Current News

There were 1,514 new regular benefit claims for Unemployment Insurance last week, a decrease of 655 from the week before, as the data continued to show great volatility. Altogether 14,070 new and continuing claims were filed, an increase of 814 from a week ago and 1,715 fewer than a year earlier. The Department also processed 2,283 First Tier claims for benefits under Emergency Unemployment Compensation, 2008 (EUC08), 63 more than a week ago. In addition, there were 894 Second Tier claims for benefits processed under the EUC08 program, which is an increase of 77 from the week before. The Unemployment Weekly Report can be found at: http://www.vtlmi.info/. Previously released Unemployment Weekly Reports and other UI reports can be found at: http://www.vtlmi.info/lmipub.htm#uc

Vermont’s Blue Ribbon Tax Structure Commission will release its final report on
January 13, 2011 at 11 am in State House Room 11 in Montpelier. The Commission was
created by legislative act in May 2009. The Commission’s purpose, as set forth by statute, was
to examine Vermont’s tax system and recommend improvements for the future. The
commission’s final report will feature findings, recommendations, and a minority report.

Who: Kathy Hoyt, Blue Ribbon Tax Structure Commission
William Sayre, Blue Ribbon Tax Structure Commission
William Schubart, Blue Ribbon Tax Structure Commission

What: Commission hearing presenting the Commission’s recommendations to the Legislature.

When: Thursday, January 13, 2011 at 11:00 a.m.

Where: The State House, Montpelier, VT Room 11

www.vermonttaxreform.org

In an effort to prepare all of New England’s learners with the skills and knowledge they need for full participation in postsecondary education, work and life, the Nellie Mae Education Foundation promotes the integration of Student-Centered Learning across the region. The School Districts in Burlington and Winooski have been selected as one of seven recipients of a one-year, $200,000 planning grant from the Foundation. With this grant, the districts and communities will collaboratively design a comprehensive strategy that builds upon current efforts to fully implement a student-centered education system that meets the needs of all learners.

The Perinatal Project of the Vermont Child Health Improvement Program (VCHIP) in the University of Vermont Department of Pediatrics was selected as the 2010 Champion for Babies by the March of Dimes Vermont Chapter. The award was presented to VCHIP executive director Judith Shaw, Ed.D., M.P.H., R.N., research associate professor of pediatrics and nursing, at the organization’s Signature Chefs Auction & Gala on November 16, 2010.
The Perinatal Project, directed by Jennifer Ustianov, B.S.N., R.N., perinatal outreach education planner for VCHIP, was recognized for the tremendous accomplishments the program has achieved in conjunction with three March of Dimes-funded projects, including:

Thirteen Vermont institutions will receive $169,338 in Cultural Facilities Grants during a ceremony this Thursday, January 13th at the Vermont State House. Awards will be presented in the Cedar Creek Room beginning at 3:00PM.
The Cultural Facilities Grant Program funds projects that improve existing cultural facilities and expand their capacity to provide cultural activities in their communities. The recipients were chosen by a panel of community members and experts in cultural facilities, historic buildings, and accessibility. Fifteen Vermont organizations applied for Cultural Facilities funding this year.
A list of grant recipients is below
The Cultural Facilities Grant program is administered by the Vermont Arts Council in conjunction with the Vermont Historical Society, the Vermont Museum & Gallery Alliance, and the Vermont Division for Historic Preservation. The program is funded through an annual appropriation in the Capital Budget.

CoreLogic (NYSE: CLGX), a leading provider of information, analytics and business services, today released its November Home Price Index (HPI) which shows that home prices in the US declined for the fourth month in a row. According to the CoreLogic HPI, national home prices, including distressed sales, declined by 5.07 percent in November 2010 compared to November 2009 and declined by 3.35 percent* in October 2010 compared to October 2009. Excluding distressed sales, year-over-year prices declined by 2.21 percent in November 2010 compared to November 2009 and declined by 2.24* in October 2010 compared to October 2009. Distressed sales include short sales and real estate owned (REO) transactions.

Spartan Death Race in Pittsfield, Vermont, has thrown down the gauntlet to 20 winners of the reality television game show "Survivor."
Any "Survivor" winner who enters and by chance wins Spartan Death Race www.youmaydie.com, a multiple-hurdles and challenges-driven mental and physical test of pain thresholds and wills, will walk with $100,000 for enduring up to 72 hours of what previous competitors call "hell."
Another $100,000 wad on this year's Spartan Death Race table goes to anyone winning six different Peak Races (including Spartan Death Race) www.peakraces.com. Peak Races www.peakraces.com includes, among others, a 100-mile snowshoe race in March and a 500-mile ultra run.

On Wednesday, January 12th at 9 am in Room 27 of the Statehouse the Senate economic development committee (SEDHGA) will hold a hearing on a Committee draft bill to change the method by which FairPoint is regulated in Vermont. Following the hearing, the Committee will hold a press briefing at 10:30 am in the Cedar Creek Room, Statehouse.
The legislation says it would allow FairPoint to compete on a level playing field for business with cable companies, regional and independent phone companies and wireless providers. Those other companies can quote prices immediately, while FairPoint must have price changes approved by regulators ‘ often tacking on delays of one to seven weeks.
The proposed legislation, which has been drafted by Senator Vince Illuzzi, chair of the SEDHGA, would have FairPoint Communications regulated under the same rules that presently apply to most other telephone companies.

Across New England, single family home sales dropped an average of -5.0% in 2010, the 2011 Housing Market Outlook and Forecast from RE/MAX of New England states. Some New England states, like Vermont, bucked the trend however, and were not hit as hard as other states by the continued housing market woes this year.
As anticipated, the overall home sales in 2010 were down, despite a stronger showing in the first two quarters of the year, thanks to a federal tax credit extension and an uptick in seasonal buying. For the second half of the year, despite mortgage interest rates hitting historic lows, home sales stalled. Jay Hummer, RE/MAX of New England Executive Vice President and Regional Director, believes this to be because of lower consumer confidence in the face of a struggling job market.

The City of Burlington announced today that Moody’s Investors Services has downgraded the City’s general obligation credit rating from A2 to A3. Under the Moody’s analysis, the City’s outlook remains ‘negative.’ The analysis factors in Burlington Telecom’s outstanding debit to pooled cash, as well as Burlington’s economic strength, manageable debt profile, and stable general fund operations. Moody’s cites the City’s stable general fund performance as a mitigating factor with respect to the uncertainty around Burlington Telecom.
According to Moody’s:

Former Administration Secretary Neale F Lunderville will join Green Mountain Power in February as Leader of Enterprise Innovation, GMP President and CEO Mary G. Powell announced Monday.
"I am thrilled that Neale, a proven highly-effective state leader, is joining Green Mountain's management team to help us drive new strategic initiatives to serve our customers with low cost, low carbon and highly reliable service.
"Neale's record of accomplishment in managing large and complex state government organizations is precisely the kind of experienced leadership utilities of the future require," Powell said.
In his first assignment as Leader of Enterprise Innovation, Lunderville will provide leadership in GMP's implementation of its aggressive Smart Grid program over the next few years as well as other key innovation initiatives.

TruexCullins Architecture and Interior Design has been awarded the 2010 AIA VT "People's Choice" Award for Excellence in Architecture Design for the Maltex Building renovation on Pine Street in Burlington. The "People's Choice" Award is given to the recipient of the most votes from a two-week period in November when the general public was invited to choose their favorite project among all of the entries for the AIA VT design awards.
Built in 1900, the Maltex Building was the factory headquarters of the Malted Cereal Company, later known as Maltex, which produced cereal and other malted products through the early 1970s. The company was famous for its maple-flavored cereal called Maypo. Later, Maltex was acquired by another company and the building became home to other industries. The 4-story brick masonry structure is now listed on the Vermont State Register of Historic Places.