he takes office on July 15, Sullivan -- who until last month served as senior vice president and provost at the University of Minnesota -- will become UVM’s 26thpresident in the 221 years since the university was founded.

Governor Shumlin gives Tom Sullivan a Vermont atlas to help him find his way around the state.

IBM in Vermont has received the "Best Overall Energy Project in New England Award" from the New England Chapter of the Association of Energy Engineers. IBM was recognized for its ‘Free Cooling Project,’ which makes use of outside winter air to produce air conditioning for its semiconductor manufacturing and related operations that require cooling year-round. The process reduces IBM’s use of both electricity and water, and saves the company up to $700,000 annually.
The IBM Vermont semiconductor manufacturing and development site covers 3.5 million square feet and uses more than 400,000,000 kilowatts of electricity each year. A significant portion of that energy is required to cool the temperature of its manufacturing facility. The Free Cooling process eliminates the need to operate for up to three, 2000-ton chillers by using the cold Vermont winter air to create the chilled water for the IBM’s air conditioning system.