Current News

For the week of October 30, 2010, there were 1.081 new regular benefit claims for Unemployment Insurance, an increase of 27 from the week before, as claims are trending upward in October. Altogether 8,058 new and continuing claims were filed, an increase of 361 from a week ago and 2,053 fewer than a year earlier. The Department also processed 2,217 First Tier claims for benefits under Emergency Unemployment Compensation, 2008 (EUC08), 98 more than a week ago. In addition, there were 829 Second Tier claims for benefits processed under the EUC08 program, which is a decrease of 106 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

Fall enrollment at Goddard College is the highest it’s been in 30 years, with the College welcoming 804 students this semester.
‘Our low-residency format makes Goddard College accessible to adults especially in challenging economic times,’ said Josh Castle, Associate Academic Dean and Registrar of the Plainfield institution. The College has consistently grown by 4-5 percent each academic year for the last seven years.
The enrollment growth comes at a time when the College is also welcoming new leadership. Barbara Vacarr assumed the presidency in July 2010. Recently, Marianne Reiff was hired as the Interim Academic Vice President and Steve Friedman was elected as the Chair of the Board of Trustees.

The Vermont Department of Labor (VDOL) announced today upcoming changes that will occur with the Federal Emergency Unemployment Compensation 2008 (EUC 08) program.
As of November 13, 2010, EUC08 Tier 3 will be phased out in Vermont. This results from the October unemployment rate declining to 5.8 percent, which brought Vermont’s three month average unemployment rate down to 5.9 percent, a level that is below the 6.0 percent federal threshold required for Tier 3.
‘Based on the Federal criteria, Vermont will soon no longer be able to qualify individuals for Tier 3 extended benefits,’ commented Acting Labor Commissioner, Valerie Rickert. ‘Vermont has the fifth lowest unemployment rate in the nation but this is of little consolation to individuals unable to find work. The Vermont Department of Labor continues to work with job seekers and employers alike to improve employment outcomes,’ added Acting Commissioner Rickert.

By James Dwinell. During his weekly press conference this afternoon, Governor Douglas was asked what he would do when his term was up. He said he had options but had not made any decisions and was still looking.
However, after the press conference, Douglas was answering questions from a group of reporters and said, "Oh, by the way, I have agreed to teach a Vermont government and politics course during the January intensive at Middlebury College. Governor Kunin did the same and I have been reviewing what she did.
"I don't want to experience what I did when my secretary of state years ended in 1991. I remember waking up Friday morning with nothing to do and it terrified me.

Green Mountain Power has flipped the switch on three new solar projects, bringing its total solar installations to five and exceeding its goal of installing and helping its customers install 10,000 solar panels in 1,000 days.
These newest projects include the solar orchard at Shelburne Farms, the roof of the GMP Montpelier Service Center, and a project that is currently the state's largest, next to one of GMP's fossil fuel generating plants in Berlin. All three were designed and installed by Alteris Renewables, Inc., of Montpelier.
"We are proud to have topped our 10,000 solar panel goal," President and CEO Mary Powell said. "We are now at 14,000 panels and aiming high. Our customers clearly want more solar and we are determined to help provide it."

Interested Vermont residents and businesses are about to have a limited opportunity to purchase new issue State of Vermont bonds. The State Treasurer’s Office recommends that anyone interested in buying some of the $25 million in soon-to-be available bonds contact a registered broker/dealer well in advance of the November 16 sale date. Previous bond offerings targeted to Vermont investors have sometimes had three times as many orders for the bonds as there were bonds available.

Financial analysts reported Monday night that South Burlington’s pension funding shortfall is still over $8 million, but noted solid gains in attempts to shore up the plan’s finances.
According to an annual update for the City Council by Tracy Braun of Peoples United Retirement Services and Annie Voldman of Annie Voldman, a consulting actuary, the unfunded part of the municipal retirement fund dropped approximately $800,000 below last year’s $8.9 million shortfall.
During the past decade, elected officials seemingly weren’t aware of the fund’s downward slide until they were revealed by new City Manager Sandy Miller. Paying the unfunded part of the plan through a low-interest bond was a strategy introduced during the council’s discussions.

Burlington Telecom didn’t make a $480,000 payment due last Sunday to CitiCapital, which included $386,000 in interest. However, Mayor Bob Kiss said Monday that there are ongoing negotiations with the lender.
Burlington hired the financial advisory firm Dorman and Fawcett to negotiate with CitiCapital on the repayment terms for the $33.5 million loan the New York-based lender made to BT in August 2007.
BT hasn’t made any interest and principal payments on the loan this year, which totals approximately $1.5 million in missed payments, according to Chief Administrative Officer Jonathan Leopold. Leopold mentioned that the city entered into a forbearance agreement with CitiCapital on July 1 that expired September 30 but was extended for an additional 30 days and expired on Sunday.

Corporate Responsibility Magazine named Lawrence J. Blanford, President and CEO of Green Mountain Coffee Roasters, Inc. (NASDAQ: GMCR), as its 2010 Responsible CEO of the Year in the Mid-Cap category. It is the second consecutive year Blanford has received this honor.
‘On behalf of all our extraordinary GMCR employees, I am honored to again receive this recognition,’ said Mr. Blanford. ‘Our company’s purpose ‘ to create the ultimate coffee experience in every life we touch ‘ lives and breathes in daily efforts and commitment of our employees. It is through them that GMCR has been able to demonstrate that social and environmental responsibility and profitability go hand-in-hand and we are hopeful that our work can inspire others.’The Mid-Cap category includes medium-sized, public companies (sales between $100 million and $1.999 billion). Mr. Blanford accepted the award last night at ceremonies at the CR Officer Summit at the historic Union League Club of Chicago.

Financial irregularities have just recently been discovered within the offices of the Hardwick Electric Department, it announced today, which may exceed $1 million over a period of more than 10 years. A full investigation is being conducted by the Department and other governmental agencies. Immediate action has been taken by the Department to protect assets, conduct an audit and evaluate all legal remedies to recoup missing funds. One employee has been removed from her position and administrative action will commence to formally terminate that employee.
The Commissioners have retained the services of Valsangiacomo, Detora McQuesten, a Barre law firm, to assist in all matters.

Entergy Corporation announced today that a process is under way to explore the potential sale of Vermont Yankee, its 605-megawatt nuclear plant in Vernon, Vermont.
The sale process is being conducted on a confidential basis and no additional details will be released at this time, an Entergy statement said. While no decision has been made to sell the plant, the company expects interest from multiple parties. Entergy shares were up more than a point this morning to $75.70.

By Chris Graff. Peter Shumlin wins in the end. Just barely.
He did it in the primary. An unusual and expensive decision to run statewide television ads pushed him across the finish line ahead of Doug Racine. Just barely, leading to the first statewide primary election recount in the state’s history.
He did it in the general election, trading the lead with Brian Dubie throughout election night but ended up ahead, just barely.
His double narrow wins is a first in Vermont history. Never have we had a governor who so narrowly won the primary and then narrowly won the general election.
So how did he win in the end?