Current News

Senator Patrick Leahy (D-VT) on Friday announced that 21 Vermont communities and the Vermont State Police have been awarded federal grants to purchase bulletproof vests for officers working in the field. The funding was awarded through the Bulletproof Vest Partnership Grant Program, a federal grant program authored by Leahy and administered by the U.S. Department of Justice. At a press conference in Williston Friday afternoon, Leahy also announced that he has secured $1 million for the Vermont Drug Task Force.

by Kevin Kelley. The City of Burlington announced September 30 that an agreement had been reached with CitiCapital to extend the period of forbearance ‘ set to expire on the 30th ‘ to October 29, 2010, with respect to payments under Burlington's lease-purchase agreement with CitiCapital for Burlington Telecom. Negotiations between Burlington and CitiCapital are ongoing and will continue during the forbearance period, according to a statement from Joe Reinert, Assistant to the Mayor.
As Burlington Telecom conducts these life-or-death negotiations with its creditor, the city official at the center of the drama says he is optimistic about BT’s future and is unapologetic about the decision to build a publicly owned fiber optic network.
‘We’re laying the groundwork for increases in customers, revenue and profitability for Burlington Telecom,’ Chief Administrative Officer Jonathan Leopold said in a September 21 interview.

Next week’s first national health care summit meeting on health quality and costs since enactment of landmark health insurance reforms six months ago will spotlight Fletcher Allen Health Care’s success with its innovative steps in boosting quality while lowering costs. The day-long conference will convene Monday (Oct. 4) on Capitol Hill in Washington.
At the suggestion of Senator Patrick Leahy (D-Vt.), Dr. Melinda Estes, president and CEO of Fletcher Allen Health Care, will discuss Fletcher Allen’s model and experience in the conference’s first session, ‘Designing High Value Health Care: Lessons From The Field.’
Dr. Craig Jones, director of the Vermont Blueprint For Health, is a panelist in another session on ‘Fostering State-Federal Collaboration And Public-Private Partnerships.’

Fitch Ratings has assigned 'AAA' ratings to the $30,000,000 Vermont Housing Finance Agency (VHFA) mortgage revenue bonds (Mortgage Backed Securities Program) as follows:
--$12,000,000 series 2010A;
--$18,000,000 subseries 2009A-1.
The Rating Outlook for the bonds is Stable.
RATING RATIONALE:
--The $18 million 2009A-1 subseries is the first release from the $102 million 2009 A escrow bonds from the December 1, 2009 indenture. The bond proceeds were initially held in an escrow account and secured solely by amounts on deposit in the escrow account and investment earnings from the account;
--The $12 million 2010A bonds will be the second offering issued under the December 1, 2009 indenture. The 2010A mortgage revenue bonds are being issued under a mortgage backed securities program that pledges revenues and federal agency certificates as security for the bonds.
KEY RATING DRIVERS:

Vermont's 'AAA' rating for its general obligation bonds reflects its low debt burden which is maintained through adherence to debt affordability guidelines, conservative financial management, and sound reserves. Outstanding debt, which is nearly entirely GO and matures rapidly, has declined from previously moderate levels. The state budgets conservatively, and its diverse revenue stream includes a state property tax for education. Reserves in each major operating fund as of the close of fiscal 2010 were fully funded at 5% of prior-year appropriations.
Fitch Ratings assigned an 'AAA' rating to the following State of Vermont general obligation (GO) bonds:
--$49 million 2010 series D (Federally Taxable - Recovery Zone Economic Development Bonds - Direct Payment);
--$33.395 million GO refunding bonds, 2010 series E.
The bonds are expected to sell via competition on Oct. 14, 2010.

On September 27, 2010, President Obama signed the Small Business Jobs Act of 2010 into law, putting more resources into the hands of small businesses so they can create more jobs and retain those they already have. The Act will make a tangible difference to scores of Vermont businesses waiting in the US Small Business Administration’s loan queue.
After the Recovery Act passed in February of last year, the SBA was able to help small businesses get Recovery loans by reducing or eliminating loan fees and increasing the SBA-backed guarantee to 90 percent. When the funds for these loans were exhausted, SBA activated a Recovery Loan Queue as a sequential ‘holding tank’ for businesses interested in waiting for the availability of additional funds, either through the cancellation of previously-approved loans or through Congressional extension of Recovery Act programs.

Jim Currier and his Currier’s Quality Market in Glover, was honored by the Vermont Grocers' Association with the VGA ‘Retailer of the Year’ award during the association’s annual convention at the Sheraton Burlington. The award was presented in recognition of their involvement with the community, food industry, store operations and customer service.

More than 100 people came out on a rainy night last week to attend the Open House at Manufacturing Solutions Inc. The event was the official unveiling of the company’s new 92,000 square foot facility. The move into the larger facility accommodates both growth that the company has seen in the past year and anticipated new business. According to Hirchak, the company is poised for double-digit growth in the next fiscal year.
In his remarks at the event, Garret Hirchak, MSI founder and CEO, was quick to credit his employees and clients for working together toward the vision of keeping jobs and superior manufacturing right here in Vermont. ‘While many companies are downsizing and moving manufacturing over seas to cut costs, our customers are working with us to find ways to keep that work in the U.S. That helps the economy of Vermont and of the country.’

For the week of September 25, 2010, there were 645 new regular benefit claims for Unemployment Insurance, a decrease of 14 from the week before. Altogether 7,266 new and continuing claims were filed, a decrease of 71 from a week ago and 2,118 fewer than a year earlier. The Department also processed 3,297 First Tier claims for benefits under Emergency Unemployment Compensation, 2008 (EUC08), 560 more than a week ago. In addition, there were 1,420 Second Tier claims for benefits processed under the EUC08 program, which is an increase of 17 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

Central Vermont Public Service and Green Mountain Power are advising customers in the southern half of Vermont of the potential for significant wind and heavy rain damage that could cause extensive damage and power outages this evening and into Friday. Customers across the state could see scattered power outages this afternoon and into Friday.

The state has given the Town of Colchester a green light for a Tax Increment Financing District within the Severance Corners Growth Center, a move that will assist the town’s development efforts there.
The district, approved recently the Vermont Economic Progress Council, will allow the town to keep some of the incremental property taxes generated by new development within the Growth Center to fund public infrastructure needed for that development to occur.
‘This authorization will help the town of Colchester undertake and pay for the necessary infrastructure improvements that will foster responsible economic and community development,’ said Karen Marshall, Chairwoman of VEPC.
The panel approved the Tax Increment Financing (TIF) District Plan after many hours of deliberation that included a meeting in Colchester; public comment; and a tour of the town and the proposed TIF District.

Hospital care is expensive and more Vermonters are struggling to pay their bills. All hospitals in Vermont have a free or reduced care policy and this year, they will give away almost $48 million in care. As non-profit institutions, hospitals in Vermont care for everyone who comes through their doors, regardless of their insurance status or ability to pay. Although Vermont enjoys one of the lowest uninsured rates in the country, more and more Vermonters find themselves unable to pay their hospital bills.
Eligibility for free or reduced care varies from hospital to hospital, but at a minimum they all offer some relief to anyone under 200 percent of the federal poverty level. A few offer free or reduced care to those under 300 percent FPL and some even up to 400 percent FPL.