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Sanders legislation would extend solvency of Social Security, increase income cap over $100,000

Fri, 02/05/2016 - 12:04pm -- tim

Vermont Business Magazine Senator Bernie Sanders’ legislation to expand Social Security would extend the life of the program an additional 40 years, from 2034 to 2074, according to a new analysis by the agency in charge of determining the solvency of Social Security.

Welch initiative to assist low-income mobile homeowners passes House

Fri, 02/05/2016 - 11:23am -- tim

Vermont Business Magazine The US House of Representatives approved an amendment introduced by Congressman Peter Welch (D-Vermont) that would expand the federal housing assistance program to cover previously ineligible expenses of low income mobile home owners. The bipartisan initiative was approved as an amendment to the Housing Opportunities Through Modernization Act (H.R. 3700), which passed the House and will now go to the Senate for further consideration.

Weekly unemployment claims keep edging down

Fri, 02/05/2016 - 10:14am -- tim

Vermont Business Magazine Weekly unemployment claims continued to fall last week as they have since spiking after Christmas. Claims in 2015 generally were lower than in 2014, but since the holiday season they have been generally running ahead of the prior year until last week. For the week of January 30, 2016, there were 635 claims, down 118 from the previous week's total and 43 fewer than they were a year ago. By industry, claims were down for most categories but increased slightly for Services. 

Guy Page: New VY storage pad needed until feds take away spent fuel

Fri, 02/05/2016 - 9:03am -- tim

by Guy Page This month the Vermont Public Service Board (PSB) will consider the proposed second dry cask storage pad at Vermont Yankee. This concrete pad would support the remaining reinforced concrete and steel casks containing spent reactor fuel. Vermont Yankee plans to self-finance the $145 million project, and is willing to begin the fuel transfer two years earlier than planned. The pad’s approval was a condition of the 2013 Entergy/State of Vermont Settlement Agreement providing $50 million of redevelopment funds to Vermont.

Sales tax woes drag down Vermont revenues

Thu, 02/04/2016 - 3:58pm -- tim

Vermont Business Magazine What economists have called a "terrible" start to the ski season has had a predictable effect on the state's consumption tax revenues in January. Sales and Rooms & Meals were both off significantly, offsetting what was otherwise a decent month for revenues. General Fund (GF) revenues for the January were off slightly by -$1.30 million or -0.82 percent, totaling $156.85 million versus the monthly target of $158.15 million.

Senate to reconsider paid sick leave bill

Thu, 02/04/2016 - 3:29pm -- tim

Vermont Business Magazine In an unusual move Thursday, the Vermont Senate has decided to revisit H187, the paid sick leave bill, despite overwhelming passage of the legislation Wednesday. The sticking point is a floor amendment before Wednesday's final vote that exempted businesses with five or fewer employees until 2018 (the "Campion amendment"). That provision would thus exclude initially many of the workers the bill is intended to help, but it would help soften the financial blow to these very small businesses.

Entergy details spending of decommissioning trust fund

Thu, 02/04/2016 - 12:38pm -- tim

by Mike Faher/The Commons, Brattleboro Entergy spent $58 million from the Vermont Yankee decommissioning trust fund in the first year after the Vernon nuclear plant’s shutdown, the company disclosed. Overall, with investment income and trust administrative expenses figured in, the fund decreased by about $69 million in 2015 — from $664.56 million to $595.4 million at year’s end.

VY, state spar over testing of groundwater

Thu, 02/04/2016 - 12:35pm -- tim

by Mike Faher/The Commons, Brattleboro When groundwater is collected at Vermont Yankee, there are two sets of eyes — Entergy’s and the state’s — scrutinizing the samples for pollutants. The question, though, is whether that arrangement should continue now that the plant no longer produces power. And some say it’s a high-stakes debate, given the past discovery of contaminants, like tritium and strontium-90 at the Vernon site.

PAI: Job creation financial incentives are an outdated strategy

Thu, 02/04/2016 - 10:25am -- tim

by Public Assets Institute New evidence finds that public investments that help build a skilled workforce and improve the quality of life for local residents are more likely to create jobs and build a strong economy than tax cuts and attempts to lure businesses with financial incentives. In State Job Creation Strategies Often Off Base, a new report from the Center on Budget and Policy Priorities, Senior Fellow Michael Mazerov and Michael Leachman, Director of State Fiscal Research, show that the vast majority of jobs are created by businesses that start up or are already present in a state.

Vermont Youth Conservation Corps expands program at eight regional centers

Thu, 02/04/2016 - 6:29am -- tim

Vermont Business Magazine Vermont Youth Conservation Corps (VYCC) has taken the first steps in its five-year plan to expand conservation work within local communities, by announcing it will employ ninety-two young Vermonters, ages 16-18, in eight Vermont regions: Barre, Bennington, Dorset, Richmond, Rutland, Saint Albans, South Burlington, and Woodstock. These young adults will be employed in small teams, doing meaningful work that directly benefits these cities and towns. Youth in each region can apply for one or both 4-week sessions this summer.

Burlington Parks, Recreation & Waterfront releases system-wide master plan

Thu, 02/04/2016 - 5:07am -- tim

Vermont Business Magazine Mayor Miro Weinberger and Burlington Parks, Recreation & Waterfront (BPRW) Director Jesse Bridges released on Wednesday the City’s first system-wide Parks Master Plan. The plan seeks to honor and enhance the role of Burlington’s park spaces and recreation opportunities within the City and the region, and brings together community and staff visions for the continued revitalization of our parks, recreation, and waterfront assets.