1. Economic and Public Policy Consultants to the Vermont Legislative Joint Fiscal Office  Thomas E. Kavet, President  Dr. Nicolas O. Rockler, CEO  Kavet, Rockler & Associates, LLC 985 Grandview Road Williamstown, Vermont 05679-9003 USA Telephone: 802-433-1360 Facsimile: 866-433-1360 Cellular: 802-272-8385 Website: www.kavetrockler.com E-Mail: tek12@columbia.edu tek12@columbia.edu

2. JFO Analyses: Linkages Between Economics and Public Policy Issues Economics Economics  Macro-Economics  Demographics  Micro-Economics  Data and Forecasts  Policy Review and Commentary Public Policy Issues  State Revenues  State Expenses  Tax Policy Impacts  Public Policy Options  Oversight Functions  Special Studies

3. Economics Tax Policy Impacts  Tax Increases: MV Fees, Cigarette Tax, Streamlined Sales Tax, etc.  Tax Cuts: Income Tax, Sales & Use Tax  Federal Tax Change Impacts  Neighboring State Tax Changes (e.g., NH Income Tax, NY, et. al., Cigarette Tax Changes)  Tax Changes and Policy Options (e.g., Health Care Financing, Economic Development, etc.)  Tax Credits, Tax Expenditures (e.g., VEPC, TIFs, etc.)

4. Other JFO Economic Functions and Special Projects  State Economic Model Specification and Management  Legislative Oversight Functions (e.g., VEPC, State Agencies and Departments, Legislation Compliance Follow-up, etc.)  Legislative Studies and Sub-Committee Support Functions (e.g., Property Tax Analysis, Livable Income, etc.)  Special Topic Research/Analysis (Fiscal Cost-Benefit Models, Electric Utility Deregulation, etc.)

5. Policy Perspectives  What are the Most Important “Next Generation” Issues?  Define and Critically Evaluate Assumptions Underlying Issues  Net In-Migration Flows, Positive Amenity Values and Worker Productivity  Define Terms – e.g., What is a “Vermonter?”  Define and Focus Goals  Understand Limitations to State Policy Options  Make a Difference

6. Job Quality Affects Economic Impacts…

7. Act 204 Policy Option Commentary  Demographic Influences – What Comes First - Jobs or People?  Educational Opportunity and Economic Benefits  Workforce Training and Economic Benefits  Economic Development and Economic Benefits  Educational Institutions as Economic Development Catalysts (Harvard/MIT, Stanford, etc.)  Comparative Advantages

8. For Further Information, Contact The Joint Fiscal Office or  Thomas E. Kavet, President  Dr. Nicolas O. Rockler, CEO  Kavet, Rockler & Associates, LLC 985 Grandview Road Williamstown, Vermont 05679-9003 USA Telephone: 802-433-1360 Facsimile: 866-433-1360 Cellular: 802-272-8385 Website: www.kavetrockler.com E-Mail: tek@columbia.edu tek@columbia.edu