Current News

In 2008, public school systems spent an average of $10,259 per pupil, a 6.1 percent increase over 2007. Eighteen states and the District of Columbia spent above this amount; 32 spent less. Vermont was fifth highest at $14,300.
These data come from Public Education Finances: 2008, which provides tables on revenues, expenditures, debt and assets (cash and security holdings) of elementary and secondary public school systems with data for the nation, states and school districts. The tables also include more detailed data on spending, such as instruction, school lunches, transportation and salaries, among others.

The Vermont Teddy Bear Company will be closing their 11-year-old Newport facility, which employs 70 stitchers, at the end of June 2010.
All Newport employees will be offered employment in the Shelburne factory.

The Brattleboro Area Chamber of Commerce today unveiled a first-ever collaborative marketing campaign that might be thought of as “I Love New York!” on a Vermont scale.
The campaign’s theme is “The One and Only Brattleboro”—building on the fact that there is only one Brattleboro on earth and on the many unique and original aspects of the history, culture and resources of the Brattleboro area.
Chamber executive director Jerry Goldberg announced the campaign at a community briefing at the Robert H. Gibson River Garden, where he also previewed a month-long festival called “Brattleboro’s September Swing into Fall” and the special Labor Day weekend event that will kick off the fall 2010 promotion.

Lyndon State College has announced that Michigan-based clothing company Carhartt, Inc, has made a $1 million gift in support of the college’s first comprehensive fundraising campaign, A New View: The Second Century Campaign. ‘This is a significant gift that will benefit our students and the surrounding Northeast Kingdom,’ said Lyndon President Carol A Moore.
Carhartt President & CEO and Lyndon alumnus Mark Valade ‘78 helped secure this gift when he recognized ‘that the stars are aligned with regard to the leadership and resources available to guide both Lyndon State College and the Northeast Kingdom into a promising and prosperous future.’

The Supreme Court today issued a ruling in Free Enterprise Fund v. Public Company Accounting Oversight Board. In a 5 to 4 decision, the Court found unconstitutional a key provision of the Sarbanes-Oxley Act, the anti-fraud law Congress enacted in the aftermath of the Enron and WorldCom accounting scandals. Overturning decisions by the DC District Court and the DC Circuit Court, the Supreme Court held that the Public Company Accounting Oversight Board violated the Appointments Clause of the Constitution because its members are not under the direct control of the President. Senator Leahy (D-VT) was a co-sponsor of the Sarbanes-Oxley Act of 2002 and a principle author of the whistleblower protections established by the Act.

During a visit to Denver, Secretary of Labor Hilda L. Solis today announced $75 million in American Recovery and Reinvestment Act of 2009 funds for On-the-Job Training, National Emergency Grants to 41 states, the District of Columbia and three federally recognized Native American tribes. Vermont's share is $293,000. These resources will be used to help Americans get back to work, especially in geographic areas disproportionately impacted by the recession.

A local design team modernized a student center that was slated for demolition and received a first place Education Design Award for the project this spring. Two members of the design team from Burlington, New England Floor Covering and Freeman French Freeman architects, were recognized at the Starnet Worldwide Commercial Flooring Partnership awards ceremony in Marco Island, Florida.
“We are fortunate to have design partners who strive for and meet the high standards of our clients,” said Berglind Davis, Senior Interior Designer for Freeman French Freeman. “New England Floor Covering did an exceptional job helping us achieve our sustainable goals for this project that was once slated for demolition.”

(Photo: Jim Westphalen)

As part of its continuing network investment to support growing demand for advanced mobile devices and applications, AT&T* today announced the activation of three new 3G cell sites in Ludlow. The new sites will enhance wireless coverage for area residents and businesses along Routes 100 and 103 as well as near the Okemo Mountain Resort, the Okemo Valley Golf Club, and the surrounding inns and shops in Ludlow center. With 3G speeds, AT&T customers can surf the Web, download files faster, and enjoy the very latest interactive mobile applications.
The new cell sites are part of AT&T's ongoing effort to drive innovation and extend its 3G wireless network the fastest in the nation, according to independent testing. It is also part of AT&T's ongoing investment to build the broadband networks that will fuel economic growth and create jobs, and enable its customers to quickly access the content, applications and services that matter most to them.

The Vermont Chamber of Commerce is pleased to announce the highly anticipated 2010 – 2011 Top Ten Winter Events. The 2010 - 2011 award recipients display a wide variety of unique Vermont activities that will provide something fun for everyone in all corners of the Green Mountain State. The winners, in chronological order are: Vermont Holiday FestivalKillington, December 9 - 12Enter into a world of magical holiday fun! Take in the smell of fresh balsam and create special memories with family and friends. Events include the Festival of Trees, where more than 100 themed trees decorated by local businesses will be on display for viewing, horsedrawn sleigh rides, and Santa’s workshop, a satellite workshop of the North Pole, where children can help Santa build toys. Fees vary by event.

Senator Bernie Sanders (I-VT) today introduced legislation to restore the federal estate tax. The proposal would bring in at least $264 billion over a decade to help lower the national debt.
“This legislation would ensure that the wealthiest Americans in our country, millionaires and billionaires, pay their fair share while exempting 99.7 percent of Americans from paying any estate tax whatsoever,” Sanders said.
The estate tax was abolished this year as a result of tax law changes signed into law by President George W. Bush in 2001. For the first time since 1916, heirs to multi-million and billion dollar fortunes may receive their entire inheritance free of any federal taxes, a giveaway that will cost the US treasury at least $14.8 billion in lost revenue this year alone.

Hunger Mountain Coop in Montpelier is exploring the feasibility of adding a store in downtown Waterbury by the end of 2010. The Coop Council agreed to explore this opportunity over the summer to see if it is in The Coop’s best interest to pursue. If The Coop’s research indicates that moving forward on this location makes sense, The Coop’s Member-Owners would need to vote on a proposal before it could be approved.
The Coop was approached by Pomerleau Realty to see if it is interested in leasing the 20,000 square foot space now filled by RJ’s Friendly Market in downtown Waterbury. Ernie Pomerleau, President and CEO, recently negotiated a similar arrangement with the Hanover Co-op for a storefront in White River Junction and is excited about the prospect of Hunger Mountain taking over the Waterbury space. RJ’s owner Robert George is considering retirement and will help The Coop as it explores this option.

Fitch Ratings affirms the education loan revenue bonds of the Vermont Student Assistance Corporation (VSAC) issued under the 2008 Trust Indenture, dated September 1, 2008. The Rating Outlook remains Stable.
The ratings of the bonds are based on the support provided by a direct-pay letter of credit (LOC) issued by Lloyds TSB Bank plc (Lloyds). Lloyd's long-term Issuer Default Rating (IDR) is currently 'AA-', and its short-term IDR is 'F1+.' Lloyds is obligated to make payments of interest and principal on the bonds upon maturity, acceleration and redemption, as well as the purchase price for tendered bonds.
The collateral supporting VSAC's 2008C bonds consists entirely of federally guaranteed student loans originated under the Federal Family Education Loan Program (FFELP). FFELP loans are guaranteed at least 97% of principal and accrued interest, depending on the loan origination date. The loans are serviced by the Vermont Student Assistance Corporation.