by Timothy McQuiston Vermont Business Magazine Governor Peter Shumlin and Administration Secretary Jeb Spaulding said Thursday that Vermont continues to recover from the deepest recession since the Great Depression and that the current state budget will need to be cut $31 million in order make up for lagging tax revenues. In Fiscal Year 2013, Vermont’s General Fund receipts were up $91 million over the previous year. This past fiscal year saw continued growth, with receipts $46.6 million higher than 2013.
Vermont Business Magazine State economists presented a more somber report on projected tax revenues forecasts for the state of Vermont on Thursday and projected that revenues will be 1.8 percent lower going forward than anticipated last January for the fiscal 2015 (current) and 2016 years.
Standing a block from Main Street in Barre, Governor Peter Shumlin today announced two grants that will allow the City of Barre to address flood risks, clean up environmental contamination and redevelop a central part of its downtown known as Enterprise Aly. Long slated for improvements in Barre’s master plan, the area was flooded in the spring of 2011 when the Stevens Branch overflowed its banks during heavy storms. Flood waters damaged the area -- the site of environmental contamination – and flowed into the back of Main Street businesses, threatening the spread of hazardous materials.
Scott Milne, the Vermont GOP-endorsed gubernatorial candidate, formally launched his campaign Wednesday in Barre with a one-two punch aimed at Governor Peter Shumlin. Milne promised not to vilify the governor’s character, and then promptly walked into a backhanded attack on Shumlin’s governing strategy. “Bullying tactics are not respected where I come from,” he said. “Leadership is defined by trust, not brazen displays of power.”
by John Herrick vtdigger.org The nation’s second-largest wind power operator wants to be the first to develop a utility-scale wind project on national forest land in the Green Mountain State. Spanish wind giant Iberdrola Renewables defended the project in federal court in Brattleboro Wednesday. Wind opponents have challenged the company’s special use permit to build a 30 megawatt project in the Green Mountain National Forest. Th
PSEG Solar Source of New Jersey has announced that it will acquire the ERWR Whitcomb Farm Solar project in Essex from juwi solar (JSI). The facility, which will now be known as the PSEG Essex Solar Energy Center, has a 25-year power purchase agreement (PPA) with Vermont Electric Power Producers (VEEP), Inc, as part of the Vermont Sustainably Priced Energy Enterprise Development (SPEED) program. During JSI's ownership of the project, it advanced the development work previously performed by Encore Redevelopment, Walden Renewables and Whitcomb-Smith Solar.
Okemo Mountain Resort’s Operation Snowburst is returning for a second season of snowmaking improvements to include the addition of 100 new, energy-efficient tower guns. Operation Snowburst Part 2 brings Okemo’s mountain-wide total of HKD tower guns to 1,125. Okemo also utilizes several hundred snowmaking guns of varying types, but it is the HKD SV series of guns that will be making a big impression on skiers and riders visiting Ludlow's Okemo, and specifically the Solitude area, this winter.
by Katie Jickling vtdigger.org Vermont’s new psychiatric hospital is on track to be at full capacity by mid-August. The House Mental Health Oversight Committee heard testimony Tuesday from the Department of Mental Health and officials from several Vermont hospitals about staffing and patient capacity at the new Vermont Psychiatric Care Hospital in Berlin.
Patricia M Sears has been appointed State President of AARP Vermont, a volunteer position working closely with both staff and volunteers throughout the state to help AARP achieve its mission in Vermont. Her responsibilities include serving as primary volunteer spokesperson, chairing the AARP Vermont Executive Council, building networks and community partnerships and recruiting volunteers. Sears takes over the position held by Jim Leddy since 2008. Leddy has accepted the position of Regional Volunteer Director with AARP working with state offices throughout the Northeast.
Former Vermont Law School Dean Jeff Shields and wife Genie Shields have made a gift to the school of their Tunbridge home, President and Dean Marc Mihaly announced today. The funds from any future sale of the home will be considered an unrestricted gift to VLS, as per the Shields’ wish.
Merchants Bancshares, Inc (NASDAQ: MBVT), based in South Burlington, the parent company of Merchants Bank, has announced net income of $3.41 million and $6.82 million, or diluted earnings per share of $0.54 and $1.07 for the three and six months ended June 30, 2014, respectively. This compares to net income of $4.03 million and $7.63 million, or diluted earnings per share of $0.64 and $1.21 for the three and six months ended June 30, 2013, respectively.
Moody’s Investors Service yesterday published a Ratings Report, in which Moody’s improved Burlington Electric Department’s credit rating outlook to Baa2 positive from Baa2 stable. This boost comes only seven months after Moody’s improved BED’s outlook from negative to stable.