Current News

Average mortgage rates fell slightly week-over-week, according to the LendingTree Weekly Mortgage Rate Pulse, a snapshot of the lowest and average home loan rates available within the LendingTree network of lenders.
On December 28, average home loan rates offered by LendingTree network lenders were 5.16 percent (5.40% APR) for 30-year fixed mortgages, 4.46 percent (4.83% APR) for 15-year fixed mortgages and 4.07 percent (4.13% APR) for 5/1 adjustable rate mortgages (ARM). Rates for 30- and 15-year fixed mortgages fell slightly week-over-week, while 5/1 ARM rates rose.
On the same day, the lowest mortgage rates offered by lenders on the LendingTree network were 4.625 percent (4.82% APR) for a 30-year fixed mortgage 3.875 percent (4.12% APR) for a 15-year fixed mortgage and 3.125 percent (3.25% APR) for a 5/1 ARM.

There were 2,107 new regular benefit claims for Unemployment Insurance last week, an increase of 890 from the week before. Altogether 11,945 new and continuing claims were filed, an increase of 906 from a week ago and 2,169 fewer than a year earlier. The Department also processed 2,155 First Tier claims for benefits under Emergency Unemployment Compensation, 2008 (EUC08), 178 more than a week ago. In addition, there were 785 Second Tier claims for benefits processed under the EUC08 program, which is an increase of 100 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

People’s United Bank based in Bridgeport, CT, is aligning all of its insurance agencies under one corporate entity: People’s United Insurance Agency. As a result, effective January 1, 2011, RC Knox, Beardsley Brown and Bassett, Chittenden Insurance Group and Bank of Smithtown Insurance Agents and Brokers, Inc will become units within the People’s United Insurance Agency and will be led by a single management team.
Daniel F Casey, former President and CEO of Chittenden Insurance Group, will become President and CEO of People’s United Insurance Agency.
‘Our new structure provides consistency and focus for employees within our companies,’ Casey said. ‘Additionally, consolidation under one management team will allow us to gain operational efficiencies as we continue to grow our profitable business.’

The state has awarded more than $417,000 in Municipal Planning Grants to forty-five communities across the state to help them plan for growth and development.
Officials at the Vermont Department of Economic, Housing and Community Development announced the Municipal Planning Grants of up to $15,000, which can be used for a variety of planning projects.
‘These grants support the planning activities that are at the heart of Vermont’s Smart Growth strategy,’ said Tayt Brooks, Commissioner of the Department of Economic, Housing and Community Development. ‘While the budget crisis has curtailed the amount available, these investments will help promote economic activity, community development, and housing in our downtowns and village centers, while protecting Vermont’s working landscape.’

MONTPELIER- A new report by Public Assets Institute highlights the toll
taken by the Great Recession and Vermont's failed efforts at job creation
leading up to it. The state's immediate task is to respond to the crushing
downturn and provide jobs for thousands of people who are out of work
through no fault of their own. But Vermont also needs to re-examine its
strategy for sustainable job creation, because current policies, especially
business tax breaks, are not working. Even before this recession, Vermont
was having its worst decade on record for creating new jobs.

The report, "State of Working Vermont 2010," recommends that Vermont
return to the kinds of public investments that have been shown to strengthen
the economy and provide working Vermonters the tools they need to support
their families and prosper.

Bennington and Manchester, Vt. ‘ United Counseling Service Human Resources Director Pam Nemlich, of Manchester Center, has been named Professional of the Year by the Vermont State Council of the Society for Human Resource Management (SHRM).

This annual award recognizes leadership in the business community; outstanding service to the human resources community; and service to the civic community.

‘Pam represents the best in the human resources profession in Vermont. She has not only proven herself a strategic thinker and key contributor for her current employer, Pam has also demonstrated these same skills in her many volunteer roles within the community and the HR profession,’ Vermont SHRM State Council Director Ginny Champney said.

MONTPELIER ‘ Commissioner Armando Vilaseca today announced his appointment of Education Finance Manager, Vaughn Altemus, Ph. D., as the department’s new Act 153 Advisor. Dr. Altemus will be a resource to school boards and administrators in implementing the voluntary education governance consolidation components of Act 153 of 2010.

To accommodate this new position, the department will be reorganizing its school finance staff under Education Finance Manager, Brad James, according to Chief Financial Officer Bill Talbott.

‘Our education community is fortunate to have someone of Vaughn’s caliber available to us to focus on this important task,’ said Commissioner Vilaseca. ‘Act 153 has generated significant interest and action across the state, and it is imperative that we are able to provide advice, technical assistance and facilitation to Vermont’s supervisory unions and districts.

Chris Recchia will take the post of Deputy Secretary of the Agency of Natural Resources, and Michael Snyder as Commissioner of Forest, Parks and Recreation. Governor Elect Peter Shumlin made the announcement December 30, 2010.
"Chris and Mike are great additions to the team at the Agency of Natural Resources," Shumlin said. "They each have a strong background in environmental protection, experience in managing open and working landscapes, and the management skills needed to ensure the agency's permitting and other services are offered in a timely and smooth fashion."

The Vermont Public Service Board has approved a 7.46 percent Central Vermont Public Service rate increase. Due to reliability and transmission improvements and increasing power costs, in November CVPS asked the Vermont Public Service Board to authorize an 8.34 percent rate increase under the company’s alternative regulation plan. Last month, CVPS and the DPS agreed to reduce the increase to 7.67 percent. The PSB further reduced the rate to 7.46 percent pending further investigation by the PSB.
In addition to the rate change, the company and DPS agreed on changes to and an extension of CVPS’s alternative regulation plan, but the board said it needed more time to examine the proposal.
Even with the increase, which will take effect with bills mailed on Tuesday, CVPS’s rates will remain among the lowest of the major utilities in New England.

The Department for Children and Families has announced progress in its efforts to improve benefits processing, and its recent signing of a six month agreement with Vermont Legal Aid which outlines the plan for ongoing improvement. ‘The delays in benefits processing have been unacceptable. Through the hard work of staff, significant gains have already been made. This agreement lays out a pathway to finish the job over the next several months,’ said Steve Dale, outgoing Commissioner of DCF.
Dale cited gains already made in the following areas:
* Reduction of hold times in the call center from an average of over 12 minutes in mid-fall to under 1 minute this past week.
* Simplified access to on-demand phone interviews.
* Prevention of expiration of benefits due to departmental delays.
* Timely processing of all Home Heating Assistance applications.
* 25% of applicants successfully using the web.

Vermont Electric Cooperative, Inc. (VEC) announced today that the Vermont Public Service Board (VPSB) has approved VEC’s revised request for a 2.13 percent rate increase to go into effect January 1, 2011. In November, the Co-op filed a request for a 2.71 percent rate increase, but agreed with the Department of Public Service (DPS) to a rate settlement of a reduced amount.
The increase is primarily attributed to rising costs for transmission services which have impacted electric utilities throughout the region. Like all New England electric utilities, Vermont Electric Cooperative is required to share in the costs associated with regional transmission reliability projects to upgrade the aging New England electric grid, and to meet stricter federal reliability requirements. Another factor contributing to the request for a rate increase includes upgrades to VEC’s distribution system.

Citing a shortage of donations and a critical need, Central Vermont Public Service today donated $20,000 in heating aid to community action agencies across Vermont, and appealed to customers who can to donate to the CVPS Shareheat campaign.
The $20,000 grant announced today is in addition to $100,000 from CVPS shareholders the company previously put into a pool to match donations from the public.
‘With the economy still on the rebound, donations to Shareheat are lagging this winter, but the need remains very high,’ CVPS President Bob Young said. ‘We decided to immediately jumpstart the effort by making $4,000 contributions to each of the five community action agencies that participate in Shareheat, and to appeal again to the public. Vermonters are facing heating crises every day, and we want to ensure no one goes cold for lack of funds.’