Current News

The Vermont Sustainable Jobs Fund (VSJF) announced today that is has officially launched the Farm to Plate Initiative, has named a 15 member Strategic Planning Process Team and has hired Kit Perkins as the Initiative s project manager.
The Farm-to-Plate Initiative aims to bolster Vermont s food system by quantifying market potential and pin-pointing critical bottlenecks, especially in processing and storage infrastructure and distribution systems so that more of Vermont s agricultural products can be enjoyed by Vermonters and throughout the Northeast, said Ellen Kahler, Executive Director of the VSJF. She went on to say that, A ten year strategic food system plan, which will be one of the main deliverables from this initiative, will help determine where future investments should be made, thereby leading to more jobs and overall agricultural economic activity.

Copley Health Systems broke ground on July 13, 2009 for Copley Hospital's new Utility Plant expansion. The 1,500 square foot plant is being built adjacent to the existing utility room on the east side of the hospital. It will be located between the hospital and the Health Center office building, aligned with the existing loading dock. Two new boilers will be housed in the Utility Plant, replacing the hospital's two 50-year-old boilers.
Copley, represented by Optim, Inc., has contracted with construction firm H.P. Cummings and architects Freeman French Freeman for the project. Hospital services and programs will be maintained without interruption during the construction. The new utility plant is expected to be online by the end of the year. Trustees and Foundation Committee members joined Copley Hospital President Mel Patashnick for the ground breaking.

The Vermont Department of Labor announced today that the seasonally adjusted unemployment rate for June 2009 was 7.1 percent, down 0.3 tenths of a point from the revised May rate and up 2.6 points from a year ago. When seasonally adjusted, June job levels fell by 1,200 or -0.4% from May. Only the Construction sector, (+300 or +2.2%) and Health Care, (+200 or +0.4%) showed any over the month seasonally adjusted growth. Manufacturing, Leisure and Hospitality and Administrative Support & Waste were the largest job losers, shedding 500, 300 and 300 jobs respectively.

FairPoint Communications recently donated $1,000 to Starbase Vermont to help teach science, technology, engineering and math (STEM) to elementary school students across the state. Starbase Vermont provides students in grades 4 through 6 an exciting activity-based curriculum conducted over 5 days (25 hours) with a goal to inspire students in STEM fields. The Starbase program typically occurs over a 5-week period and it is free of charge.
"We are thrilled that FairPoint is supporting Starbase Vermont again," said Doug Gliman, State Director of Starbase Vermont. "With support from our community partners, we are able to serve about 1,500 Vermont students annually."
"Starbase Vermont reaches students from every corner of the state and engages them through exciting, real world applications.," said Eric Barie, Marketing Manager for FairPoint Vermont. "FairPoint is proud to provide assistance to this important program.

Rep. Peter Welch supported and the House passed legislation Thursday night preventing General Motors and Chrysler from arbitrarily closing car dealerships as part of their restructuring efforts. Welch cosponsored the Automobile Dealer Economic Rights Restoration Act (H.R. 2743), which forces car manufacturers to abide by their contracts with local dealer franchises in order to complete the bankruptcy process. GM and Chrysler have sought to close 3,000 dealerships nationwide including roughly three dozen in Vermont. Dealerships account for 7.5 percent of all retail jobs in Vermont.
H.R. 2743 was incorporated into the Financial Services and General Government Appropriations Act (H.R. 3170), which passed the House on a vote of 219-208 Thursday night. The Senate has yet to act on a corresponding bill.

Christopher Dutton, the former head of Green Mountain Power, has been named to lead the Vermont Telecommunications Authority (VTA). Governor Jim Douglas, Speaker Shap Smith and Senate President Pro Tem Peter Shumlin announced the appointment today. The VTA was established by the Legislature in 2007 as part of Governor Douglas proposal to make Vermont the nation s first e-state. Its mission is to build infrastructure enabling affordable broadband and cellular service everywhere in the State. VTA is authorized to issue up to $40 million in revenue bonds to finance the infrastructure required.
I want to thank Chris for taking on this important task, said Governor Douglas. Under Chris leadership, I m confident that we will complete the VTA s vital mission of making broadband and cellular service available everywhere in the State; this is both a social and an economic imperative.

People's United Financial, Inc. (Nasdaq: PBCT) announced July 16, 2009, net income of $27.4 million, or $0.08 per share, for the second quarter of 2009, compared to $26.7 million, or $0.08 per share, for the first quarter of 2009, and $43.0 million, or $0.13 per share, for the second quarter of 2008. Second quarter 2009 earnings reflect continued margin pressure associated with the historically low interest rate environment and the company's asset sensitive balance sheet, and security gains that served to offset an FDIC special assessment charge.
For the second quarter of 2009, return on average tangible assets was 0.57 percent and return on average tangible stockholders' equity was 3.0 percent, compared to 0.57 percent and 2.9 percent, respectively, for the first quarter of 2009. At June 30, 2009, People's United Financial's tangible equity ratio stood at 18.7 percent.

Merchants Bancshares, Inc. (Nasdaq: MBVT), the parent company of Merchants Bank, announced July 16, 2009, that its Board of Directors declared a dividend of 28 cents per share, payable August 13, 2009, to shareholders of record as of July 30, 2009. Merchants plans to release earnings on or about July 29, 2009. In addition, Merchants announced that it was added to the broad-market Russell 3000 Index when Russell Investments reconstituted its comprehensive set of U.S. and global equity indexes on June 26, 2009.

Three community hospitals have formed the not-for-profit Vermont Hospital Shared Service Network (VEHSSN). The Presidents and Board of Trustees of Copley Hospital in Morrisville, Gifford Medical Center in Randolph and Porter Medical Center in Middlebury created VEHSSN to enhance collaboration and the development of shared services among the three not-for-profit, rural Community Access Hospitals as permitted by law.

The two economists charged with projecting state revenues told the Vermont Emergency Board today that barely more than two weeks into the new fiscal year revenue projections are already down $28 million. They agreed that this recession is the worst since the Great Depression nearly 80 years ago.

Do you owe back state taxes? The Vermont Tax Amnesty Program, or VTAP, offers a rare opportunity to pay those taxes and have the late payment penalty waived. The last amnesty program for Vermont taxes ran in 1990.
We understand in this current economic climate, many otherwise compliant taxpayers may have fallen behind in their payments. Since late payment penalties can be up to 25% of the tax amount, this could be a significant savings for some people and help them settle up their tax obligations, said Acting Commissioner of Taxes Ellen Tofferi.
From July 20 to August 31, 2009, people can pay the tax, interest and applicable fees and have the late payment penalty forgiven. Payment must be by check or in cash and VTAP applies to the taxes administered by the Vermont Department of Taxes.

A national rating firm has once again ranked Vermont as having the lowest home foreclosure rate in the nation, based on second quarter and year-to-date numbers. Vermont has both the fewest foreclosures over the first half of the year and the lowest rate as a percentage of housing units. Vermont's rate of foreclosure has actually improved this quarter against both the first quarter of this year and compared to the first six months of last year. For the first six months, Vermont's rate was one foreclosure for every 8,898 housing units. The worst states continue to be the Nevada (one in 16) , Arizona ( one in 30) and Florida (one in 33), as far as having the highest rate of foreclosure and Nevada, Arizona and Florida have the highest number of foreclosures. Vermont's rate was nearly six times lower than the next best state, North Dakota (one in 1,553).