Current News

The New England Culinary Institute s Board of Directors announced today that it has approved recommendations proposed by the school s administration to unify campuses to its Montpelier location, while at the same time expand both the scope of NECI s educational offerings and the options for delivery of those programs to students.
Moving the school s residential students into a single campus location (the school currently has operations in both Montpelier and at The Essex, formerly the Inn at Essex in Essex ) will allow NECI to achieve both the financial benefits of unification as well as related educational, creative and operational synergies, school officials said.

In light of the current threat of swine influenza in Mexico and certain US states, the Vermont Chamber Hospitality Council is urging Vermont s tourism industry to remain alert to the symptoms of the flu, while realizing that health officials are taking all necessary steps to help treat those individuals and contain the disease before it spreads. Of the 64 cases identified nationwide, there have been no deaths reported from this influenza strain in Vermont or the US.
Of course, Vermont s businesses should ensure a high level of sanitation at all times, and implement strategies and precautionary measures to protect the health and safety of employees and guests.

US Rep. Peter Welch announced Tuesday he will seek an amendment to the Credit Cardholder s Bill of Rights that would cap credit card interest rates at 18 percent. Welch announced the amendment at a Capitol Hill press conference Tuesday morning alongside two cosponsors, Rep. Maurice Hinchey (D-NY) and Rep. John Tierney (D-MA). The Credit Cardholder s Bill of Rights is expected to be voted on in the House of Representatives on Thursday.
The Welch-Hinchey amendment would impose an 18 percent interest rate cap on credit cards issued by for-profit financial institutions similar to the 15 percent cap that currently exists at every federal credit union in the country. The amendment has a mechanism comparable to one used by the National Credit Union Administration for credit unions that allows the Federal Reserve to authorize higher interest rates if it determines that the rate cap would threaten the safety and soundness of card-issuing institutions.

University of Vermont College of Medicine Dean Frederick C. Morin, M.D., has announced that following a national search, William B. Jeffries, Ph.D., has accepted the position of Senior Associate Dean for Education. Dr. Jeffries will assume this role on August 1, 2009, and will relocate to Vermont from Omaha, Nebraska, where he is the Associate Dean for Medical Education and Director of Academic Computing at Creighton University School of Medicine.

The Vermont Economic Development Authority (VEDA) has approved $8 million in financing to support economic development projects totaling $20 million throughout the state.
In this round of financing approvals, VEDA is pleased to help a number of Vermont businesses in their growth plans through direct lending, or by insuring working capital loans provided by local commercial lenders, said the Authority s Chief Executive Officer Jo Bradley. Also, several agricultural, educational, small business and energy conservation projects are receiving VEDA financing.
Approved for financing are:

David Hale, a St. Johnsbury native, is one of the world’s leading economic consultants, with clients in the US, UK, Australia, South Africa, Japan, Hong Kong, and China, where he is chair of China OnLine. This is the sixth time that the Ethan Allen Institute has had the pleasure of presenting David Hale to the Vermont business and finance community and the general public, in what we hope will be the beginning of a series of such programs at the Sheraton Burlington.
As part of the Sheraton Program on the Economy, Hale's presentation is entitled: "Crawling out of Recession? America's Next Two Years"
It will be held Thursday, May 28, 2009 at the Diamond Ballroom - Sheraton Burlington. There will be a social (half) hour at 5 pm, and the program will commence at 5:30. Along with the Ethan Allen Institute, this program is co-sponsored with the Lake Champlain Regional Chamber of Commerce, Vermont Economic Newsletter, and Vermont Business Magazine.

Rep. Peter Welch announced a $166,000 federal grant for the Robert Miller Community and Recreation Center Monday at a Burlington press conference with Mayor Bob Kiss.
The grant secured by Welch will support Burlington s transformation of the Gosse Court Armory into a multi-use community center with a gym, a community room, a teen center and other public space. The $1.2 million project also received funding from the City of Burlington, private donors and developer Robert Miller.
Managed by the Burlington Parks and Recreation Department, the Center coordinates programs and recreational opportunities for people of all ages. Since its opening in January, the Miller Center has attracted roughly 6,600 visits by residents each month.

The EPA is moving forward with modifications to part of the underwater cap at the Pine Street Canal Superfund Site in Burlington, Vermont. The portion of the cap that was installed several years ago will be repaired and improved. In 2006, EPA performed a Five Year Review of work previously performed at the Burlington site and found that some portions of the cap were leaking oil and coal tar. The EPA and the Vermont Department of Environmental Conservation will oversee the cap modification work.
The 2003 2004 cleanup of the Pine Street Canal has largely been effective in preventing contamination from migrating into the canal, but oily sheens and globules of coal tar have been observed periodically in a 450 foot-long portion of the canal since 2005. Absorbent booms have been placed across the canal as an interim measure to prevent the contamination from entering Lake Champlain.

The Sammis Family has purchased the historic 18-hole Montague golf club in Randolph. Immediate plans are to upgrade the facility with a new entrance driveway and golf paths, 36 new Club Car golf carts and 36 new Amish-made swinging benches on all Men's and Ladies' Tees. The golf course is open to the public. More information is available at www.montaguegolf.com.

In response to a $58 million drop in state revenue forecasts, Speaker of the House Shap Smith met with Governor Douglas, Lt. Governor Dubie, and Senate President Pro Tem Peter Shumlin on April 27 to craft a joint solution to address budgetary challenges. Economists Jeff Carr, representing the administration, and Tom Kavet, for the Legislature, estimated that the state could fall $250 million into deficit in the next few years.
In the past 12 months, the legislature has made roughly $110 million in cuts and other adjustments to state programs and services. State spending without the federal stimulus funds in Fiscal Years 2009 and 2010 is below FY 2008 spending.
The magnitude of this crisis demands that all options be on the table, said Senator Shumlin.

As the Douglas Administration began the process of laying off 30 state workers ahead of an expected 400 more, the Legislature passed a joint resolution today to send the process to mediation. The House passed the Joint Resolution, JRH 26, calling for the administration and the Vermont State Employees Association to enter into a formal mediation process to resolve differences regarding state payroll savings.
Since the beginning of the legislative season, the administration has said that the state needs to save an addition $17 million in payroll to help reduce the cost of state government. In the current fiscal year, the nonunion (exempt) state workforce has been reduce by 3.5 percent to 586 workers and nonunion workers have had their pay frozen, with those making over $60,000 taking a 5 percent pay cut. Meanwhile, the union workforce has been reduced 2.7 percent to 7,597 workers without any adjustments to pay or benefits.

On April 24, the Senate unanimously passed a $455 million Transportation bill that includes financial resources necessary to fix decaying transportation infrastructure around the state. The bill includes a two percent tax on the wholesale price of gasoline and diesel, a provision that received broad bipartisan support. Based on current fuel costs, this taxis expected to raise $12.8 million in FY10.
The bill also sets up a bonding structure that will allow the state to bond in future years when the state is no longer receiving federal stimulus funds. The state is expected to receive 140 million of transportation dollars through the American Recovery and Reinvestment Act (ARRA) over the next two years.
The Transportation bill will repair and maintain broken roads and bridges throughout the state and through this process will generate hundreds of good paying jobs for Vermonters, said Senate President Peter Shumlin.