BEGAP grants issued to support flood-impacted businesses
Governor Phil Scott and the Vermont Department of Economic Development (DED) are providing businesses and nonprofits that suffered physical damage from the July floods financial assistance. The Business Emergency Gap Assistance Program (BEGAP) grants provide at least $20 million total. The BEGAP program is intended to support the reopening of businesses, as FEMA funding does not include business recovery. The governor also announced that the two “Vermont Strong” license plates are available to purchase and will include an incentive from Darn Tough Socks. Half of the license plate funds will go to BEGAP with the other half earmarked for flood recovery through the Vermont Community Foundation.
The license plates cost $35 each and retailers may place bulk orders for resale at their business. The two license plates can also be purchased in-person at all Vermont Department of Motor Vehicle (DMV) locations starting September 1. In addition to the two plate options, there will be a limited, online only deal, where one can get a “Tough Too!” plate and a pair of Darn Tough “Vermont Strong” socks for $70.
GMCB lowers health insurance rate hikes to 13.3% for Blue Cross and 11.5% for MVP
The Green Mountain Care Board (GMCB) issued decisions requiring Blue Cross Blue Shield of Vermont (BCBSVT) and MVP Health Plan, Inc to modify the premiums they wanted to charge individuals and small businesses for health insurance plans in 2024. In 2023, these plans covered just over 68,000 Vermonters. The premium increases requested by BCBSVT and MVP were driven by a number of factors, including increases in hospital and prescription drug costs. During GMCB’s review of the requests, BCBSVT and MVP raised their proposed rates in response to new information.
Vermont’s unemployment rate decreased to 1.8% in July, the lowest rate on record
The Vermont seasonally adjusted unemployment rate declined to 1.8 percent in July. This is the lowest rate ever recorded in the state. The comparable United States rate in July was 3.5 percent, a decrease of one-tenth of one percentage point from the revised June estimate. The seasonally adjusted Vermont data for July show the Vermont civilian labor force increased by 728 from the prior month’s revised estimate. The number of employed persons increased by 1,157 and the number of unemployed persons decreased by 429. Vermont is tied for the second lowest rate in the nation, behind New Hampshire.
Tax revenues fall short in July
The General Fund, Transportation Fund and Education Fund all failed to achieve their respective consensus tax revenue targets in July, the first month of fiscal year 2024. The personal income tax again fell below expectations, but the corporate income tax, which had been strong, also was below expectations in the General Fund. Meals & Rooms, also a large revenue source, was also down. At least part of those downside receipts misses appeared tied to the State’s July flooding event, according to Secretary of Administration Kristin Clouser. The State’s General Fund, Transportation Fund, and Education Fund receipts were a combined $229.5 million, missing the $235.0 million monthly consensus target by $5.5 million, or -2.3%.
VCBB submits state's BEAD 5-Year Action Plan to federal government
VCBB has submitted Vermont’s 5-Year Action Plan to the National Telecommunications and Information Administration (NTIA). It’s the first of several documents that need to be approved to unlock $229 million from the federal Broadband Equity, Access, and Deployment (BEAD) program for the state’s broadband buildout. The 5-Year Action Plan describes Vermont’s vision and strategy for using the BEAD program to achieve universal high-speed broadband access in the state. The vision is that all Vermonters have universal access to reliable, high-quality, affordable, fixed broadband at speeds of at least 100/100 Mbps, and that all Vermonters and institutions have the tools and skills necessary to maximize its value.
Hospitals urged regulators to increase budgets
The GMCB held individual hospital budget hearings during the second week of August. Deliberations and final budget orders typically take place in September, with budget decisions made no later than September 15.
Preliminary reviews of budget submissions indicate the 14 community hospitals are requesting mostly double-digit growth, which exceeds the two-year guidance set by the GMCB of 8.6 percent. The hospitals argue they have faced rising costs for labor, pharmaceuticals and general inflation. The rate requests range from a low of 7.2 percent at Gifford in Randolph, 7.7 percent at Rutland Regional and 9.0 percent at Southwestern in Bennington to 23.8 percent at UVMMC in Burlington to 28.4 percent at Porter in Middlebury.
SBA physical disaster loans can help fund mitigation measures
Vermont residents and businesses approved for a disaster loan from the US Small Business Administration due to severe storms and flooding from July 7 through July 17, 2023, have two years from the date of their loan approval to request an increase to prevent or minimize damages from similar disasters in the future. Mitigation funds from the SBA are an affordable way for survivors to rebuild smarter, stronger, and pay for improvements that protect life and property.
Funding now available to support farmers impacted by storms and flooding
The Vermont Community Foundation has announced that a new grant program will provide up to $10,000 directly to farmers affected by the devastating flooding this summer. The Farm Disaster Relief Grant Program will be funded with up to $1 million from the VT Flood Response & Recovery Fund 2023, which has raised more than $6.1 million and awarded more than $2 million since it was created by the Vermont Community Foundation last month. The Farm Disaster Relief Program is designed to help farms that sustained damage stay in production or return to production. More than 18,000 acres of farmland was affected by flooding that washed away soil, spoiled crops, and damaged greenhouses, barns, and equipment. The disaster threatened a way of life and an economic sector that is the backbone of many rural communities.
UVM plans public-private partnership for new apartment complex
The University of Vermont has announced its intention to partner with AAM 15 Management LLC, to build undergraduate housing on the east side of its main campus. A letter of intent was signed by UVM and AAM 15. “Catamount Woods” will accommodate approximately 540 undergraduate students in apartments near the southern edge of Centennial Woods. UVM already leases the property to AAM 15, owners of the neighboring DoubleTree Hotel, for use as a parking lot.
COVID cases and hospitalizations rise but deaths still low
The Vermont Department of Health reported August 23, 2023, that COVID-19 hospitalizations increased to a statewide total of 31, up from 25 from last week and from 7 the week before. Cases and hospitalizations have risen over the summer. However, COVID-19 activity remains in the “Low” range, according to the VDH. Reported cases last week were 219 up from 165 and 112 the previous two weeks. The CDC has stated that a new booster will be available this fall and that an estimated 97% of Americans have some level of immunity, from either vaccination or infection or both, which will help keep down new transmission and lessen serious outcomes. A pandemic total of 1,004 Vermonters have died from COVID-related causes as of August 19, as fatalities have slowed from prior years.
Impeachment proceedings against Lavoie conclude
The Special Committee on Impeachment, following months of thorough investigation, has concluded its inquiry into the allegations brought against State’s Attorney John Lavoie upon receiving notice of his resignation from the office. The Chair of the Special Committee on Impeachment, Representative Martin LaLonde has released the following statement: “I am hopeful that with Mr. Lavoie’s resignation, the Franklin States Attorney’s office can begin to rebuild and become a more respectful and professional place to work... We will now turn our focus to the matter of Franklin County Sheriff John Grismore.”
State revenues show strength despite uncertainty
State economists provided their regular July revenue report to the Emergency Board at the Governor’s Ceremonial office at the State House in Montpelier. Their consensus report again showed the state’s tax revenues surging. As a caveat, the report was completed just before flooding hit the state. They said the effects of the floods will not be known for several months. But it will not slow down the local economy or revenue expectations. To that end, they expect $78.4 million more in General Fund receipts than their revenue report from January expected in the new fiscal year (FY24) and another $18.3 million next year (FY25). While the personal income tax has lagged in recent months, corporate income and interest income have surged. The economists did state some uncertainty for the economy given the continuing, if slowing, inflation and general economic uncertainty nationally and globally.
Regulators approve GMP request to expand home energy storage program
Green Mountain Power (GMP) customers will have greater access to seamless, cost-effective home battery backup power following an order by the Vermont Public Utility Commission. In April, after the third devastating storm in less than twelve months, GMP filed a request to lift the enrollment caps on its popular Powerwall and Bring Your Own Device (BYOD) home battery programs. Removing the cap allows more customers access to the program as Vermont sees increasingly severe weather due to climate change. The Commission agreed, citing growing customer demand for home batteries, the likelihood of more extreme weather in the future, and that the home battery programs benefit all GMP customers.
Scott announces more than $3.6 million in HUD grant funding across state
Governor Phil Scott has announced recipients of $3.6 million in US Department of Housing and Urban Development (HUD) funding. $2.6 million in Community Development Block Grant (CDBG) federal funding was awarded through the Vermont Community Development Program, as well as $500,000 in Recovery Housing Program (RHP) funds, and $500,000 in CDBG CARES Act (CDBG-CV) monies. This funding will leverage $44 million in other funding including state, federal and private sources. The funding will support nine projects throughout Vermont including mixed income housing developments, recovery housing and the revitalization of community facilities.
Ernie Boch provides $350,000 gift to Vermont Clean Up Day, schools
Two initiatives to support cleanup efforts in Vermont following this summer’s severe flooding have been funded by a long-time benefactor. On August 26, Green Up Vermont, with support from the state and other partners, held a statewide Clean Up Day, which operated very similarly to the annual May Green Up Day. Additionally, the state is finalizing a plan to assist those living in mobile homes that were destroyed by flooding to safely deconstruct and remove the condemned structures, at no cost to the flood victim. Support for these efforts is being made possible in part from a $250,000 contribution from Ernie Boch Jr of Subaru of New England, which has a long history of philanthropic support in Vermont.
Over 40,000-person data security breach
The Vermont Department of Financial Regulation was notified that a large-scale data security breach has compromised the personally identifiable information of roughly 42,000 Vermonters and over 38 million consumers nationwide. The breach occurred when the CLOP Ransomware Gang, a known threat actor, infiltrated the MOVEit file transfer software used by many organizations both public and private. The Department first issued a consumer alert about this breach on July 19, 2023.
Governor Scott appoints Doug Farnham as chief recovery officer
Governor Phil Scott has announced the appointment of Doug Farnham as chief recovery officer, following the catastrophic July flooding. Farnham has served as the deputy secretary of the Agency of Administration since December 2021, where he has overseen the State’s management of historic federal pandemic recovery and infrastructure investments. The Governor has directed Farnham to incorporate and coordinate flood recovery efforts with the ongoing historic community revitalization work that is underway as the result of pandemic-era recovery funds.
Vermont named Number One captive insurance domicile worldwide
Two captive insurance media publications are now naming Vermont the top captive insurance domicile in the world. The main data point utilized in determining domicile ranking is the number of active captives licensed in a domicile. The data shows that Vermont has been steadily growing at a faster pace than its top competitors, Bermuda and the Cayman Islands, in recent years and has now surpassed these top competitors based on the current number of captive insurance companies that are active in the domicile with Vermont at 639, Bermuda at 633, and the Cayman Islands at 559 captives at the end of 2022.
Interim survey data highlights severe weather caused over $12M in damage to agriculture
More than a month after a devasting flood the economic reality is becoming clearer. Vermont’s farmers, agricultural businesses, and communities sustained millions of dollars in damage and face strong head winds to recover. To date the damage is estimated at over $12 million and 18,000 acres.
EPA awards $3M to Vermont for comprehensive, economy-wide climate mitigation planning
The US Environmental Protection Agency’s (EPA) Region 1 is awarding a total of $3 million from the agency’s Climate Pollution Reduction Grants (CPRG) program to the State of Vermont. The award given to the State of Vermont will fund the development of plans and innovative strategies to cut climate pollution and build clean energy economies. Working in tandem with other programs also funded by the Inflation Reduction Act, CPRG provides flexible planning resources to local governments, states, Tribes, and territories for climate solutions that protect communities from pollution and advance environmental justice.
Wetlands adjacent to Berlin Pond protected for Montpelier and Berlin drinking water
A grassroots effort led by the Berlin Pond Watershed Association (BPWA), in coordination with the City of Montpelier and Town of Berlin, has succeeded in protecting 33 acres of wetlands and forested land next to Berlin Pond, which is the sole source of drinking water for Montpelier and a portion of Berlin, the Vermont Land Trust (VLT) announced today. The land was placed on the market in 2021. In response, community members formed the BPWA to help protect the parcel.
Public assistance for houses of worship
Houses of Worship and other nonprofit organizations may be eligible for FEMA assistance to reimburse their costs for emergency protective measures, debris removal and restoration of facilities damaged by the July severe storms, flooding, landslides and mudslides. Under the Public Assistance program, FEMA may be able to provide financial reimbursement to certain private, nonprofit organizations – including Houses of Worship – for emergency protective measures, debris removal and to restore facilities damaged or destroyed by the disaster.
National Life Group Do Good Fest contributes over $1.7M to Vermont flood relief
The National Life Group Do Good Fest® brought in $1,712, 445 in donations and pledges for Vermont Community Foundation’s VT Flood Response & Recovery Fund 2023. With the devastation Vermont experienced last month from historic flooding, National Life transformed within three days the annual benefit concert Do Good Fest, historically held on the company’s back lawn, to an indoor acoustic performance that was livestreamed so that viewers across Vermont, the nation and globally could support the rebuilding of Vermont through online donations. The July 15 event, Do Good Fest, generated 1,845 gifts from 42 states and five countries outside of the US raising $962,445 with National Life matching $750,000.
Vermont awarded $3.3M in funding to support opioid overdose risks
The US Department of Health and Human Services’ (HHS) Health Resources and Services Administration (HRSA) has announced $3,333,333 in awards to rural communities in Vermont to support key strategies to respond to the overdose risk from fentanyl and other opioids. These awards help advance President Biden’s commitment to beat the opioid epidemic as part of his Unity Agenda for the nation. Across the country, more than 100,000 people die each year from overdose. Individuals who call rural communities home and who are experiencing opioid use disorder – including from fentanyl, heroin or other opioids – can face challenges in accessing treatment and recovery services.
Vermont places fourth in the list of the best states for business growth
New research has revealed the best states for business growth, with Georgia taking the top spot. Top of the list is Georgia, with a business growth rate of 13.50%. In December 2022, there were 397,515 business establishments compared to 350,189 in December 2021. Corporate income tax is set at a reasonable rate of 5.75% in Georgia, with the state also offering job tax credit to reduce corporate tax liability for eligible businesses. Montana and Vermont are in joint fourth place, with both states seeing a business growth rate of 10.20%; Vermont citizens can take advantage of several business incentives, such as flexible profit distribution, which allows companies registered as LLCs to choose various ways to distribute profits.
Vermont ranks #1 state for small business support
Vermont search interest in small businesses has spiked more than any other state since 2019. Across the nation, small business support has increased by 267% in that same period. How exactly are residents supporting small businesses at a local and state level? Using Google Trends data from 2019 to 2022, Skynova's comparative analysis examines small business support in the 50 states across several variables.
Middlebury College lawsuit led by Gov Douglas goes forward
A Vermont judge has agreed that a lawsuit filed against Middlebury College officials for their controversial and unannounced decision to improperly remove the name from the historic Mead Memorial Chapel can proceed. Dr. John Abner Mead, a former Vermont governor, to mark his 50th class reunion from Middlebury College, donated $75,000 in 1914 to build the iconic Mead Memorial Chapel in the middle of campus to honor his ancestors.
Program launches to support child care, preschool and afterschool
The Vermont Department for Children and Families (DCF), Child Development Division (CDD) have announced a new program to support child care, preschool, and afterschool programs with stabilization, expansion, and quality improvement efforts. The 2023 Child Care and Early Childhood Education law (Act 76) created the Readiness Payment Program to support child care, preschool, and afterschool programs in “getting ready” for the expansion of the Child Care Financial Assistance Program (CCFAP) and other changes in Act 76.
Bakery workers win class action lawsuit seeking back pay
A federal judge has ruled that former employees of the defunct Koffee Kup Bakery in Burlington and Vermont Bread Company in Brattleboro have won a court battle that awarded them 60 days back pay and benefits. The bakery company closed without warning in 2021, with the loss of over 300 jobs. In a class action lawsuit, those workers claimed, and a judge found, that the owner did not follow the WARN Act, which requires businesses to give their workers advanced notice.
VCLF lends $3,361,700 in 2nd quarter of 2023
Customers, employees and community members – both the two-and four-legged varieties – know they can count on Ned Robinson who, along with his wife Shannon Mead, recently purchased Richmond’s The Crate Escape. His dedication was evidenced on the evening of July 10th, and on throughout the long day and night of the 11th, as heavy rains and historic flooding devastated Vermont. On the banks of the inundated Winooski River, Richmond was plunged beneath six feet of water. Ned stood watch at The Crate Escape’s nearby Route 2 location as the river continued to advance, ultimately closing off the road in either direction and separating the dozens of boarding pups in his care from their families.
UVM Medical Center rolls out integrated Addiction Treatment Center
Amid rising regional demand for resources and programs aimed at supporting individuals with substance use and related disorders, UVM Medical Center has integrated and expanded its addiction services. The newly created Addiction Treatment Center (ATC) brings together psychiatric providers, licensed drug and alcohol counselors, and experienced nurses to reduce barriers to care, expand local access to treatment and modernize UVM Medical Center’s current slate of treatment programs. Clinical leaders at the ATC said the focus of the program’s reformation and rebranding is harmonizing and modernizing the UVM Medical Center’s current addiction services.
FEMA, SBA assistance tops $27.9 million for Vermont storm survivors
Within 30 days after President Joe Biden declared a major disaster for the state of Vermont following the July severe storms, flooding, landslides and mudslides, more than $27.9 million in federal assistance has been provided by FEMA and the U.S. Small Business Administration (SBA) to support the state’s recovery. The state and FEMA have staffed and operated 11 Disaster Recovery Centers in nine counties to provide one-on-one assistance to survivors. A total of 1,372 survivors have visited these centers.
Delegation urges Biden to support more aid for Vermont flood recovery
Senators Bernie Sanders (I-Vt.) and Peter Welch (D-Vt.), and Congresswoman Becca Balint (VT-AL) have sent a letter to President Joe Biden urging him to work closely with Congress to secure supplemental disaster aid for urgent flood recovery and long-term disaster mitigation in Vermont. This letter comes as Congress must act to provide additional federal funding for agencies that respond to disasters and follows Sanders and Welch’s letter to Senate colleagues to approve such additional aid for the state.
PUV approves 2-month moratorium on utility cutoffs for flood victims
State regulators have given flood victims relief from paying their gas and electric bills. The Public Utility Commission has approved a two-month moratorium on electric and natural gas disconnections for residential and commercial customers who were impacted and rebuilding from floods over the summer. The moratorium runs through October 7, but does not apply where gas or electric service had to be cut off for safety purposes.
UVM Class of 2027 one of the most selective, diverse ever
The University of Vermont has reported that the incoming class of 2027 is the most diverse group of new undergraduates in UVM’s history, with a 37% increase in international students over last year, a 16% increase in students who identify as BIPOC, and a higher percentage of first-generation college students. Fifty percent of the class is from outside New England, an indication of the university’s broadening national and international recognition and appeal — class members represent 45 states and 23 countries.
Vermont and NH get over $1 million for infrastructure from USDA
The USDA has announced $1,064,000 in combined funding to seven New Hampshire and Vermont communities through the Community Facilities Direct Loan & Grant Program. Investments in the Twin States are all grants and are part of the national infrastructure initiative covering 36 states and 2 territories through various USDA programs. Secretary Tom Vilsack announced that USDA is investing $808 million to help rural cooperatives and utilities build and improve electric infrastructure and increase electric grid reliability and security, connecting hundreds of thousands of people in rural areas. This funding will also help provide clean drinking water and sanitary wastewater systems in rural areas.
iSun reports final second quarter 2023 results
iSun, Inc (NASDAQ: ISUN), a leading solar energy and clean mobility infrastructure company in Williston, has announced final financial results for the second quarter of 2023 ended June 30, 2023. iSun reported second quarter 2023 revenue of $25.0 million, up 51.8% from $16.5 million in the same period in 2022. YTD revenue was $42.4 million, representing a $10.8 million or 34.2% increase over the same period in 2022. Revenue growth was driven primarily by the fulfillment of commercial and industrial projects across multiple states receiving notice to proceed as well as our residential backlog; total backlog was $161.8 million as of June 30, 2023.
Weinberger releases new data in Burlington’s escalating opioid use disorder response
Mayor Miro Weinberger has released a new report by Burlington’s BTVstat Data team showing the region’s rising challenges around Opioid Use Disorder has reached unprecedented heights. Between January and July of 2023, the Burlington Police Department (BPD) responded to a record 265 overdoses, already surpassing the prior year’s total. Overdose responses increased by 75% between 2021 and 2022, and could increase as much as 100% between 2022 and 2023. City analysts project the total number of incidents to approach 500 by the end of the year.
Vermont’s hospitals collaborate on care for infants with life-threatening conditions
Vermont Business Magazine Copley Hospital in Morrisville and North Country Hospital in Newport now have telemedicine equipment that allows both audio and visual communication between each of these two rural critical access hospitals and the University of Vermont Medical Center in Burlington during the transport process for newborns with life-threatening conditions. Newborns in need of critical care in Vermont are often transported to the neonatal intensive care unit (NICU) at The UVM Children’s Hospital – the only NICU in Vermont – when they are born prematurely, are in need of supportive measures like respiratory therapy or require life-saving care and surgery. But the precarious time between childbirth and before babies arrive at the NICU can present its own challenges, especially when the babies can be a two-hour drive away.
NBRC announces $43.6 million in 2023 Catalyst Grant Awards for economic development
The Northern Border Regional Commission (NBRC) on has announced $43.6 million in new awards, including nearly $20 million from the Bipartisan Infrastructure Law, as part of the Commission’s inaugural Catalyst Program competition. The 66 Catalyst Awards will go to communities in the Commission’s member states of Maine, New Hampshire, New York, and Vermont and include a broad range of economic development initiatives such as projects that will: modernize and expand water and wastewater systems; revitalize transportation infrastructure; establish workforce development programs and facilities; grow outdoor recreation infrastructure and economies; and construct new childcare and healthcare facilities. Vermont received 13 grants that totaled over $10 million.
$11.4 million secured for the redevelopment of the iconic ‘Yellow Barn’ in Hardwick
Evernorth Rural Ventures and Massachusetts Housing Investment Corporation (MHIC) have announced the closing of $11.4 million in New Markets Tax Credit (NMTC) allocation for the redevelopment of the iconic “Yellow Barn” in Hardwick. The NMTC funding supports the construction of a new 25,137 square foot food business accelerator building and the adaptive reuse of the vacant, historic 4,762 square foot yellow dairy barn for use as a retail shop, collectively called the Yellow Barn Business Accelerator. The groundbreaking event for the Hardwick Yellow Barn Business Accelerator will took place on August 18 with Senator Patrick Leahy as the featured speaker.
HomeShare Vermont leader Kirby Dunn to retire after 23 years
HomeShare Vermont’s Executive Director Kirby Dunn is stepping down from the position she’s held for the past 23 years. Dunn has overseen many changes at the non-profit since joining in 2000, as the program has grown from serving one county to seven and emerging as a leader among other states, a model studied because of its organization and successes. HomeShare Vermont connects people to share homes for mutual benefit (rent, chores or a combination of the two) and its careful vetting process works to create strong matches that meet homeowners’ and guests’ needs.
AOT reopens segments of the Lamoille Valley Rail Trail
The Agency of Transportation (AOT) has reopened two lengthy segments of the Lamoille Valley Rail Trail (LVRT) after completing damage assessment and some repairs from the recent flooding. The 30.3-mile section from Swanton to Cambridge Junction and the 19.5 miles from St. Johnsbury to Walden at the intersection of the trail and Vermont Route 15 are now open for public use. AOT’s District Maintenance crews repaired minor washouts, completed surface repairs, and removed debris from these segments of the LVRT in order to reopen them to the public. The LVRT runs from St. Johnsbury to Swanton and is approximately 93 miles long; the reopened sections total 49.8 miles.
Champlain Valley Fair sets single day record
Sunday August 27 was a busy day at the Champlain Valley Fair as we scanned in 16,510 Fairgoers to the “Ten Best Days of Summer!” This is up nearly 40% in paid attendance and 20% in total scanned attendees from our 5-year average for opening Sunday. It wasn’t just active at the gates. They parked over 5,000 vehicles and organized off-site parking and bus shuttles for the first time in eleven years. Their midway partner, Strates Shows, also had a banner day even after opening rides to the public with 100 minutes for free.
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