State health care system in crisis, GMCB report warns
Unless immediate decisive action is taken to transform Vermont’s health care system, it will be financially unsustainable by 2030. This is the conclusion of a hired consultant’s 10-month review of health care in Vermont. More than 60 people attended a community meeting organized by the Green Mountain Care Board (GMCB) at Brooks Memorial Library on July 17, where the report’s findings were presented and discussed. The presentation was one of several being held around the state in July. It was led by consultant Dr. Bruce Hamory, an infectious disease specialist who works as chief medical officer for the consulting firm Oliver Wyman and its Health and Life Sciences practice.
Economists raise revenue targets
Tax revenues are expected to continue their blistering pace, which includes impressive returns for the personal income tax, benefits from changes in some sources and the recent and likely short-lived windfall from the interest income, which in this report is the fourth largest revenue source. Of the interest income, Economist Jeff Carr said, “I hope you saved this for posterity because I never imagined myself saying that net interest is the 4th largest source of revenue to the General Fund. Two years ago it was two and a half million and the year before it was 0.9 million dollars.” The interest income is extraordinary because of both high interest rates and over $2 billion sitting in the state treasury. The money is federal post-COVID stimulus and infrastructure funds that are earmarked but not yet spent. Economics told the E-Board that their consensus revenue report includes $50 million in new revenues from tax and fee changes will increase revenue expectations across all three funds by about $198 million in FY25 and $179 million in FY26 relative to the prior January forecasts.
Tax revenues finish fiscal year $143.6 million above targets
Interim Secretary of Administration Sarah Clark has 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.
ANR releases annual Greenhouse Gas Emissions Inventory for VT
Projections continue to suggest that Vermont is generally on-track to meet the 2025 GHG statutory requirement while a significant gap remains between the current emissions trends and the January 1, 2030 requirement.
The ANR Climate Action Office has 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. 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.
In 2020, the Global Warming Solutions Act took Vermont’s goals for reducing greenhouse gases and made them statutory requirements — emissions must be reduced by 26% below 2005 levels by January 1, 2025, 40% below 1990 levels by January 1, 2030, and 80% below 1990 levels by January 1, 2050. The GHG Inventory measures Vermont’s progress towards these requirements. In 2021, Vermont emissions were 16% below 2005 levels, and 3% below 1990 levels.
Child Care Contribution Payroll Tax under way
As of July 1, 2024, employers and self-employed individuals will be required to pay the Vermont Child Care Contribution tax. Per Act 76 of 2023, enacted by the Vermont Legislature, employers will pay a 0.44% payroll tax on wages paid, with an option to withhold up to 25% of the tax from employees. Self-employed individuals will pay a 0.11% tax on self-employment income. Employers will remit Child Care Contribution payroll tax payments to the Department in the same manner and frequency as they remit Vermont Income Tax Withholding.
GMCB conditionally approves UVMMC request to build an outpatient surgery center
In a 3-2 decision, the Green Mountain Care Board (GMCB) has approved the University of Vermont Medical Center’s (UVMMC) application for a Certificate of Need (CON) to develop a multi-specialty outpatient surgery center in South Burlington. This decision supports GMCB’s goal to expand access to high-quality surgical care in the region. GMCB imposed several conditions in the CON to ensure that the project aligns with Vermont’s CON laws, including: To address an undue impact on the affordability of care for commercial ratepayers, the GMCB limited commercial reimbursements for cases done at the new center to 170% of the amount Medicare would reimburse for the same services.
Sports gambling exceeds state projections, hauls in $3.5 million
Gambling on sports only became legal in Vermont in January. So, the data is only for the last half of fiscal year 2024 (January-June). With no history to draw from, state officials projected that revenues to the state would be about $1.2 million for the first six months. Revenues came in at $3.5 million. The total handle was $101.1 million from 232,884 users. Basketball boasted the largest share (39.8%) with $40.2 million.
Vermont Business Conditions Index from Citizens skyrockets in Q2
The national Citizens Business Conditions Index (CBCI) rose to 52.2 in the second quarter, pushing into expansionary territory after taking a step back at the beginning of the year. The reading above 50 indicates that economic momentum is building, in this case due to higher company revenue coupled with the prospect of easing monetary policy, which lowers the cost of capital. Vermont data leapt to 52.27, a 13.8% increase from last quarter. This is above the regional average, according to CFG data, second only to Connecticut in the region.
BMH, Copley, NMC sign on to new healthcare collaboration
On July 15th, three Vermont hospitals, Brattleboro Memorial Hospital in Brattleboro, Copley Hospital in Morrisville, and Northwestern Medical Center in St. Albans, signed an accord as founding member organizations of the New England Collaborative Health Network (NECHN). Each member committed to work inter-dependently for the long-term sustainability of independent community hospitals, health systems and community partners in care.
Pieciak and Moore invite expert input on Climate Superfund implementation
State Treasurer Mike Pieciak and Agency of Natural Resources Secretary Julie Moore have announced they are seeking expert input related to implementing Act 122, The Climate Superfund Act. This marks the first step in effectuating the historic legislation, which authorizes the state to recover financial damages from fossil fuel companies for the impacts of climate change to Vermont. Funds recovered would support climate adaption projects.
GMCB approves UVM Medical Center’s plan to purchase Fanny Allen Campus
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.
Unemployment rate holds at 2.1% for June 2024
The Vermont Department of Labor has reported that the seasonally adjusted statewide unemployment rate for June was 2.1%. This reflects no change from the prior month’s revised estimate. Vermont is tied for the second lowest rate in the nation with North Dakota. South Dakota has the lowest rate (2.0%), while Nevada and California have the highest rates (5.2%). The comparable United States rate in June was 4.1%, an increase of one-tenth of one percentage point from the revised May estimate. The civilian labor force participation rate was 65.7% in June, an increase of one-tenth of one percentage point from the prior month’s revised estimate. Due to a global technology outage, there will be a delay in updating the VTLMI.info website. Information will be updated once available.
Governor authorizes temporary regulatory relief to expedite emergency response and infrastructure rebuild
Governor Phil Scott has signed an addendum to his Emergency Declaration, which updates the existing Declaration to include temporary regulatory relief in specific areas. These actions will help expedite the response to the July 2024 flooding. “This addendum to our existing State of Emergency will temporarily waive certain requirements to expedite response and recovery,” said Governor Phil Scott. “With so much infrastructure damage, this is critical for towns and Vermonters to access the tools needed to move forward with repairs to roads, bridges, homes and businesses.” Under authority provided by the state of emergency, the governor is providing specific, temporary regulatory relief critical to the immediate response and recovery work.
Scott requests Secretarial Disaster Designation in response to July flooding
Governor Phil Scott has requested that the United States Department of Agriculture (USDA) issue a disaster designation for the State of Vermont in response to severe July flooding. A Secretarial Disaster Designation would open the availability of financial assistance, including low-interest USDA Farm Service Agency emergency loans for eligible producers in the approved counties.
AG Clark sues pharmacy benefit managers for illegally driving up prescription drug costs
Attorney General Charity Clark has filed a lawsuit against pharmacy benefit managers Evernorth (owner of Express Scripts) and CVS as well as nearly two dozen affiliated entities for unfairly and deceptively driving up prescription drug prices in Vermont. Pharmacy benefit managers (sometimes referred to as “PBMs”) are the “middlemen” who negotiate contracts with pharmaceutical manufacturers, insurance companies, and pharmacies, and dictate the cost of prescription drugs that consumers must pay. The Attorney General’s lawsuit alleges these companies violated Vermont’s Consumer Protection Act by manipulating the marketplace and reducing access to certain prescription drugs, including lower-cost drugs, through a series of tactics with no transparency in their decision-making process.
ACLU of Vermont sues Scott Administration for withholding opioid settlement records, open meeting violations
The ACLU has filed a lawsuit against the Scott administration to obtain public records related to the Opioid Settlement Advisory Committee that were wrongfully withheld by the Vermont Department of Health (DOH) and to challenge the administration’s behind-closed-doors alteration of the Committee’s recommendations to the legislature. The records at issue could shed light on political interference by the Scott administration to undermine the legislature’s response to Vermont’s opioid epidemic. Among the records ACLU is seeking are emails exchanged within the Scott administration before Commissioner of Health Dr. Mark Levine presented an altered version of the Advisory Committee’s final recommendations to the legislature—eliminating the Committee’s recommendation to fund OPCs, a life-saving harm reduction measure that was ultimately adopted by the legislature over the governor’s veto this year.
VHCB invests $29M to support eight permanently affordable housing developments and protect nearly 2,000 acres
At its June meeting, the Vermont Housing and Conservation Board (VHCB) approved $5.4 million in funding for two historic preservation projects and 15 conservation projects that will protect 1,942 acres in eight counties, and $23.4 million to support eight housing projects in five counties, and two statewide housing initiatives.
VHFA awards state tax credits for 287 rental and for-sale homes
The Vermont Housing Finance Agency (VHFA) Board of Commissioners has awarded Vermont State Affordable Housing Tax Credits for developing rental and for-sale homes across the state. Once they are sold to investors, the credits will yield over $4.8 million in equity to fund construction and substantial rehabilitation of 246 rental and for-sale homes and support the statewide Manufactured Housing Downpayment Program for approximately 41 homes. This program provides downpayment assistance for Zero Energy Modular and energy-efficient manufactured homes.
USDA invests $1.12 million in Vermont businesses to lower energy costs
U.S. Department of Agriculture (USDA) Secretary Tom Vilsack has announced from the Brunswick Farmers Market 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.
Erin Sigrist to step down as president of Vermont Retail & Grocers Association
The Vermont Retail & Grocers Association (VRGA) announced today a significant leadership transition as the current President, Erin Sigrist, will step down effective October 1. During Sigrist’s tenure, VRGA has experienced remarkable changes, including guiding the retail industry through the COVID-19 pandemic, advocating successfully on various issues within the state house, modernizing office operations, increasing fundraising, and streamlining communications. Her leadership has been instrumental in representing the interests of Vermont’s retail and grocery sectors. Ed Fox has joined the association and will begin the leadership transition immediately.
VDH: As COVID cases continue to rise, no deaths
For the week ending July 20, the Vermont Department of Health reported that there has been a spike in outbreaks at Long-Term Care Facilities, but there have been no COVID-19 related death since mid-June. COVID fatalities remain at 1,157 since the beginning of the pandemic over four years ago. The weekly report also shows that hospitalizations and general “syndromic” cases remain low but have increased somewhat in the last few weeks to over five people being treated at a Vermont hospital each week. Also, the number of COVID cases is elevated and has more than tripled in the last month, with a weekly total now of 146. The pandemic death total stands at 1,157 as of July 20, 2024.
16 permanently affordable apartments open for families exiting homelessness in Burlington
COTS and Evernorth were joined by Senator Peter Welch, residents, funders, and community members has cut the ribbon on Main Street Family Housing, 16 permanently affordable homes for families formerly living in emergency shelters or motels. The new multifamily apartment building was constructed on existing COTS property, adjoining their Main Street Family Shelter. These new apartments will provide families with permanent, service-enriched housing as well as continued access to COTS support services, including connections to affordable childcare opportunities, referrals to medical and mental health supports if needed, assistance setting personal and financial goals, as well as a range of housing retention services. The downtown location helps residents maintain easy access to a wide array of amenities and transportation options.
UVM Medical Center reaches new contract for nursing employees, 23% wage hike
Nurses employed by University of Vermont Medical Center who are part of the Vermont Federation of Nurses and Health Professionals (VFNHP) have voted to ratify a new three-year contract for nursing staff this past weekend. The contract includes a 23% wage increase for nurses over the next three years. The successful contract agreement also averted a five-day strike that would have carried substantial additional costs for UVM Medical Center’s people, patients and community.
SVHC announces next steps for redevelopment of Southern Vermont College
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.
VT Community Loan Fund lends $2.13 million in 2nd quarter 2024
Snapshots of Wren’s Nest Forest Preschool students illustrate the wonder of childhood discovery in nature. A young girl on a forest trail collects autumn leaves into a bouquet. Students gather to investigate a pond’s intricate ecosystem; a fallen tree inspires inquiry. Willowell also runs schools and programming for older children and adults: Pond Brook Middle School, the Walden Project outdoor, public high school run through Vergennes Union High School, plus summer camps, after-school programs, artists’ residencies and more.
GMCB schedule for hospital budget reviews begin August 6
The GMCB schedule for hospital budget reviews begins August 6. Board Members and presenters will participate remotely through Microsoft Teams. Members of the public can attend board meetings by using the links or call-in phone numbers listed below.
GlobalFoundries acquires Tagore Technology’s GaN technology to accelerate disruptive power management solutions
GlobalFoundries (Nasdaq: GFS)(GF) has announced that it has acquired Tagore Technology’s proprietary and production proven Power Gallium Nitride (GaN) IP portfolio, a high-power density solution designed to push the boundaries of efficiency and performance in a wide range of power applications in automotive, internet of things (IoT) and artificial intelligence (AI) datacenter. As the digital world continues to evolve with technologies like Generative AI, GaN stands out as a pivotal solution for sustainable and efficient power management particularly in datacenters.
US foreclosure starts fall 3.5 percent in first six months of 2024, Vermont second lowest
ATTOM, a leading curator of land, property and real estate data, has released its Midyear 2024 U.S. Foreclosure Market Report, which shows there were a total of 177,431 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — in the first six months of 2024. That figure is down 4.4 percent from the same time period a year ago but up 7.8 percent from the same time period two years ago. States that saw the greatest increases in foreclosure activity compared to a year ago in the first half of 2024 included South Dakota (up 93 percent); North Dakota (up 86 percent); Kentucky (up 73 percent); Massachusetts (up 46 percent); and Idaho (up 30 percent). Vermont had 89 foreclosures, or 0.03% of housing units and up 25.3% from the same time last year.
Homecare providers ratify agreement on minimum hourly rate
Vermont—4802 Vermont Homecare United—the union representing Vermont’s more than 5,000 home care workers, has officially voted to ratify a new agreement with the State of Vermont regarding the minimum hourly rate paid. The two-year agreement went into effect on July 1, 2024, and includes a 5% increase to the minimum base rate each year as well as a retention bonus based on time worked. Homecare providers are dedicated professionals who provide a wide range of support services that allow a person to live safely in their home and engage in the community. Clients range from Veterans to aging adults, those managing chronic health issues or serious illness or injury, and those with special needs or disabilities.
ECHO announces construction of Vermont’s largest freshwater aquarium
ECHO, Leahy Center for Lake Champlain, Vermont’s science and nature museum, will complete a large-scale renovation of its well-known “Into the Lake” exhibit. The current gallery is twenty years old and hosts the museum’s largest aquarium, a 7,000-gallon freshwater habitat that displays Lake Champlain’s largest, most charismatic fish species, including lake sturgeon, bowfin, channel catfish, freshwater drum, and muskellunge. Lake Champlain is home to a robust freshwater ecosystem that provides benefits for the surrounding community and countless species of animals and plants. It requires protection to ensure it continues to benefit future generations. This $3.3 million project will upgrade ECHO’s “Into the Lake” exhibit gallery and enhance public education about native wildlife and stewardship of the Lake Champlain Basin ecosystem. The upgraded gallery will feature an expanded aquarium, updated exhibits, a new presentation space, and more.
Lucia Campriello steps in as next Hula CEO
Hula founders Roxanne and Russ Scully have announced the selection of Lucia Campriello, an experienced business and non-profit leader, as Hula’s next President and CEO. Lucia takes over for founding CEO, Rob Lair who has led the dynamic and multifaceted organization since its launch in 2020. Lair will continue to serve as Managing Director of the Fund at Hula as well as extending his leadership to the Ride Your Bike development project directed at addressing Burlington’s acute housing needs. Campriello joined Hula in September of 2023 as Chief Growth Officer to develop and drive strategic initiatives to extend the organization’s impact.
Ledyard Financial Group reports Q2 2024 earnings and declares dividend
Ledyard Financial Group, Inc. (OTCQX: LFGP), the holding company for Ledyard National Bank with a branch in Norwich, Vermont, has announced financial results for Q2 2024. Quarter-over-quarter improvement in net income provides continued evidence that the Company’s strategic plan is beginning to bear fruit. By continuing to leverage the integration of its banking and wealth management businesses, the Company remains focused on promoting growth and the pursuit of making life better for its clients, its employees, its shareholders, and the communities it serves. Q2 2024 net income was $726 thousand ($0.22 per share), up $263 thousand over Q1 2024, and up $7 thousand from Q2 2023.
Grafton restaurant benefits from the American Express ‘Backing Historic Small Restaurants’ grant program
American Express and the National Trust for Historic Preservation has announced the 2024 recipients of the Backing Historic Small Restaurants grant program. 50 small restaurants in the U.S. will receive a $50,000 grant each to help them upgrade, renovate and grow their businesses. The grant program significantly expanded its reach this year, doubling the number of grantees, including in 13 new states, and increasing the total grant funding to $2.5 million, up from $1 million in prior years. MKT: Grafton restaurant has received a $50,000 grant from American Express and the National Trust for Historic Preservation as part of the “Backing Historic Small Restaurants” grant program.
Beech leaf disease expands into Vermont
Beech Leaf Disease (BLD), a new disease affecting beech trees and caused by an invasive worm-like nematode (Litylenchus creatae mccannii), has been detected in four Vermont counties: Bennington, Chittenden, Windham, and Windsor. It has only recently been discovered, so much about this disease remains unknown, including the full cause and how it spreads. However, we do know that BLD can have catastrophic effects on forest ecosystems. The Department of Forests, Parks and Recreation (FPR) needs the public’s help in reporting potentially symptomatic beech trees to advance our understanding of the disease. BLD affects buds and foliage of all species of beech trees, leading to leaf striping and loss as well as reduced leaf and bud production.
Vermont Historical Society awarded IMLS grant
The Vermont Historical Society (VHS) is proud to announce that it has been selected to receive a grant from the Institute of Museum and Library Services (IMLS) 21st Century Museum Professionals Program (21MP). This grant program supports institutions across the country in preparing museum professionals to tackle contemporary challenges in the field. In this funding cycle, the IMLS has awarded a total of $2 million to eight institutions nationwide, with VHS receiving $175,029. This grant will allow VHS to work with local historical societies around the state to help develop advanced skills among staff at these mostly all-volunteer organizations. The project will help organizations find the right direction for their collections work, break daunting tasks down to doable sizes, and prepare for further work in digitization and collections access.
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