Current News

Republican mayoral candidate Kurt Wright dropped the first bomb shell of the Burlington mayoral race yesterday with his suggestion that the city should sell the Burlington Electric Department. Wright explained that the sale would help pay for mounting debt in the city’s largest city, in particular a looming $50 million shortfall in the pension fun, a $17 million budget deficit and the on-going mess with Burlington Telecom, which along with being a financial failure to date is dragging the city’s, BED’s and Burlington International Airport’s credit rating down with it.
Wright, a state representative and former chairman of the City Council, emphasized that this would not be a ‘fire sale.’ He said BED is a valuable city asset. If the city could not get a reasonable price, then it should not be sold. He said the utility could fetch more than $100 million net of debt and go a long way toward restory the city's financial situation.

By Timothy McQuiston. A prominent Vermont state senator is asking to be an intervener before the Public Service Board over the merger of Central Vermont Public Service into Green Mountain Power. But that is hardly all Vince Illuzzi wants.
The long-serving Republican wants the PSB to appoint an independent counsel to act as the public’s advocate in the merger case (Docket Number 7770) instead of Department of Public Service Commissioner Liz Miller. The DPS typically acts as the public’s advocate before the regulatory body. He also wants Vermont Electric Power Company in some way separated from control by the new entity.

Governor Peter Shumlin today reminded Vermonters of the upcoming Clean Up Day events on Saturday, and applauded the effort already underway to make this first annual event ‘ a massive statewide push to help Vermonters slammed by Tropical Storm Irene get their homes and lives in order for winter ‘ a success. In addition, the Governor stressed that heavy equipment, dumpsters, dump trucks and chainsaws are still needed for projects.
‘Hosted and organized locally in communities around the state, Clean Up Day is reflective of the community strength and commitment to rebuilding that significantly advanced our initial recovery,’ Governor Shumlin said. ‘On the wish list at the moment are the heavy equipment requests. Communities need dumpsters, dump trucks and other heavy equipment for clean up work. My pitch: If you’ve got this equipment, we hope you’ll help out on Saturday.’

Union Bankshares, Inc (NASDAQ ‘ UNB) today announced Net Income for the third quarter 2011 of $1.4 million, or $0.32 per share, compared to $1.5 million, or $0.32 per share, for 2010. Results for the third quarter of 2011 reflect a $0.01 earnings per share decrease due to direct acquisition expenses incurred during the quarter related to the May 27, 2011 purchase of branches in Grafton, Littleton and North Woodstock, New Hampshire. There was an increase in the net interest income for the quarter of $405 thousand, or 8.6%, an increase in noninterest income of $455 thousand, or 29.2%, a decrease in the loan loss provision of $50 thousand, or 25.0% and a decrease in income tax expense of $64 thousand, or 14/1%. These positive factors were offset by the direct acquisition expenses of $63 thousand and a $939 thousand, or 22.7% increase in other operating expenses.

One of the unexpected consequences of Tropical Storm Irene is the cancellation of the personal firewood lottery for the 2012 season by the VT Department of Forests, Parks and Recreation (FPR).
The popular program allows Vermonters to cut up to three cords of designated standing trees for personal use firewood from state lands for $10/cord. The trees are measured and marked by FPR staff, as groups of hardwoods close to State Forest Highways to make cutting and hauling by hand easier.
Safety is an important concern in both the planning and access of these firewood areas. As FPR staff assessed the impact of Irene on roads and trails, it was discovered that areas scheduled for firewood cutting have been heavily impacted as far as accessibility and safety of roads and bridges. Some of these areas will be repaired in the construction season of 2012, which will present further conflicts for access on narrow forest roads.

Seventh Generation, the country's leading innovator of non-toxic and renewable household solutions and the number one "green" brand in America, has been named a 2011 Leader for Change by the United Nations and the Foundation for Social Change. The award was accepted by Seventh Generation CEO John Replogle at a special presentation at the United Nations Global Conference for Social Change in New York City.
Replogle elaborated on the company's mission to embrace a triple bottom line that balances people, planet and profit in an interview with event moderator and New York Times editor, Jane Bornemeier.

In New England, the US Small Business Administration supported 4,543 loans totaling a record $1.4 billion in 2011 in New England. (SBA’s fiscal year ran from October 1, 2010 through September 30, 2011). This compares with $1.2 billion in 2010 which represents a 14 percent increase this year over 2010 results.
The SBA guaranteed 3,959 loans through its flagship 7(a) Loan Guaranty Program for a total of $783.5 million. These loans are available to purchase or construct real estate, equipment and inventory, to finance fixtures and leasehold improvements, and for working capital.
SBA’s Certified Development Company/504 Loan Program participants were responsible for $636 million in loans to 584 small businesses to construct, purchase or rehabilitate fixed assets such as land, buildings, and machinery and equipment.

Organizers of the Gift-of-Life Marathon announced the goal for the 2011 event today: to break the national record for a one-day community blood drive of 1,968 pints.
‘It will take a tremendous response from the people of Rutland County, but we are issuing the challenge: Let’s top the nation in blood donation,’ said CVPS spokesman Steve Costello, one of the organizers. ‘The need is huge right now, but the spirit of our local communities has never shined brighter than in the wake of Hurricane Irene.’
Added Terry Jaye from WJJR, which co-sponsors the marathon with CVPS: ‘People told us we could never break the New England record, but we’ve done it three times. Now some say the greater Rutland County community can’t break the national record. It will be hard, and we’ll need people from all walks of life to pull together as they did after the storm, but we’ll never know until we try. We think it is possible.’

Efficiency Vermont is providing compact fluorescent light (CFL) bulbs and advanced power strips to the Vermont Foodbank, the state’s largest hunger relief organization at an event Thursday at the Barre Aud. Distributed with boxes of food, the energy-saving devices will be delivered directly to clients of the Commodity Supplemental Food Program, a federal program administered by the Vermont Foodbank to Vermonters who are both age and income eligible. Clients pick up their food box each month at the Barre Auditorium.
‘For every CFL and advanced power strip used, Vermonters save money on their energy bills ‘ that’s extra money they then can use to buy other essentials they need,’ said John Sayles, CEO of the Vermont Foodbank.

Green Mountain Coffee Roasters, Inc, (NASDAQ: GMCR), a leader in specialty coffee and coffeemakers, today outlined its plans for continued growth in Vermont. A major new building in Essex is one part of a local expansion that includes facilities in its home base of Waterbury, in South Burlington and in Williston. GMCR has used a strategy of both new construction and taking existing office and warehouse space that is vacant or becoming vacant to expand its local operations. The growth in Vermont will add about 500 employees to an in-state workforce of about 1,500 over the next year and a half. GMCR employs 4,760 system-wide.

Brattleboro Memorial Hospital will join the New England Alliance for Health (NEAH), effective December 1, 2011.
Mary Hitchcock Memorial Hospital (MHMH) owns and manages NEAH, a limited-liability company under which Dartmouth-Hitchcock shares services with 15 health-care organizations in New Hampshire, Vermont, and Massachusetts, in purchasing, value improvement, staff development and education, and financial planning and benchmarking.
‘We are pleased that Brattleboro Memorial Hospital has decided to join NEAH,’ says NEAH executive director Stephen J. LeBlanc, who also is executive vice president of Dartmouth-Hitchcock Health. ‘By working together, health care organizations in our region can share services that result in greater cost savings than can be achieved on their own.’

Governior Peter Shumlin today announced that the Federal Emergency Management Agency approved an extension to the deadline for individuals and municipalities to apply for federal disaster assistance. The deadline for Individual Assistance and Public Assistance is now November 15, 2011.
‘This is great news,’ the governor said. ‘Vermonters now have additional time to apply for critical assistance from FEMA. I encourage everyone who thinks they might be eligible to contact their local FEMA office now to submit an application.’
The initial deadline was Oct. 31. With cold weather approaching, it was important for the deadline to be extended to allow more Vermonters ‘ many of whom have been distracted with storm cleanup ‘ to seek federal assistance.