Current News

by Timothy McQuiston, Vermont Business Magazine Interim Secretary of Administration Sarah Clark today released Vermont’s revenue results for June 2024. Led by the vital Personal Income Tax, the General Fund exceeded its monthly consensus cash flow target as adopted by the Emergency Board at its January 2024 meeting. The Transportation Fund and the Education Fund lagged their June targets. All three funds finished the fiscal year ahead of the cumulative consensus cash flow targets by a total of $143.6 million. The PI, the GF's most important revenue source, was nearly 17% above projections for the month and over $100 million ahead for the fiscal year, which ended June 30. Meanwhile, the other largest revenue sources had more modest results. The Corporate and Rooms & Meals taxes were right at their targets, while the Sales Tax fell below projections for the month and slightly for the year.

Vermont Business Magazine Southwestern Vermont Health Care (SVHC) in Bennington has announced next steps around the redevelopment of the former Southern Vermont College campus in Bennington. In March of 2023, SVHC, part of Dartmouth Health, entered into a purchase and sale agreement of the campus with Alfred Weissman Real Estate, LLC (AWRE). Since then, AWRE has been working toward the development of a five-star destination resort. The proposed five-star resort would include both fine and casual dining, a beauty and health spa, a fitness/wellness center, special events venue and other amenities. The project also includes an extensive historic restoration of the Everett Mansion for use as luxury accommodations and fine dining.

by Timothy McQuiston, Vermont Business Magazine Weekly unemployment claims fell last week to their lowest levels since last year. For the week ending July 30, 2024, new claims were 238, which is typical of summer lows. Service claims remain somewhat elevated, but Manufacturing claims are below their usual levels after a spike in June. For new and continuing UI claims, there were a total of 2,562 claims, down 253 from the week before and 701 fewer than last year.

Vermont Business Magazine UVM Medical Center’s plan to purchase the Colchester-based Fanny Allen campus, which is home to a wide array of essential clinical services used by tens of thousands of patients each year, has been approved by the Green Mountain Care Board (GMCB). The written decision by the board comes after Fanny Allen’s current owners said they would sell the 22-acre campus. The GMCB, in approving the Certificate of Need application, said the $17.3 million purchase – financed over 15 years and included in the hospital’s FY25 budget submission – would serve the interests of patients and the community. By purchasing the Fanny Allen campus, UVM Medical Center expects to save about $6.1 million over the 15-year period of financing.

The Vermont State Police arrested a 23-year-old man from St. Albans late Thursday on a charge of aggravated murder arising from the killing of Roberta Martin of Enosburgh. Darren Martell, who had been living with the residents of a house next door to Martin’s home on Butternut Hollow Road, is expected to be arraigned at 1:30 p.m. Friday, July 26, 2024, in the Criminal Division of Vermont Superior Court in St. Albans. State police arrested Martell on the murder charge Thursday night while he was in custody at the Northwest State Correctional Facility in St. Albans, where he has been jailed since Monday on an unrelated charge of lewd and lascivious conduct. A judge ordered that Martell be held without bail pending arraignment on the aggravated murder charge, which upon conviction carries a mandatory sentence of life in prison without the possibility of parole.

Vermont Business Magazine U.S. Department of Agriculture (USDA) Secretary Tom Vilsack announced from the Brunswick Farmers Market today that USDA is partnering with farmers and small businesses to expand access to clean energy and lower energy bills through the Rural Energy for America Program (REAP) and the Rural Energy for America Technical Assistance Grant Program. In Vermont, $1,126,925 in REAP grants will help small businesses implement climate-smart solutions into their operations, reducing energy costs and carbon emissions. 

Vermont Business Magazine As private equity’s grip on the American health care system grows stronger and more dangerous, Sen. Bernie Sanders (I-Vt.), Chairman of the Senate Committee on Health, Education, Labor, and Pensions (HELP), today led the committee in a bipartisan vote to authorize an investigation into the bankruptcy of Steward Health Care and subpoena the company’s CEO. The committee authorized both the investigation and the subpoena in bipartisan votes – 20-1 for the investigation, 16-4 for the subpoena. The subpoena – the first issued by the HELP Committee since 1981 – compels Dr. Ralph de la Torre, Steward’s CEO and Chairman, to testify at a hearing on September 12 titled, “Examining the Bankruptcy of Steward Health Care: How Management Decisions Have Impacted Patient Care.”

Vermont Business Magazine With a new law in effect that helps make financial assistance policies more consistent among Vermont hospitals, University of Vermont Health Network leaders reaffirmed their commitment to working to ensure all patients have access to care regardless of their ability to pay. Assistance is available to patients in both Vermont and northern New York as part of the health system’s commitment to make care more equitable, and physically and financially accessible. Act 119 was signed in 2022, and officially went into effect on July 1, 2024. It aims to provide a consistent approach to financial assistance policies among all hospitals in Vermont, in areas such as how income is calculated and how eligibility for assistance is determined. 

Agency of Commerce and Community Development At the Governor’s weekly press conference, state leaders shared that a decision on a FEMA disaster declaration is expected by the end of this week. If Vermont qualifies for individual FEMA assistance, impacted Vermonters will need to submit their information to FEMA, in addition to 211. Vermonters are encouraged to prepare their documentation in advance. Resources are available at the State Floor Recovery Centers to assist with this and we will communicate the availability of assistance if, and when, FEMA makes a decision.

Vermont Business Magazine On July 11, 2024, while the community should have been reflecting on the collective hard work that it took to rebuild from the flooding of July 2023; instead, we were watching, worrying, evacuating, cleaning up, and putting back together… AGAIN. While VSHA cannot replace your home, we may be able to provide rental assistance in another home if you have been displaced due to the flooding we experienced in Vermont this July. You will need to meet income and other eligibility requirements. 

Vermont Business Magazine Today, the Agency of Natural Resources’ (ANR) Climate Action Office (CAO) released the latest Greenhouse Gas (GHG) Emissions Inventory and Forecast report (1990-2021). As in prior years, the two largest sectors of GHG emissions in Vermont in 2021 were transportation and heating fuel use in buildings. As shown in the accompanying graph, transportation emissions rebounded in 2021 following sharp decline during the height of the COVID pandemic in 2020. Yet 2021 emissions were lower than 2019 emissions and all years prior through 1990, when the inventory was first established.

by Timothy McQuiston, Vermont Business Magazine The average gasoline price in Vermont is $3.44 per gallon, down 2 cents per gallon from last week, up 6 cents/g from last month and down 20 cents/g from last year. The lowest price in the state yesterday was $3.23/g in Brattleboro, while the highest was $3.65/g in Londonderry. The national average price of gasoline has risen 2 cents per gallon in the last week, averaging $3.52/g today.