Current News

NCO Financial Systems, Inc., a subsidiary of NCO Group, Inc, a provider of business process outsourcing services, announced that it has signed Assurance of Voluntary Compliance agreements (collectively, the "AVC") with the following States:Alaska,Arkansas,Idaho,Illinois,Iowa,Kentucky,Louisiana,Michigan,Nebraska,Nevada,New Mexico,North Carolina,North Dakota,Ohio,Oregon,Rhode Island,South Carolina,Vermont, andWisconsin(collectively, the "Multi-State Group").

Ledyard Financial Group, Inc. (ticker symbol LFGP), the holding company for Ledyard National Bank, today reported its financial results for the fourth quarter of 2011. Net income for the quarter ended December 31, 2011, was $690,277, or $0.67 per share compared to $601,853 or $0.59 per share for the same period in 2010, an increase of $88,424 or 14.69%. Net income for the twelve months ended December 31, 2011, was $2,609,013, or $2.53 per share compared to $2,528,888, or $2.47 per share for the same period in 2010, an increase of $80,124 or 3.17%. The Company continues to be impacted by a slowdown in lending activity due to general economic conditions. In addition, the fourth quarter results in 2011 were impacted by an addition to the allowance for loan losses (’Allowance’), increased expenses associated with non-performing loans, and the charge off noted below relating to a single loan taken this quarter.

The Clark Group, a national environmental consulting and government affairs firm, with offices in Montpelier, VT and Washington, DC, announced today that it has been awarded a $34 million blanket purchase agreement to provide the EPA with technical, analytical and outreach assistance to the national ENERGY STAR® program in the Commercial, Institutional, and Industrial (CI&I) sectors.
The Clark Group's partners on this contract are two Vermont-based, non-profit organizations with unparalleled experience in energy efficiency program design, analytics, and implementation: the Vermont Energy Investment Corporation (VEIC) located in Burlington, VT, and the Institute for Energy and the Environment (IEE), located at the Vermont Law School in South Royalton, VT. VEIC is widely known for its management of Efficiency Vermont, the nation's first energy efficiency utility.

Green Mountain Power and Central Vermont Public Service have launched a new website, www.gmpcvpsmerger.com, packed with information on the pending merger of the companies.
The joint GMP-CVPS site contains important information for customers, including the package of merger benefits, as well as a calendar highlighting the rigorous state and federal regulatory approval process now under way.
The site includes status updates on all the required approvals necessary for the sale of CVPS to GMP parent, Gaz Metro Limited Partnership, and the merger of the two Vermont utilities. So far, five of the 10 necessary approvals have been received or waived, including approvals from CVPS shareholders, the U.S. Department of Justice, and other states in the region.

Statewide assessment results for Fall 2011 were released by the Vermont Department of Education today at a press conference held in Montpelier. The results are from the New England Common Assessment Program (NECAP) exams, given to Vermont public school students in grades three through eight and grade 11. Students are tested in Reading and Mathematics. Writing is assessed at grades 5, 8, and 11. Science is given in grades 4, 8 and 11 each spring.
The following table illustrates the percent of Vermont students proficient in the content area by grade span:

Grade Level

Reading

Math

Elementary/Middle School (3-8)

74%

65%

High School (11)

73%

36%

Grade Level

Writing

Science*

Elementary School

54%

53%

Middle School

59%

29%

High School

48%

30%

*Science assessed in May 2011

Joe Perrotto, President and CEO of Country Home Products (CHP), today announced the spin-off of its Sunward solar hot water division. The new company -- Sunward Systems, LLC -- will continue to offer residential solar hot water systems and be headquartered in Vergennes.
‘Development of a solar hot water product line has been a great experience for CHP,’ said Perrotto. ‘Sunward sales grew by over 50% last year and it has become Vermont’s most popular brand of solar hot water system. But that growth was not in the sales channels we anticipated, and the more Sunward grows the more it will conflict with our core brand -- DR Power Equipment.’
Sunward Systems LLC will be located in lower level of 75 Meigs Road in Vergennes.
‘In most cases existing customers won’t notice the transition,’ said Perrotto. ‘This is a win-win. CHP and Sunward Systems will focus on what they each know best, and customers will reap the benefits.’

Vermont State Auditor Tom Salmon, CPA, CFE, today released the results of an audit that looked at how the state ensures that it does not pay Medicaid funds to providers that owe state taxes.
The Medicaid program is the largest human services program in Vermont. In fiscal year 2011, about $1.27 billion was spent on Vermont’s Medicaid program with about $412 million coming from state funds.
The Department of Taxes reported that in October 2011, about $130 million in taxes owed to them was more than 60 days overdue. Our audit addressed the question of whether any of these back taxes might be owed by Medicaid providers who would have the potential to receive state funds while owing the state money.
The audit found 68 Medicaid providers that owed a total of about $360,000 in state taxes was delinquent more than 60 days. These were a mix of provider types, including physicians, durable medical equipment suppliers, and pharmacies.

A St. Johnsbury Academy organization for Career and Tehnical Education (CTE) students has been awarded a $10,000 grant from the Lowe’s Charitable and Educational Foundation that will be used to build a new garage for the Lyndon Outing Club’s grooming and safety equipment.

‘Local families and their children will be the primary beneficiaries of the project,’ the club’s grant application said. ‘If the (Outing Club) is able to keep its equipment secure, it will be able to continue to provide affordable outdoor recreation opportunities for the families of our area.’

The application also noted, ‘Most of the families who utilize the (Outing Club) are families who cannot afford to bring their children to expensive ski resorts.’

The partnership between Fletcher Allen Health Care and the Vermont Federation of Nurses and Health Professionals (VFNHP) Local 5221 is featured in a Feb. 15 report being released by the Healthcare Transformation Project at Cornell University’s ILR School.
In addition to state health reform initiatives (Act 48), recent joint labor-management work at Fletcher Allen Health Care could provide a national model for labor-management partnerships, according to the report.
‘The partnership, known as the Model Unit Process, is particularly timely as it advances the goals of both state and national health reform,’ according to Peter Lazes, director of Cornell’s Healthcare Transformation Project.

by Ed Barna Back in 1993, state legislators approved the ‘Mack Molding Bill,’ which created incentives to help keep the company expanding in Vermont rather than crossing the line and accepting offers from New York State.
Eight years later, Mack still matters, especially to Bennington County, where it maintains a major plant in Arlington. As a contract manufacturer, the company does much more than manufacturing’design, engineering, prototyping and testing are among their services’a versatility that has helped establish them as a presence in the industrial, transportation, computer, business equipment, medical, consumer and energy/environmental markets.

Where you live in the US makes a big difference in the level of health coverage assistance your children can receive from government-sponsored programs, according to the Foundation for Health Coverage Education (FHCE).Responding to reports that 1 in 6 children in the U.S. is uninsured, the non-profit (www.CoverageForAll.org), whose mission is to educate the uninsured, has ranked states by their Children's Health Insurance Programs' maximum income limits that would allow their children to be eligible for free or low-cost coverage.

With Vermonters preparing their tax returns, US Representative Peter Welch today traveled to Waterbury to outline federal tax relief available to Vermont individuals and businesses affected by Tropical Storm Irene.
‘Irene caused catastrophic damage to many Vermont homes and businesses,’ Welch said. ‘As Vermonters continue working to get back on their feet, they should know there is federal tax relief available to them that may help lessen the burden.’
At the home of Carrie Beck ‘ which sustained damage during Tropical Storm Irene ‘ Welch outlined a number of federal tax relief provisions for which Vermonters affected by Irene may qualify. These include:
· Individuals and businesses that sustained damage may be eligible to deduct storm-related losses from their income tax returns
· Taxpayers who reside or have a business in a disaster area may be eligible for extended deadlines from the IRS