Current News

Vermont State Auditor, Tom Salmon, is attempting to find more ways for Vermont schools to save money on supplies. In a report released on April 20, Salmon said that schools are missing an opportunity to take advantage of the State s competitive bidding, estimating that they spend at least $60 million a year on supplies such as paper and computers. The state has an extensive centralized contracting system covering 400 commodities, but Salmon noted that only 21 percent of the school supervisory unions surveyed were checking state contracts.
The State s Department of Buildings & General Services (BGS) has developed an extensive centralized contracting system with competitively bid contracts covering 400 commodities in 45 categories, Salmon noted, but we are not adequately deploying this system to help schools stretch their dollars and save money.

Farmers may apply immediately for the new agricultural stimulus financing available through VEDA s farm lending program, the Vermont Agricultural Credit Corporation (VACC). VACC has up to $6 million in low-interest financing available, made possible by $1 million in federal economic stimulus funds from Vermont s share of the American Recovery and Reinvestment Act.
The new loan funding is available to help farmers with this season s operational costs feed, seed, fertilizer or other needs or, to refinance prior years operating costs. The stimulus financing has a variable rate, now at 2%. The term for the financing is generally two years (although terms may be longer under certain circumstances), and the maximum loan amount is $100,000.

Is it time to look at Vermont s transportation system or the lack of one? That is a question being explored by AARP and a number of other groups around Vermont. An AARP report released today shows that significant groups of Vermonters are unable to get where they need to go particularly older and lower income residents. As a strong consumer advocate, AARP is committed to supporting efforts that foster independence and livable communities or communities that have affordable and accessible housing, community engagement opportunities, and offer a range of mobility options.

The House has passed the Renewable Energy and Green Jobs Bill, H.446, to promote in-state renewable energy development and create well-paying green jobs for Vermonters around the state. The bill will encourage community-scale renewable energy developments and expedite the delivery of $21 million in stimulus funds for green energy projects. It is estimated that 15-20 jobs will be created per megawatt of installation every year. The bill passed third reading by a 2-to-1 margin, 88-44.
This bill is a great step in the right direction to building a clean, renewable, Vermont-based energy future and to bring well-paying jobs in the emerging green economy to our communities, said House Speaker Shap Smith. On the first day of the session, I said our focus would be on creating new and lasting economic opportunities for Vermonters now and laying the groundwork for a stronger, more vibrant state in the future. This bill accomplishes both of those goals.

A wildly fluid package of tax increases that crossed party allegiances was passed by the Senate Wednesday by a thin 18-12 vote. The slew of tax changes would result in a increase of $26.1 million in new revenues. A $4.55 billion budget then breezed through the Senate on a 27-3 vote. Senate President Pro Tem Peter Shumlin pushed the tax package through the upper house despite objections from deep within his own party. Among the tax changes are across-the-board decreases in the income tax; limiting the capital gains exemption to $5,000 from 40 percent of value (to offset the income tax cuts); new taxes on satellite television services and digital downloads; re-imposing of a sales tax on clothing over $110; and increases in liquor and tobacco taxes.

Week Ending April 18, 2009. There were 1,598 new regular benefit claims for Unemployment Insurance last week, an increase of 160 from the week before. Altogether 18,991 new and continuing claims were filed, 499 more than a week ago and 8,233 more than a year earlier. The Department also processed 2,070 First Tier claims for benefits under Emergency Unemployment Compensation, 2008 (EUC08), 12 more than a week ago. In addition, there were 1,260 Second Tier claims for benefits processed under the EUC08 program which is an increase of 58 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

Governor Jim Douglas has welcomed a Quebec-based transformer manufacturer opening a factory in Vermont. The firm estimates it will create 16 jobs this year and up to 43 workers by the end of 2011. In a ceremony at the company s new facility in the St Albans Industrial Park, the governor introduced BEMAG Transformers, Inc and celebrated the company s selection of Vermont for their expansion project. The state used $267,569 in incentives to lure the Canadian firm to Vermont, as well as $106,000 for training, and VEDA financing of $718,000.
It is gratifying to see a world-class manufacturer appreciate the value of locating in Vermont, particularly one from our largest trading partner, Douglas said. This is another example of our state competing successfully for the jobs of the 21st century, and we look forward to helping Vermont Transformers grow and prosper here.

March contracts for future construction in Vermont and New Hampshire soared in March 2009 as the federal stimulus package brought hundreds of millions of dollars into the two states for highway and bridge construction, according to the McGraw Hill Construction reports. Vermont March transportation contracts were $275.2 million, with the total for the first quarter of 2009 up 1,311.1 percent to $292.1 million. The transportation total for the first quarter is slightly more than the total for all of 2008 or 2007. New Hampshire's March transportation contracts were $114.5 million. Its first quarter total was up 1,088.6 percent to $624 million, an increase of more than $100 million from all of 2008, or $200 million more than all of 2007.

The US House of Representatives passed a resolution Wednesday morning honoring Captain Richard Phillips of Underhill, his crewmembers aboard the Maersk Alabama and the United States Navy personnel who secured his release.
The resolution was authored US Representative Peter Welch and was cosponsored by 87 Members of Congress. It passed on a voice vote.
Captain Phillips acted bravely and selflessly in the face of extraordinary danger, putting his own life at risk to protect his crewmembers. Like all Vermonters, I am tremendously relieved that Captain Phillips has returned home safely to his family in Underhill, Welch said. We owe an enormous debt of gratitude to the United States Navy for its quick, effective and heroic rescue of Captain Phillips.
A similar resolution was expected to be introduced in the Senate Wednesday by Sens. Patrick Leahy and Bernie Sanders.

The Vermont State Legislature passed the Clean Energy Assessments District bill (S.54) on April 21. The passage of this bill reflects the growing want and need of Vermonters to individually help move the state forward by finding new ways to save energy and to create renewable resources and alternatives for energy in order to combat climate change. This bill will make it much easier and more affordable for Vermont property owners to tackle individual energy efficiency projects. Towns will be able to use any of their financing mechanisms to help make money available for property owners. Property owners essentially would be allowed to borrow money from the town on a 20-year, low-interest term to complete energy efficiency projects such as installing solar panels or weatherizing their homes.

Coughlin Stoia Geller Rudman & Robbins LLP, a leading plaintiffs' firm based in San Diego, has announced the firm has secured a settlement of $50 million in cash for a class of TD Banknorth, Inc shareholders. Plaintiffs in a related action previously attempted to settle the case for under $3 million, or $.03 per TD Banknorth share. This victory for shareholders provides members of the class with an exponentially greater recovery than the related action was poised to provide before plaintiffs City of Dearborn Heights (MI) Act 345 Police & Fire Retirement System and H. Louis Farmer, Jr. successfully objected to that settlement and took over the case.
The $50 million settlement, before fees and expenses, is more than 16 times the amount shareholders would have received under the previously proposed settlement. The Settlement Agreement was filed with the Court late yesterday and the settlement is subject to approval by the Court.

KeyCorp (NYSE: KEY) today announced a first quarter net loss attributable to Key of $488 million, or $1.09 per common share, compared to net income attributable to Key of $218 million, or $.54 per diluted common share, for the first quarter of 2008. The loss for the current quarter was primarily the result of an increase in the provision for loan losses and a noncash accounting charge for intangible assets impairment. In light of the prevailing economic environment during the first quarter of 2009, Key continued to build its loan loss reserves by taking an $875 million provision for loan losses, which exceeded net charge-offs by $383 million. As of the end of the quarter, Key s allowance for loan losses was $2.186 billion, or 2.97% of total loans, up from $1.298 billion, or 1.70% one year ago.