Current News
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MONTPELIER’States, including Vermont, have long viewed economic development and funding for public services as competing interests. That’s a false dichotomy. Indeed, rebuilding neglected infrastructure and improving education will reap economic benefits in Vermont far surpassing those achieved by tax credits and other business giveaways.
Those are the conclusions of a new study released today by economist Jeffrey Thompson of the Political Economy Research Institute (PERI) at the University of Massachusetts, Amherst. Thompson’s paper is based on his extensive analysis of research on what works and doesn’t work to create jobs and strengthen state and regional economies. It suggests a better approach to economic development for the New England states as they dig out from the Great Recession that began in late 2007.
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WATERBURY, Vt., and TORINO, Italy, August 10, 2010 ‘ Green Mountain Coffee Roasters, Inc. (GMCR) (NASDAQ: GMCR) and Luigi Lavazza S.p.A (Lavazza) announced the companies have entered into a $250 million common stock purchase agreement. Under terms of the agreement, Lavazza has agreed to purchase $250 million in aggregate purchase price of newly issued shares of GMCR’s $0.10 par value Common Stock, or approximately 7% of GMCR’s current outstanding shares, at a price per share equal to the 60 day volume weighted average price (’VWAP’) at closing minus 7.5%. This investment requires approval under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and is expected to close in September 2010.
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August 10, 2010 ‘ Burlington, VT. The City of Burlington announced today that Burlington Telecom’s general manager, Chris Burns, will be leaving the City to take another job out of state. Mr. Burns has worked for Burlington Telecom since its inception in 2002. He started with BT as the project manager, overseeing BT’s phased buildout ‘ from initially serving the school department and City offices to establishing a municipally-run fiber-to-the-home network for residences and businesses throughout Burlington. In November of 2007 Mr. Burns became BT’s general manager, managing all aspects of the municipal telecom enterprise.
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MONTPELIER, VT ‘ The State of Vermont has issued its 900th captive insurance company license to Lincoln Financial Group, according to the Vermont Department of Banking, Insurance, Securities and Health Care Administration (BISHCA).
With assets under management of $140 billion, Lincoln Financial offers annuities; life, group life and disability insurance; 401(k) and 403(b) plans; savings plans; and comprehensive financial planning and advisory services. Vermont’s 900th license means the state has issued more than four times as many captive licenses than its next closest domestic competitor.
‘This benchmark gives Vermonters a strong sense of pride and achievement that our commitment to this industry for nearly 30 years has been heard loud and clear,’ said Governor Jim Douglas. ‘Vermont will continue to offer a stable regulatory environment, governmental officials that are accessible, and world-class professional support services.’
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WASHINGTON, DC ‘ Rep. Peter Welch (D-Vt.) is working to notify Vermont non-profits of a filing requirement with the IRS that may affect their status as tax-exempt organizations.
According to the IRS, close to 1,000 Vermont non-profits are at-risk of losing their tax-exempt status because of a failure to file the appropriate paperwork. The confusion stems from a 2006 law that requires small tax-exempt organizations to file an annual return with the IRS, something they were previously not required to do. According to the law, any tax-exempt organization that fails to file this yearly return for three consecutive years automatically loses its federal tax-exempt status.
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by Roger Allbee. I am a student of Vermont agricultural history. I have been studying the old yearbooks of agriculture that go back to the 1800s and other related documents. What I have discovered is that many of the forces of change are similar today even as Vermont has evolved from a largely subsistence farming state before railroads in the 1850s, to the commercial agriculture that continues today.
So what do these forces of change illustrate? They illustrate the many changes that took place as Vermont went from the major sheep raising state in the early to mid 1800s, to being the butter producing capital of the world in the late 1800s. In the 1900s Vermont’s dairy production was the leading agriculture industry and that continues today.
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David Walker, former U.S Comptroller General and now President of the Peter G. Peterson Foundation, will speak at the Sheraton Burlington Conference Center on Thursday morning, August 19, on the subject of his most recent book Comeback America: Turning the Country Around and Restoring Fiscal Responsibility.
Since moving to the Foundation in 2008, Walker has appeared on a nationwide Fiscal Wake Up Tour in some 45 states, speaking on America’s growing fiscal and debt problems. As a CPA and head of the Government Accountability Office for almost ten years, Walker is one of the most knowledgeable persons in the country on the long run outlook for federal finances – and the impacts on social security, Medicare, and other key programs.
Responding to Walker’s presentation will be a panel of three well-known and knowledgeable Vermonters:
Ø Dr. Art Woolf, UVM associate professor of economics and former state economist
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The five Democratic candidates for governor of Vermont have released their economic development plans. Vermont Business Magazine requested that each of the candidates send their plan, or a synopsis, to be published on line. The following is the candidates' economic plans, along with their campaign Web sites. In some cases a link to the full report is provided. The primary is Tuesday, August 24.
Bartlett
State Senator Susan Bartlett
www.bartlettforgovernor.com
Innovation and Intellectual Property
A Plan for Good Paying Jobs in Vermont
When you run for higher office, or any office for that matter, part of the campaign promise is, "I'll work for better, more, green, whatever ... jobs." Well, who could be opposed to that idea?
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The Senate confirmed Elena Kagan to become the 112th Justice of the United States Supreme Court by a vote of 63-37. Senate Judiciary Committee Chairman Patrick Leahy (D-VT), who presided over the confirmation proceedings on the nomination, made the following statement before the vote.
Statement Of Senator Patrick Leahy (D-Vt.),
Chairman, Senate Judiciary Committee
On The Nomination Of Solicitor General Elena Kagan
To Be An Associate Justice Of The United States Supreme Court
August 5, 2010
As we conclude the Senate debate on the nomination of Elena Kagan to be an Associate Justice of the United States Supreme Court, I look forward to her bipartisan confirmation. She has been nominated to succeed Justice John Paul Stevens, someone who served with integrity for so many years, and her qualifications, intelligence, temperament and judgment will make her a worthy successor.
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Conservationist Elizabeth Cushman Titus Putnam of Shaftsbury was honored today at the White House with a Citizens Medal presented by President Obama for her work helping ensure that public lands are enjoyed by future generations.
A founder of the conservation service movement, Putnam was among 13 people to receive 2010 Citizens Medals, the nation's second highest civilian honor.
The White House said she inspired thousands American youths to protect our natural bounty. Her vision to offer land restoration and maintenance service opportunities became a reality with the birth of the Student Conservation Association.
Sen. Bernie Sanders (I-Vt.) attended the White House ceremony and congratulated Putnam for her award.
Since the honor was first bestowed in 1969, the Presidential Citizens Medal has been granted to United States citizens "who performed exemplary deeds or services for his or her country or fellow citizens.”
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The Vermont Department of Education mailed FY2012 individualized education spending reduction targets Monday to each supervisory union, supervisory district, and the three technical center districts across the state, as required by Act 146 of the 2010 Legislative session. Overall the recommendations are for a 2.34 percent reduction across the state in education spending in order to meet the goal of saving $23.2 million dollars. District-level recommendations range from a 0.5 percent reduction to a 2.68 percent reduction.
The determinations were made at the district levels, but aggregated to the supervisory union level as the law requires. The determinations considered factors outlined in the law, such as per pupil spending, student-to-staff ratios and demonstrated fiscal restraint. The department examined data from the past four budget cycles on
· total education spending,
· spending per equalized pupil,
· student enrollment to direct instruction staff,
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In a crucial showdown vote, the U.S. Senate today advanced a bill to preserve the jobs of teachers and extend emergency Medicaid payments to states. In Vermont, the measure includes $19 million for teachers and $30 million to $40 million for health care.
Winning approval of the relief funds for Vermont has been a high priority of Vermont’s congressional delegation and the state of Vermont.
Sen. Patrick Leahy (D-Vt.) said, “During the economic downturn, more Vermonters have relied on our state-run Medicaid program for basic health care, and that is straining Vermont’s budget. Without this extension of federal help, before long our state could be forced to cut essential services and more jobs. We have kept the pressure on, and the Senate has finally taken this important step toward providing this sorely needed infusion.”