Vermont Jobs Plan Tags $8.7M of Federal Stimulus Funds

Earlier this month, Gov. Jim Douglas announced a plan to use $8.7 million in federal stimulus funds for job creation programs, including broadband infrastructure, low-interest loans and workforce training. Many of the proposals mirror last year’s SmartVermont plan, a proposal rejected by lawmakers that would have leveraged federal funds to provide $17.2 million for statewide economic development. (see the June 3, 2009 issue of the Digest).

Major components of the new jobs bill include $3.2 million to the Vermont Telecommunications Authority (VTA) to help construct “last mile” telecommunications infrastructure to rural areas, $2 million for the Vermont Economic Development Authority to lower the interest rate of the loans it makes to Vermont companies, and $1 million to the Vermont Training Program for workforce training. Missing from the new package are many of the tech-based elements proposed last year, such as seed capital for entrepreneurs and funding for incubation facilities and high-tech training (See the April 1, 2009 issue of the Digest).

The governor’s capital budget provides further support for the e-State Initiative, dedicating $5 million for VTA to leverage already approved revenue bonding authority and private capital to build “middle mile” fiber capability to schools, hospitals, and government offices.

The executive budget would increase funding for higher education by $5.5 million in FY11. Additionally, the governor is asking for $1.5 million to restore funds to the Next Generation Scholarship Fund, which was zeroed out in the FY10 budget. This program provides funds to support college scholarships, workforce training and technology-related internships.

The budget presented by Gov. Douglas aims to fill a projected $153.7 million deficit in FY11 and is available at:  http://finance.vermont.gov/sites/finance/files/pdf/state%20budget/Executive%20Budget%20Recommendations.pdf.