Current News
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by Alan Panebaker vtdigger.orgAs the issue of shuttering the Vermont Yankee Nuclear Power Plant heads to the Second Circuit Court of Appeals, legal experts say the case may affect areas of the law beyond regulation of nuclear energy.
The Vermont Attorney General announced Saturday that the state would appeal federal district court Judge J. Garvan Murtha’s decision in favor of Entergy Nuclear Vermont Yankee.
The judge’s lengthy decision, which focused heavily on legislative discussions of radiological safety, could have ramifications for many state legislatures, Vermont Attorney General William Sorrell said Tuesday. Judge Murtha found that Act 160, a law that would allow the power plant’s license to expire if the state did not act, was pre-empted by the Atomic Energy Act because the state was attempting to regulate radiological safety.
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by Alan Panebaker vtdigger.orgLast-ditch efforts to change a health care reform bill in the House failed on the floor Thursday.
For most of the day, state representatives lobbed ideas back and forth over where Vermonters should buy their health insurance starting in 2014.
H. 559, which lays the groundwork for the state’s health benefit exchange, will require individuals and small businesses to purchase health insurance in this online marketplace.
Under the federal Affordable Care Act, participation in health insurance exchanges is voluntary, but the current bill would make it mandatory for some. House Republicans offered two amendments, both of which would have the state put the brakes on that idea.
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Vermont high school seniors posted a strong showing on the 2011 College Board Advanced Placement (AP) exams, the department announced today.
The AP program offers high school students college-level courses in a variety of subject areas. In all, 2,062 Vermont students who graduated in 2011 participated in the AP program and took the exams. More students succeeded on the exam (1,361) than participated in AP 10 years ago (1,176). (SEE CHART BELOW)
‘Vermont students should take pride in their accomplishments on these exams,’ said Commissioner Vilaseca. ‘Advanced Placement classes are rigorous, high-level college courses. These strong results demonstrate that students who are taught the subject matter, who are exposed to these challenges, and who see the value in the course and the assessment, can excel.’
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An ongoing $2.4 million rebuild of the FreePressMedia printing press in Burlington is one piece of a 2012 "Triple Crown" that also involves a new format for the printed edition and a new, content-based subscription plan for Free Press platforms, President and Publisher Jim Fogler announced today.
"We are making a significant investment in our press and making a tangible commitment to our community. We are not only here to stay, we are here to grow. Our print and digital FreePressMedia platforms, including the Burlington Free Press and burlingtonfreepress.com, will continue to deliver high value and quality. For our local business partners who advertise in our printed edition, it’s a reinvented medium designed to deliver added impact."
Fogler said the full scope of FreePressMedia’s enhancements includes:
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Senators Patrick Leahy (D-VT) and Bernie Sanders (I-VT) and Representative Peter Welch (D-VT) announced today that Vermont Rural Ventures will receive $35 million in federal tax credits to spur economic development projects throughout the state.
‘These tax credits will leverage private investment dollars, creating jobs for Vermonters and supporting long-term economic growth in our communities,’ Leahy said.
‘This award is particularly timely for Vermont, given the economic impact and loss of jobs due to Irene. These funds will be used to create good-paying jobs where we need them most,’ Sanders said.
‘This is great news,’ Welch added. ‘With a tough economy and rising gas prices squeezing family budgets, many Vermonters are struggling to find good paying jobs and make ends meet. These targeted investments will give a much-needed economic boost to parts of the state that need it most.’
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Governor Peter Shumlin today applauded the Obama Administration for finalizing a federal rule granting states, including Vermont, more flexibility in efforts to control health care costs for families and businesses, and guarantee that affordable coverage is available to more Vermonters. The rule would allow states to obtain a waiver from certain requirements of the federal Affordable Care Act and implement reforms that deviate from the federal model.
‘Vermont is moving aggressively to control health care costs for individuals and small businesses, and to get the cost of health care off the backs of employers,’ Shumlin said. ‘I appreciate the President’s recognition that states like Vermont have good ideas for going beyond the requirements of the ACA to cover everyone and control costs. States should be able to move further, faster in tackling this problem.’
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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.
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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.
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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.’
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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.
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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.
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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