Current News

There were 1,301 new regular benefit claims for Unemployment Insurance last week, a decrease of 209 from the week before. Altogether 17,433 new and continuing claims were filed, 392 more than a week ago and 6,663 more than a year earlier. In addition, the Department processed 1,847 claims for benefits under Emergency Unemployment Compensation, 2008, the same as last week.
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

Montpelier, Vt. With hundreds of millions of federal stimulus dollars set to flow to Vermont, Speaker Shap Smith today called for the formation of a Vermont Oversight Panel to ensure transparency and the effective deployment of taxpayer dollars.
The Federal Stimulus package represents a huge investment in Vermont and an opportunity to ensure that Vermont families not only weather the current economic storm, but emerge stronger on the other end of this crisis, Speaker Smith said. However, with so many taxpayer dollars set to flow through our communities, it also has the potential to result in fraud and waste. It is imperative that Vermont ensures every taxpayer dollar is invested in our communities quickly and effectively.

Ed Colodny, long-time member of the Vermont Symphony Orchestra board was recently named honorary chair of the VSO Endowment Campaign. In January, the VSO governing board announced that it has launched a major campaign to raise $3.5 million, and that it had already raised $2.6 million toward that goal.
The VSO is so vital to the cultural--and economic--well-being of Vermont, Colodny says. Can you imagine the void if the VSO were not here? I am honored to serve as honorary chair of this effort, and ask all who benefit from the VSO to join in this important campaign.

On February 1st, GAW (Brattleboro, VT) acquired Power Shift of Stowe, VT, the second largest broadband Internet provider (based on coverage area) supporting northwestern, VT with service from Stowe to Morrisville and greater Lamoille County.
From its humble beginnings as a small computer services company in Montreal, Canada, Power Shift's President, Joe Allen, moved the business to Stowe, VT in 1995. Rapid demand for Internet services in the area required Power Shift to become an ISP (Internet Service Provider) enabling them to serve thousands of previously under-served area residents. Power Shift's long standing reputation and commitment to quality service is well known.
GAW's acquisition of the Power Shift wireless network means existing customers and Lamoille County residents will be well supported by Vermont's largest Wireless Internet Service Provider (WISP).

Burlington Electric Department has reached agreement with First Wind on behalf of its subsidiary, Vermont Wind, LLC, to buy 40 percent of the power and the renewable energy certificates (RECs) at the 40 megawatt Sheffield Wind project for the next 10 years under a fixed-price agreement.
Barbara Grimes, general manager of BED, expressed her enthusiasm for the project. BED has a goal of being 100 percent renewable in the next four or so years. This contract will help us achieve our goal. Stably priced, clean, green and locally generated power is the way to keep our economy strong and our environment clean, she said.

The Vermont Economic Development Authority (VEDA) has approved $14.7 million in business, agricultural and energy conservation financing for projects throughout Vermont totaling $17.3 million.
Especially during these difficult economic times, VEDA is pleased to help businesses expand, support investments in energy conservation measures, and provide assistance to Vermont farmers in their efforts to sustain and strengthen their operations said Jo Bradley, VEDA s Chief Executive Officer.
Approved for VEDA financing assistance are:

On Feb. 23, 2009, the board of directors of Central Vermont Public Service (NYSE: CV) declared a quarterly dividend of 23 cents per share on the issued and outstanding shares of common stock, $6 par value, payable May 15, 2009 to stockholders of record at the close of business May 5, 2009.
The board of directors also declared dividends on the outstanding preferred stock, $100 par value, of $1.04 per share on the 4.15% dividend series; $1.16 per share on the 4.65% dividend series; $1.18 per share on the 4.75% dividend series; $1.34375 per share on the 5.375% dividend series; and $2.075 per share on the 8.30% dividend series, payable April 1, 2009 to stockholders of record at the close of business March 20, 2009.

Captive insurance industry tends to be counter-cyclical, lawmakers consider beneficial provision
Amid the gloom enshrouding Vermont's economy, one bright spot stands out: the captive- insurance sector. In fact, its glow may grow even brighter in the coming year, despite the dimming prospects for an early recovery.
"It's counter-cyclical," Molly Lambert, president of the Vermont Captive Insurance Association, says in regard to her industry. "As conditions become more volatile, companies learn to take more control of what they can. Risk management is one of those areas, so the mechanism of captive insurance becomes very attractive."

A Massachusetts skydiver participating in the Brattleboro Winter Carnival crashed into a 7,200-volt power line Saturday, but walked away unharmed.
I ve never seen anything like it in my entire career, said Dave Miller, operations supervisor for Central Vermont Public Service s Brattleboro District. He is one of the luckiest people I ve ever met.
The skydiver was supposed to land in front of a large crowd in Brattleboro Memorial Park as part of the annual carnival, but shifting winds caused him to crash into the power line on Maple Street, at the park s edge.
He came down on one side of the lines and his parachute came down on the other side, CVPS spokesman Steve Costello said. There are four wires on the pole where he landed, and he somehow threaded the needle between all four and escaped unharmed.

Today the University of Vermont announced details of its plan to cut $10.8 million from next year's general fund budget. The University is eliminating vacant positions, increasing student/faculty ratios modestly to achieve a long-planned target, curtailing some administrative programs, and making a limited number of layoffs. In addition to cuts in the University's general operating budget, reductions are also being implemented in income/expense activities supported by non-tuition fees and other income. The majority of the cuts will take effect on June 30, 2009. The budget plan also includes investments to support students and families and to sustain UVM's plan for high-quality, diverse enrollment during a period of economic stress in Vermont and around the world.
Actions being taken at UVM include:

Governor Jim Douglas announced today that most Vermont employers will enjoy lower workers compensation costs when new rates approved by the Department of Banking, Insurance, Securities and Health Care Administration (BISHCA) go into effect on April 1, 2009. This will be the largest average decrease in rates since 1997.
Rates for loss costs in the voluntary market the competitive market offering the most favorable rates, and the market that covers the vast majority of Vermont employers will decrease by an average of 13%. Rates in the assigned risk market the market of last resort for employers unable to obtain coverage in the voluntary market will decrease by an average of 9.6%.

The Burlington Harbor Hotel Group has obtained preliminary permits for a new hotel, to be built at 41 Cherry Street in the last remaining lot in Burlington's 40-year urban renewal. Construction of the 121-room hotel could begin in September, pending final zoning approval from Burlington regulators. The development plan also includes a 31-room expansion to the adjacent Courtyard by Marriott. Mayor Bob Kiss and developer Jay Canning of the Hotel Group have said the project will bring jobs and eventually income to the city.
In a 2004 development proposal, affordable housing was to be built in the empty lot, but developers said that component of the plan would be too costly. Instead, the city agreed to lease the land to the developers for a total of 400,000 over the next 10 years.