Governor Jim Douglas today announced a comprehensive economic development plan to maximize the use of American Recovery and Reinvestment Act (ARRA) dollars allocated to Vermont through the State Fiscal Stabilization Fund (SFSF). In response to Speaker Smith and Senator Shumlin’s letter today which proposed the use of $1 million to support farms and businesses affected by the recent Champlain Bridge closure, the Governor welcomed the Legislature’s new focus on economic support for our struggling families and urged legislative leaders to take swift action to approve this bold economic relief plan which will create more than 350 new jobs.
“In light of New York’s decision to allocate $3 million to the region, I understand your immediate political need to take similar action,” Douglas wrote to lawmakers. “However, your proposal to use $1 million from the $8.67 million available to the State of Vermont through the State Fiscal Stabilization Fund (SFSF) for economic assistance to the region is reasonable – and not inconsistent with my belief that this money should be allocate for economic development purposes.”
Governor Douglas sent a letter which is attached to the Speaker and Pro Tem outlining his plan for comprehensive economic relief to all sectors of the economy, including $1 million in assistance to farmers statewide; $1 million is support for the Vermont Training Program which the legislature cut last session; $500,000 in support of winter travel and tourism which the legislature also cut last session as well; $3 million to the Vermont Telecommunications Authority (VTA); and $2 million to the Vermont Economic Development Authority (VEDA) which on its own will positively impact an estimated 1,460 jobs and create over 350 more.
“If we are going to help our friends and neighbors, farmers and innkeepers during this difficult economic time, we must spend one-time federal recovery funds on one-time economic growth initiatives,” said Governor Douglas. “I hope that lawmakers will resist the urge to spend this money on business as usual budgeting that will only make our challenges worse in the future and instead join me in approving this important strategy to support the people of this state during this difficult time.”
Governor Douglas hopes to receive legislative support for this essential economic relief package as soon as possible so that the January application deadline can be met.
Also attached is a chart which outlines the specifics of the Governor’s proposal.
Source: Governor's office. 12.1.2009