10% Plan Directs Up to $35 Million to Local Needs
Washington County State Senator Anthony Pollina is applauding the start of a new program directing up to $35 million in state funds to local economic development projects.
“We need more good jobs,” said Pollina, “and local investment means more jobs, more tax revenue and a stronger economy.”
Pollina is the sponsor of the so called “10% for Vermont plan,” approved by the Legislature this year. It targets up to 10% of the state’s average daily cash balance to local economic development priorities, under the supervision of the State Treasurer. The 10% represents approximately $35 million. Pollina said the new capital investments will help meet important needs while increasing family income and strengthening the Vermont economy.
“Vermont has huge unmet needs, in affordable housing, renewable energy and infrastructure. The 10% plan will help meet them while putting Vermonters to work. We are slowly emerging from the recession but the income and real wages of many Vermonters are still lower than they were a decade ago and state tax revenues are weaker. More good jobs mean families can pay their bills, support local businesses and generate the tax revenue that strengthens our economy and encourages more economic growth. It builds a stronger economy from the ground up”
Pollina made his comments before a recent meeting of the Treasurer’s Local Investment Advisory Committee. The committee is charged with examining what are referred to as Vermont’s capital “gaps” and advising the Treasurer on how to target the investments. It includes the Vermont Economic Development Authority, Vermont Housing Finance Agency, Vermont Student Assistance Corporation, Vermont Municipal Bond Bank, and Efficiency Vermont.
Pollina says, ‘It’s time for the State to do what most Vermonters do every day. We use our dollars to buy local and support local businesses. I want the state to do the same with our tax dollars. The 10% is a good start.”
“I’m glad Treasurer Beth Pearce is pushing this effort forward.”