Vermont unemployment rate ticks up again to 2.1% in November
The November 2023 seasonally adjusted unemployment rate rose one-tenth to 2.1 percent. This is largely due to a significant increase in the Labor Market, which is the denominator in the calculation. The number of employed and unemployed also increased. Still, a vast number of jobs are open, as employers can’t find workers. The jobless rate also rose by a tenth in October. Vermont still has the fourth lowest jobless rate in the nation. Maryland is one with a 1.8 percent rate and Nevada is last at 5.4 percent. The United States unemployment rate in November was 3.7 percent, a decrease of two-tenths of one percentage point from the revised October estimate.
The Vermont civilian labor force increased by 1,166 from the prior month’s revised estimate. The number of employed persons increased by 759 and the number of unemployed persons increased by 407. The civilian labor force participation rate was 64.4 percent in November, an increase of two-tenths of one percentage point from the prior month’s revised estimate.
Personal income, Transpo Fund bog down tax revenues in November
For November 2023 tax revenues. the Education Fund revenues exceeded their target. However, after several strong months the vital Personal Income Tax was off by over 10 percent, setting back the General Fund. The Transportation Fund likewise failed to achieve its monthly consensus cash flow target, as supporting revenue components all underachieved. The State’s General Fund, Transportation Fund, and Education Fund receipts were a combined $219.8 million, missing the $225.8 million monthly consensus target by -$6.0 million, or -2.7%. Year-to-date combined receipts are $19.2 million, 1.6%, above their $1,231.7 million target. General Fund revenues for November totaled $138.8 million, -$7.0 million, or -4.8%, below the $145.8 million monthly consensus cash flow target.
Corporate Income Tax receipts, Health Care Taxes, Meals and Rooms Taxes, Insurance Taxes, Liquor Taxes and the net Other receipts category surpassed their combined targets by $3.0 million. These positive gains were offset by a combined -$9.9-million-dollar underperformance by the Personal Income Tax, Estate Tax and net Property Transfer Tax. Year-to-date receipts are $24.5 million, 3.1%, above their $791.2 million target.
GMCB approves OneCare Vermont’s FY24 budget with modifications
The Green Mountain Care Board has approved OneCare Vermont’s FY24 budget with modifications directing more resources ($957K) to patient care through population health or primary care programs. GMCB also increased the potential for OneCare to earn more federal dollars on behalf of its network through its Medicare program. GMCB voted to reduce OneCare’s budgeted administrative cost-per-person by holding the administrative ratio to OneCare’s 5-year historical average. GMCB required these funds, 6.7% of OneCare’s operating budget, to be reallocated toward population health or primary care programs that go to Vermont providers to support patient care. This adjustment aligns with GMCB’s multi-year effort to contain operating expenses and increase funding for programs that directly support patient care. OneCare will submit a revised budget by April 1, 2024, with a breakdown of how this additional funding is being reallocated.
Mobile sports wagering to launch in January
Governor Phil Scott and Department of Liquor and Lottery Commissioner Wendy Knight have announced that online sports wagering will launch in Vermont on January 11, 2024. Through a competitive bid process, the Department of Liquor and Lottery selected DraftKings, FanDuel, and Fanatics Sportsbook to operate mobile sports wagering platforms in Vermont. The state will receive a percentage of each operator’s Adjusted Gross Sports Wagering Revenue, in addition to an operator fee. The new online sportsbook operation is expected to bring in up to $7 million in new revenue to the State during the first full year of operations.
Treasurer, lawmakers unveil ‘Baby Bonds’ legislation
State Treasurer Mike Pieciak was joined by state and national leaders at a press conference in Burlington to announce legislation that would establish a baby bonds program in Vermont. Baby Bonds is an innovative policy to address intergenerational poverty, support rural economic development, and retain young people in Vermont. Speaking to a room of lawmakers and community stakeholders, Pieciak unveiled the policy alongside bill sponsors Sen. Kesha Ram Hinsdale and Rep. Dan Noyes, nationally recognized baby bonds expert Dr. Darrick Hamilton, Connecticut Treasurer Erick Russell, and Spectrum Youth & Family Services Executive Director Mark Redmond. The policy would invest $3,200 for every Vermont child born on Medicaid into a trust fund managed by the State Treasurer’s Office. Children could access their baby bond between ages 18 and 30, with the initial $3,200 investment projected to grow to $11,500 by age 18 and $24,500 by age 30.
JetBlue to return service between BTV and JFK after waiver expires
Senator Bernie Sanders (I-Vermont), Senator Peter Welch (D-Vermont), and representatives from Congresswoman Becca Balint’s (D-Vermont) office has met with JetBlue CEO Robin Hayes to call for the reinstatement of flight service between Burlington International Airport (BTV) and John F. Kennedy International Airport (JFK). JetBlue announced in October they would pull out of several airports in early 2024, including BTV on January 4. JetBlue told the delegation that, “When the slot waiver expires, JetBlue expects to restore service from Burlington to New York.” The Federal Aviation Administration (FAA) has announced a voluntary slot waiver system through October 2024.
ISO New England anticipates sufficient power, no controlled outages
New England should have sufficient resources to meet the peak demand for electricity this winter, according to ISO New England, operator of the region’s electric grid. Weather is the largest driver of energy use and resource availability in New England, and ISO New England utilizes a rolling three-week energy supply forecast, incorporating a variety of factors to provide an early warning to the region should energy supplies become constrained. This winter the ISO does not anticipate calling for controlled power outages, and would resort to this drastic step only to prevent a collapse of the power system that would take days or weeks to repair.
John Grismore stripped of police duties, still Franklin County Sheriff
The Vermont Criminal Justice Council has voted 15-1 to strip Franklin County Sheriff John Grismore of his law enforcement certification. While this means he can no longer serve as a police officer, he will continue to be the Franklin County sheriff. The Legislature would need to impeach him in order for him to be removed from office. The council found that he violated the use of force policy and charged with simple assault in a case against a prisoner in August 2022. Despite those charges, Grismore was elected sheriff in November 2022.
$50 million EPA grant to support local environmental justice projects
U.S. Environmental Protection Agency (EPA) has announced that Vermont’s Institute for Sustainable Communities (ISC) will receive $50 million provided through the EPA’s National Environmental Justice Thriving Communities Grantmaking program, part of the Biden Administration’s ‘Investing in America’ agenda. As a National Environmental Justice Thriving Communities Grantmaker, the ISC will help small, in-need community-based organizations with support, coordination, and oversight to stakeholders over the next three years.
Judge rules legal cases against Woodstock Foundation board can continue
A Vermont judge has issued separate rulings, including one that says the explosive lawsuit against the current Woodstock Foundation Board of Directors for claims of mismanagement and improper removal of two longtime trustees can proceed toward trial. Judge H. Dickson Corbett rejected arguments by the defendants that claimed former board leaders Ellen R.C. Pomeroy and Salvatore Iannuzzi did not have any legal standing to file the civil lawsuit in Vermont Superior Court. Corbett also rejected an unrelated effort by current trustees James S. Sligar, Michael D. Nolan, John T. Hallowell, Douglas R. Horne and David M. Simmons to have claims of defamation against them thrown out. Pomeroy and Iannuzzi have maintained their reputations were defamed by the defendants through various words and actions, records show.
Burlington notes progress toward over 180 new affordable homes
Mayor Miro Weinberger, Champlain Housing Trust (CHT), Evernorth, CityPlace Partners, and Cambrian Rise announced milestones on three significant Burlington affordable housing projects. Over the next 2-3 years these projects will create a total of more than 180 new permanently affordable homes in Burlington. The new milestones include: Mayor Weinberger is seeking City Council approval at the December 18 meeting of $1 million commitment of the City’s American Rescue Plan Act funds to Post Apartments, a 38-unit apartment building to be built on the current site of VFW Post 784. The project will also include a new home for the VFW, community space, and office spaces for Burlington’s Community Justice Center, and is expected to start construction in the spring of 2024. CHT, for its part, wanted to continue to develop affordable apartments at CityPlace.
Ben & Jerry’s ice cream workers unionize with UFCW
The United Food and Commercial Workers International Union (UFCW), which represents 1.2 million essential workers in grocery, meatpacking, food processing, retail, and other essential industries across North America, has hailed Ben & Jerry’s ice cream processing workers’ decision to unionize at the Waterbury, Vermont plant. Ben & Jerry’s parent company, Unilever, agreed to neutrality, paving the way for workers at their Waterbury, Vermont, plant to win union recognition by way of card check vote.
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